Polygon has tabled a proposal that will bring MATIC’s technical upgrade
Once approved, MATIC’s upgrade will make it a multipurpose token and be renamed POL
Polygon has submitted a proposal to the Polygon community seeking to upgrade its MATIC token to a multipurpose coin across multiple chains and rename it to POL token.
Polygon wants its native token to serve as a multipurpose coin in all chains
Polygon is an Ethereum scaling solution. It was built as an L2 on the Ethereum blockchain network to bring faster transactions and lower gas fees on the L1. It has a native token called MATIC. This coin has grown into one of the most remarkable projects recently.
Now Polygon has submitted a proposal to upgrade this native token into a multipurpose one that can be used to validate transactions on multiple chains. The proposal will the approved by the ecosystem’s community.
1/ Today, the next technical proposal of Polygon 2.0 is unveiled:
POL, the upgraded token of the Polygon protocol! 💫
POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.
The POL token is set to span all protocols, including the zkEVM, SUpernets, and the network’s PoS chain. It will also align and incentivize the validators on the Network to perform better. A redesign of the protocol architecture is imminent upon the approval of the proposal introducing features such as infinite scalability.
It will allow for staking with the validators to open three incentive streams: protocol rewards, transactional fees, and other additional rewards. The upgrade will also include additional features like allowing the validators to perform multiple roles like validating transactions, ZK proof of generation, and participation in Data Availability Committees.
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Cryptorank recently released a report on the crypto market’s performance in Q2 2023. Uncertainty was the theme of this period, with major regulatory and institutional happenings.
Most high-cap crypto projects barely gained
Cryptorank’s heat map depicts misfortune in crypto between April and June. While some high-cap projects registered stellar performances, there was mediocrity in most of the market.
Bitcoin relished a momentary triumph in the period, closing at $30.5k, a 10% gain from the opening value of $28.3k. Of course, the period was not characterized by all upsoars. There were also moments of descent.
As the quarter faded away, Bitcoin increasingly gained more dominance. Dawning the quarter with 46.39% dominance, the coin gently attracted more crypto investors closing at 50.47%. The dominance growth can be partly attributed to price gains as other cryptos plummeted.
Ethereum markets displayed a similar demeanor to Bitcoin’s. It earned a rise of roughly 7% between April and June. At the quarter’s dawn, Ethereum traded at $1821, but towards the end, this coin was valued at $1948. In a similar taste but more hyper price performance, Bitcoin cash surged by 129%.
There was a transmission of the small gains seen in large-cap to lower-cap tokens in the period. For instance, Air Protocol, a crypto service platform, surged 302%. OMAX, a DeFi network, surged 294%. Other big gainers were STAIKA (143%) and Games for a Living (138%).
Bitcoin’s performance versus traditional assets. Source: Cryptorank
Then come the losers. The ambiguity of crypto markets was disclosed as more top-cap coins recorded losses. Red and darker shades of red were the most prevalent market patterns in Q2.
The market negativity cost SOL, XRP, LINK, ETC, DOT and ATOM some minute percentage of their value. MATIC and ALGO were also subject to mass plummets dropping by 37% and 41%, respectively.
The turmoil that hit crypto markets in Q2 was way less than that reported in preceding periods. In Q2 2022, Bitcoin’s return dropped by over 56%. In a similar period in 2021, Bitcoin’s return plunged by 40%.
Despite Bitcoin and Ethereum seemingly gaining, the numbers from the report suggest punctured investor confidence as most of the crypto space lost value.
Bitcoin vs traditional assets
The ambitious crypto coin has rivalled some of the best traditional investment assets since its birth. Born to offer payments, Bitcoin is gradually becoming a gold substitute.
Bitcoin’s performance versus traditional assets. Source: Cryptorank
In the first half of the year, Bitcoin thrived against many of its rivals. Based on data, the coin has gained 84% in value since the year dawned. In this period, NASDAQ gained 31%, S&P gained 15%, Gold 4% and Silver -5%.
A Trendy quarter?
