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Solana Co-Founder Ignores Questionable Blockchain History, Says SOL Is “Complementary” To Ether

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Anatoly Yakovenko, the creator of the Solana blockchain, has not yet provided a long-term solution for the problems the network has been experiencing lately. He asserts that the blockchain is “complementary” to the Ethereum Network, despite the fact that the second-largest blockchain network in the world hasn’t experienced a significant failure in quite some time.

Yakovenko stated in an interview with Decrypt that SOL developers only compare the blockchain to Ethereum “in terms of developer adoption” and that the two blockchains are “complementary” to one another in many aspects.

He said,

“I think it’s really important because they are the market leader….What’s funny to me is that people call Solana an Ethereum killer, but we’re so different.”

SOL blockchain was introduced in March 2020, is well-liked for dapps and non-fungible tokens, or NFTs, because of its quick transaction times. The blockchain employs a proof-of-stake consensus algorithm, just as Ethereum post-merge. However, SOL is a mixed blockchain that also employs a proof-of-history consensus mechanism, in contrast to a handful of proof-of-stake blockchains.

The purpose of proof-of-history is to preserve past events on the blockchain in chronological order so that there is a shared record of what occurred when for future reference.

According to Yakovenko, Ethereum is centred on the notion that validators must be incredibly inexpensive. He said that Ethereum’s sharded network and its future plans are all built around the concept of extremely inexpensive validation, saying that the developers are sacrificing everything else to do that.

Solana Blockchain Suffered More Outages

The Solana blockchain, in contrast to Ethereum, has had numerous significant outages since 2022’s first day. Recently, the latter has seen decreased performance and unstable networks. According to Stakewiz, a Solana validator operator, the most recent outage, which occurred on September 30, was brought on by a misconfigured node (a computer running Solana software required for the network to function).

The SOL blockchain’s founder went on to say,

“There are use cases that you can’t run on Ethereum that you can run on Solana, and this is where I start seeing devs really pick Solana over Ethereum.”

Contrary to what has been said, there have been exploits in the applications created on this blockchain. Recently, $116 million was stolen from Mango Markets, a well-known decentralised exchange based on the Solana blockchain.

Yakovenko said that Firedancer, a second Solana client introduced back in August, will be a “long-term remedy” for the outages that the blockchain has been experiencing in another interview with Decrypt on October 8.

Ethereum wins ApeCoin community over

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According to Snapshot data, the ApeCoin community has elected to continue on the Ethereum network. A total of 54% of APE tokens were voted in favor of the project remaining in the ecosystem.

Yuga Labs’ virtual land sale in early May temporarily rendered the Ethereum network useless owing to exorbitant costs. Due to high network traffic, users were reportedly forced to pay thousands of dollars for individual transactions.

Yuga Labs apologized for turning down the lights on Ethereum with their enormous NFT mint and stated that in order to avoid future tragedies, it would have to shift to its own chain.

Switching to a different chain would be too pricey and unsafe for the project, according to the majority of community members.

For years, Ethereum has struggled with excessive gas fees. Back in December 2017, CryptoKitties, the very first popular NFT project, jammed up the network.

The failure of the second-largest blockchain to grow adequately has led to the creation of high-throughput blockchains like Solana.

Ethereum Ropsten is now prepared to make the switch to Proof of Stake

The Ropsten testnet merged with the Beacon chain on Wednesday, marking a crucial step toward the network’s much-anticipated switch to proof-of-stake.

Ethereum’s testnet Ropsten appears to be ready for the Merge experiment, according to recent Github statistics. The ETH network’s longest-running PoW testnet is transitioning to proof of stake, as Ethereum core developer Tim Beiko previously stated, with the Merge expected around June 8 on the network.

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As Ethereum core developer Tim Beiko previously indicated, Ethereum’s longest-running PoW testnet is moving to proof of stake, with the Merge slated for June 8 on the network.

The introduction of the Beacon Chain on the Ropsten test network represented a significant step forward for Ethereum as it continues to lay the groundwork for its much-anticipated proof-of-stake flip (PoS; testnet).

The Beacon Chain is a proof-of-stake network that coexists with Ethereum’s mainnet, which is based on proof-of-work. It serves as a testbed for Ethereum’s upcoming consensus mechanism transition, which will see the two chains merge to form a single PoS network.

While the much-anticipated improvement would drastically reduce Ethereum’s energy consumption, it is not expected to have a substantial influence on gas fees for the time being.

The Bored Ape Yacht Club NFT collection’s token, ApeCoin, was introduced in March to much fanfare, but the excitement quickly faded. Currently, the token is ranked 36th.

Optimism is optimistic about new governance structure

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The Ethereum scaling startup Optimism announced on Tuesday that it will transition to a new governance structure that will be fueled in part by a dedicated token.

The information was revealed in a Twitter announcement thread. The Optimism Collective, which is made up of two parts: a “Token House” and a “Citizens House,” is at the centre of the initiative.

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According to the team’s release, the Citizens’ House will oversee public goods funding, generating a flywheel of protocol development, while the Token House will focus on token development “Upgrades to protocol, project incentives, and more It promotes development.” The Token House’s core is the OP governance token.