Q2 had no shortage of big developments and unique trends. Some industry-shifting developments include;
Bitcoin Spot ETF
The world of Bitcoin products was rejuvenated with a new bigger player joining the race for spot ETFs. Blackrock, the largest investment manager, filed for a Bitcoin spot ETF in mid-June.
Blackrock’s filing triggered a market frenzy, with several other companies, including Ark Invest, Invesco, and Valkyrie Investments, going for such applications. Grayscale’s Bitcoin Trust saw a massive valuation rise in Q2. This was a consequence of rumours that Fidelity Investments would purchase the trust.
Bitcoin ordinals mania
The ordinals’ craze brought a recharge to Bitcoin markets. Although ordinals gained life in Q1, the second quarter gazed at the peak of these new assets.
Bitcoin’s activity reached new heights when BRC-20 tokens came into the picture. In early May, the Bitcoin-based meme coins hysteria impeded transaction processing. Accordingly, Binance was forced to halt Bitcoin transactions twice, citing network issues.
Consequently, Bitcoin transaction fees climaxed to about $30. The fee surge revived long-dead conversations about Bitcoin transaction charges.
Shanghai upgrade aftermath
Ethereum completed its Shanghai upgrade in April, opening the gates for investors to withdraw staked ETH. Initially, many expected the upgrade to trigger lumpsum withdrawals. However, three months later, the staked ETH’s value only increased to about $23 million.
The regulatory onslaught continues
Regulatory ambiguity persisted with the SEC hastily attacking crypto projects. The US ombudsman has maintained a negative attitude towards cryptocurrency. The regulators seemingly accelerated their crypto attacks in Q2.
In a shocking turn of events, the SEC filed lawsuits against Changpeng Zhao, Binance and Coinbase, all within 24 hours. Imagine the crypto community’s reaction ensuing the events.
While attempting to bring assets under its umbrella, the SEC labelled several more crypto coins as securities. This is an attempt to bring these assets under its umbrella.
CBDCs are still the talk of the town, but the development remains stagnated in the US, China, the UK, and Nigeria.
Adam Back, a highly ranked computer scientist who some believe could be affiliated with the pseudomonas name Satoshi Nakamoto has expressed interest in seeing Bitcoin getting upgraded.
He tweeted that a Bitcoin network upgrade that maintains security could be acceptable.
Adam Back is open to seeing Bitcoin get a network upgrade that could increase its bandwidth and storage and push the CPU cost of pool (or solo/stratum v2) full nodes to be 10X higher than full nodes while ensuring that the Bitcoin validating nodes remain unaffected.
Bitcoin developer and high-ranking Satoshi Nakamoto identity, Adam Back open to Bitcoin network upgrades
Adam Back is a Ph.D. holder in computer science and a renowned Bitcoin developer. He was one of the first cryptographers to build a digital electronic monetary system. Adam Back developed hash cash, a proof-f-work-based algorithm cited by Satoshi Nakamoto, the pseudomonas name behind Bitcoin.
Due to these connections with interest in digital electronic monetary systems, Adam Back is believed to have some ties with Satoshi Nakamoto. Nevertheless, he has never claimed to be Satoshi Nakamoto, nor has the real identity behind the pseudomonas name been revealed.
On July 9, he expressed interest in seeing Bitcoin get a valuable network upgrade amid the rollout of next-generation scaling solutions like ZKsync. Adam Back’s interest comes when Bitcoin gets more use cases via the support of inscriptions and the ability to harbor other digital assets. As such, the Bitcoin network would need scaling solutions sooner than later to avoid congestion.
So is it an ok tradeoff, if it improves Bitcoin for the bandwidth, storage, CPU cost of pool (or solo/stratum v2) full nodes to be 10x higher than a fullnodes, provided that Bitcoin validating nodes are unaffected, or even helped by this. I'd think … maybe yes.
In his tweet, he gave an instance of committed snapshots, snapshot validity ZKPS, Zerosync, utreexo-related things, sidechains, indexes,in-block comparison/coordinations signature aggregation, verifiable history compaction nimble wimble, power user workable 10X overhead, not 100-1000X data center only as the possible upgrades that could be done to the network.
He explained that such an upgrade on full nodes bandwidth, storage, or CPU load to construct blocks would ensure that they remain cheap and thus more decentralized.
Keep watching Fintech Express for more updates on Bitcoin, cryptocurrencies, and other fintech-related developments.
Non-Fungible Tokens (NFTs) have emerged as a significant phenomenon within the digital asset space, revolutionizing the way we perceive and trade unique digital assets. As the NFT market continues to expand, it is essential for investors to understand the various types of NFTs available and the factors to consider before diving into the NFT industry. In this comprehensive guide, we will explore different categories of NFTs and provide insights into key considerations for successful NFT investing.
Part 1: Understanding Different Types of NFTs
1. Art NFTs:
Art NFTs are digital representations of visual artwork, encompassing various forms such as paintings, illustrations, digital art, and sculptures. These NFTs enable artists to tokenize and sell their creations directly to collectors, providing provenance and ownership verification.
2. Collectibles NFTs:
Collectibles NFTs are digital items that replicate the concept of physical collectibles. They include virtual trading cards, in-game items, virtual real estate, and rare virtual assets. Collectibles NFTs often hold sentimental value and can appreciate in rarity and value over time.
3. Gaming NFTs:
Gaming NFTs refer to in-game assets, characters, skins, and virtual land that can be bought, sold, and traded. These NFTs enhance gaming experiences, enabling players to own and monetize their virtual possessions across different games and platforms.
4. Virtual Real Estate NFTs:
Virtual Real Estate NFTs represent ownership of digital land or virtual spaces within metaverses. These Non-Fungible Tokens (NFTs) enable individuals to build, create, and monetize virtual environments, attracting businesses and communities within the digital world.
5. Domain Names NFTs:
Domain Names NFTs tokenize internet domain names, making them unique digital assets that can be bought, sold, and traded. They provide ownership and authenticity verification of digital addresses.
6. Music NFTs:
Music NFTs represent ownership or rights to music tracks, albums, concert tickets, and other music-related assets. These Non-Fungible Tokens (NFTs) offer new avenues for artists to monetize their work, connect with fans, and provide unique experiences.
Part 2: Factors to Consider for Non-Fungible Tokens (NFTs) Investing
1. Rarity and Scarcity:
Consider the scarcity and rarity of the NFT you are interested in. Items with limited supply or unique attributes often have higher value potential.
2. Authenticity and Ownership:
Verify the authenticity and ownership of the NFT by examining the blockchain records, verifying the creator’s identity, and ensuring proper rights and licensing.
3. Artist Reputation and Market Demand:
Assess the reputation and popularity of the artist or creator behind the NFT. Artists with established profiles and high demand often attract more attention and potential value.
4. Utility and Interoperability:
Evaluate the utility and interoperability of the NFT within various platforms, metaverses, or ecosystems. Non-Fungible Tokens (NFTs) with broader applications and usability may have increased long-term potential.
5. Community and Engagement:
Consider the community and engagement surrounding the NFT project. Active communities, collaborations, and ongoing development efforts can contribute to increased demand and value over time.
6. Market Trends and Liquidity:
Stay informed about market trends, price movements, and liquidity within the NFT space. Understanding market dynamics and timing your investments wisely can be crucial for maximizing returns.
7. Legal Considerations:
Be aware of legal implications and potential risks associated with NFT investments, including intellectual property rights, licensing, tax obligations, and regulatory changes.
8. Technology and Blockchain Scalability:
Assess the underlying blockchain technology and its scalability. Consider the efficiency, transaction costs, and sustainability of the blockchain network
to ensure long-term viability and growth of the NFT ecosystem.
9. Due Diligence and Research:
Conduct thorough research on the NFT project, its team, roadmap, partnerships, and any associated risks. Stay informed through reputable sources, forums, and communities to make informed investment decisions.
10. Risk Management and Diversification:
As with any investment, practice risk management and diversification. Consider allocating a portion of your portfolio to Non-Fungible Tokens (NFTs) while maintaining a balanced investment strategy across different asset classes.