Multiple airdrops by Optimism

The Ethereum scaling startup also claimed the following: “There isn’t just one airdrop here. There will be a large number of airdrops.” According to the thread, which includes a post outlining eligibility for the airdrop as well as a link to allocations, the airdrop is “coming in Q2.” The initial airdrop date will be announced soon.

The foundation stated that a portion of the OP allotment will be distributed in successive waves to members of the business and Ethereum communities.

Airdrop #1

The first user airdrop will release 5% of the total supply of OP tokens. This airdrop is intended for those who:

  • Behave in positive-sum ways.
  • Contribute actively to their communities.
  • Have been priced out of Ethereum.

However, it has been stated that the addresses and quantities were selected to both reward blockchain users and encourage core Ethereum users to the OP family.

Future airdrops (#2, 3, …)

Furthermore, a portion of the OP token supply will be retained in reserve for future user airdrops, amounting to 14% of the total supply. Because airdrops can be manipulated, the foundation will be in charge of determining airdrop metrics as fairly as feasible.

However, the airdrops are intended to be distributed to addresses that have a positive impact on the Optimism community.

The news comes only days after social media boffins discovered an Optimism-related price page on cryptocurrency exchange Coinbase, stoking rumors about a token. The Collective’s course will be guided by a freshly founded foundation at first. Two of the founders of Optimism are among the group’s leadership.

Ethereum tipping is now available on Twitter

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Twitter has chosen to accept Ethereum (ETH) addresses to be added to its site so that people can offer tips and demonstrate backing for a Twitter user’s thoughts. This follows after the microblogging site included Bitcoin transactions to its Tips Jar function a few months ago. Jane Manchun Wong, a reverse engineering expert, stated in November that Twitter was focusing on integrating ETH wallets.

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The procedure of registering an ETH wallet address has been simplified, as users who consent to Twitter’s modified tipping policy can replicate another’s Bitcoin or Ethereum address and enter it into whichever wallet they choose. The update was revealed on Wednesday, 16, February 2022, through a tweet from the social media site’s official support handle.

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In a report, Twitter’s Lead Product Manager of Creator Monetisation, Johnny Winston, stated,

“We’re continuing to expand ways to get paid on Twitter, which includes more choices for creators and fans who want to use crypto. We’re excited to add the ability for anyone to add their ETH Address to Tips.”

It’s important to bear in mind that it’s unsure if Twitter Tip Jar will allow other Ethereum-based tokens, such as ERC-20 tokens and stablecoins, or if it would limit to ETH for the meantime.

Ethereum wallets not the only new feature to the Tip Jar

The blog read that users can link their transaction information for third-party providers such as Venmo, Razorpay, or Cash App to their Twitter Tip Jar account, which was first established in September. Anyone interested in paying a Twitter user for their knowledge can do so. However, Ethereum wallets aren’t the only new feature that Twitter’s Tip Jar service supports.

Twitter has recently added Paytm as a mode of payment for its Tips Jar function. Users can press the Tips symbol on any profile with the function activated to be redirected to the app and make the transaction. Furthermore, users would be able to transfer money through UPI, credit and debit cards, and internet banking, among other options, now that Paytm has been added as a payment provider.

The inclusion of Ethereum wallets to the renowned social media network signifies a strengthening relationship between cryptocurrency and the microblogging site in terms of crypto acceptance. At the time of writing, Ethereum (ETH) was priced at $2,901.89 and had plunged by 8.39%.

NFT profile pictures confirmed for OnlyFans

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OnlyFans, a prominent adult membership network, will now allow users to upload verified non-fungible tokens (NFTs) as profile images.

The platform will only handle tokens created on the Ethereum blockchain, and non-fungible token profile images will have an Ethereum emblem to indicate that they are genuine. According to Reuters, which broke the story first, the corporation introduced NFT profile images in December.

OnlyFans, which debuted in 2016, has grown in popularity as a way for content creators to monetize their work by selling it to members. Many current social networking firms, like Twitter, have leaped into introducing digital art profile images, and this is just one of them. According to the source, the corporation has indeed been working on developing this function for the previous two months.

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OnlyFans NFT profile pictures

According to OnlyFans CEO Ami Gan, the introduction of non-fungible tokens profile images is merely the first stage in the company’s non-fungible tokens journey. Furthermore, Ami Gan said,

“This feature is the first step in exploring the role that NFTs can play on our platform.”

Last month, Twitter introduced verified digital art profile images, but the feature is currently only available to premium customers of the company’s service. According to sources, as Meta, the parent firm, continues to push deeper into the metaverse, Facebook and Instagram are reportedly planning to implement a similar function.

Could the NFT trend be a game-changer for the crypto world?

When social networking behemoth Twitter opted to use NFT profile images, it generated quite a stir. It undoubtedly caused a schism on the platform. While some welcomed it, others chastised the platform for investing in it rather than removing crypto scammers from the network.