Conclusion:
The NFT industry offers a wide range of opportunities for investors seeking unique digital assets with potential value appreciation. Understanding the various types of Non-Fungible Tokens (NFTs), from art and collectibles to gaming and virtual real estate, is essential for navigating the market successfully.
Additionally, evaluating factors such as rarity, authenticity, utility, market demand, and legal considerations is crucial when making informed investment decisions within the NFT industry. By conducting thorough research, staying informed, and exercising prudent risk management, investors can position themselves for potential growth and success in the dynamic world of Non-Fungible Tokens (NFTs).
The Bitcoin Lightning Network has emerged as an innovative solution to address the scalability and transaction speed limitations of the Bitcoin network. By enabling faster and cheaper micro-transactions, the Lightning Network has gained significant attention from the Bitcoin community and businesses worldwide. In this comprehensive guide, we will explore the Bitcoin Lightning Network, its core features, benefits, and showcase companies that have embraced its potential for efficient and scalable payment solutions.
Part 1: Understanding the Bitcoin Lightning Network
1. What is the Lightning Network?
The Bitcoin Lightning Network is a second-layer protocol built on top of the Bitcoin blockchain. It aims to facilitate faster and cheaper transactions by creating a network of payment channels that can process transactions off-chain.
2. How Does the Lightning Network Work?
The Lightning Network utilizes multi-signature wallets and smart contracts to establish payment channels between users. Transactions can occur directly between these channels without being recorded on the main Bitcoin blockchain, allowing for instant and low-cost transactions.
3. Core Features and Advantages of the Lightning Network:
a. Instant Transactions: Lightning Network enables near-instantaneous transactions, reducing confirmation times from minutes or hours to milliseconds.
b. Scalability: By processing transactions off-chain, the Lightning Network significantly increases the scalability of the Bitcoin network, accommodating a high volume of transactions.
c. Lower Fees: Lightning Network transactions incur minimal fees compared to on-chain Bitcoin transactions, making micro-transactions economically feasible.
d. Privacy: The Lightning Network offers enhanced privacy since only the opening and closing transactions are recorded on the Bitcoin blockchain.
Part 2: Companies Utilizing the Bitcoin Lightning Network
1. Bitfinex:
Bitfinex, a popular cryptocurrency exchange, has integrated the Lightning Network to enable faster and cheaper Bitcoin deposits and withdrawals for its users.
2. Fold:
Fold is a platform that allows users to make Bitcoin payments and earn rewards at popular retailers. Fold’s integration with the Lightning Network enables instant, low-cost Bitcoin transactions at participating merchants.
3. Bitrefill:
Bitrefill is a service that enables users to purchase gift cards, mobile top-ups, and other digital goods using Bitcoin. The company leverages the Lightning Network to provide near-instant payment settlements and minimize transaction fees.
4. OpenNode:
OpenNode is a payment processor that facilitates Bitcoin payments for businesses. By utilizing the Lightning Network, OpenNode offers merchants fast and affordable payment solutions, enabling them to accept Bitcoin seamlessly.
5. Casa:
Casa, a Bitcoin self-custody provider, has integrated the Lightning Network into its services. Users can transact Bitcoin quickly and securely within the Casa ecosystem using Lightning channels.
6. BTCPay Server:
BTCPay Server is an open-source, self-hosted payment processor that allows businesses to accept Bitcoin payments. It supports Lightning Network payments, providing merchants with efficient and cost-effective payment processing.
Conclusion:
The Bitcoin Lightning Network represents a promising solution for addressing the scalability and efficiency challenges of the Bitcoin network. By enabling faster, cheaper, and more private transactions, the Lightning Network has attracted the attention of various businesses and industry players.
Companies like Bitfinex, Fold, Bitrefill, OpenNode, Casa, and BTCPay Server have embraced the Lightning Network’s potential, integrating it into their services to provide users with enhanced payment solutions. As the Lightning Network continues to evolve, we can expect more companies and platforms to adopt this technology, unlocking the full potential of Bitcoin as a scalable and efficient digital currency.