In perspective, cryptocurrencies have already been adopted by a number of adult video websites. In April of 2018, Pornhub began taking the Verge cryptocurrency. Bitcoin and Litecoin were reportedly added to the website’s payment options in early September 2020, according to reports.

However, even though cryptocurrency adoption has been slow across the board, the fact that OnlyFans has joined the NFT bandwagon suggests that cryptocurrencies may soon become a staple in adult entertainment.

Trust machines raises $150M to boost Bitcoin’s presence in DeFi

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Trust Machines- launched by Muneeb Ali, Stacks founder and Professor JP Singh of Princeton University- has acquired $150 million to develop Bitcoin from only being a static value to being the ultimate resolution layer for a new processing podium. This establishment will also allow and develop the new economy of applications supported by Bitcoin (BTC) and settling on the new Bitcoin blockchain.

Stacks founder, Muneeb Ali, took to Twitter to announce the launch of a new platform that creates and promotes decentralized applications of different forms on Bitcoin (BTC).

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According to his tweets, Ali said that with the advancements of Stacks, the vigorous potential of smart contracts for Bitcoin has come to light. He added,

“Along with JP Singh, a Princeton CS Professor, I’ve started Trust Machines to unlock the next chapter of Bitcoin apps. Building upon the success of Stacks, Trust Machines will build the apps and underlying tech to unleash the true potential of Bitcoin as a settlement layer.”

According to the Twitter thread, investors of Trust Machines, do not doubt the thesis that Bitcoin is not just a static value, it can be used as the ultimate settlement layer and platform for Web3 applications. A few of the primitive financiers include Breyer Capital, DCG, GoldenTree, Hivemind, USV.

Trust Machines opens its doors for new employment

With the new launch of this protocol, Ali has announced that there is hope for more employment as there are more than 15 job openings which also include Bitcoin core developers.

Bitcoin (BTC) is still predominantly viewed as a primitively analytical investment, whilst developments in decentralized finance (DeFi), non-fungible tokens (NFTs) trading, and the management of decentralized online communities through DAOs take place on aggressive blockchains like Ethereum (ETH).

With Bitcoin (BTC) being the world’s largest and most sought-after token, it would be a ground-breaking development if its blockchain turns into a moderator to most of the front-line features of the crypto-world. At the time of writing, Bitcoin (BTC) was priced at $37,980.79 and had risen by 4.19% over the last 24 hours.

NFT marketplace launch coming up by GameStop

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The world’s largest retail gaming and trade-in destination, GameStop, has planned to launch its own forum for non-fungible tokens (NFT) and is co-initiating an “up to $100 million” repository for game developers using it.

Gamestop has collaborated with Immutable X, an Ethereum Layer 2 network developer for this launch. The company’s announcement came on Thursday, 3 February 2022, along with the news of when the launch of the Immutable X-powered NFT marketplace is, which would be later this year.

The repository for the grant is named in Immutable X’s IMX tokens, specifically 56,209,850 tokens, that are worth over $200 million at the present prices due to the increase in the price of the IMX tokens. However, the fund is clinched at $100 million.

In addition, Immutable X will contribute up to $150 million in tokens of IMX to GameStop on achieving certain breakthroughs. These milestones are inclusive of the NFT marketplace launch, reaching sales volumes of $1.5 billion and $3 billion on Immutable X within a given time frame.

GameStop recently expressed its enthusiasm for blockchain technology when it advertised for a ‘head of Web3 gaming’ and an array of jobs based on non-fungible tokens. These tokens are usually characterized as a way to determine ownership of items in-game, and let players trade articles outside an authorized marketplace like an in-game auction house. A few games, that are played to earn rewards in the real world, use cryptocurrency and NFTs to operate an in-game economy that converts into real money for the players.

Company behind NFT trading card game, Gods Unchained: Immutable

Immutable, the company behind the NFT trading card game Gods Unchained, is also the company that created Immutable X. Immutable X is a podium based on the most sought-after Ethereum cryptocurrency blockchain. It functions on the Ethereum Layer 2 network, explicitly for NFTs.

Immutable podium is determined to placate the biggest drawbacks of Ethereum, like the enormous amount of energy consumed and the exorbitant gas fees which could add a high transaction cost.

The new protocol incorporates huge numbers of sale records into one particular transaction, written to the Ethereum blockchain; through this, Immutable assures to make up for the environmental expense incurred by carbon offsets.

Wormhole protocol hacked for about $323 million

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A threat actor has exploited a vulnerability in the cross-chain protocol, Wormhole. It has been estimated that $323 million worth of Ethereum (ETH) has been stolen.

Wormhole has been a bridge between the Ethereum and Solana blockchains. It is a bridging protocol that allows assets to be transferred through different blockchain protocols.

It has been assumed that the attacker exploited this process to deceit the protocol’s project into releasing Ether (ETHER) and Solana (SOL) tokens way ahead of the input that was provided primitively.

In light of recent events, it has come to notice that the attacker stole digital assets worth $322.8 million at the time of the incident but now have dwindled to $294 million because of the price fluctuations after the news of the hack spread around.

Whilst the protocol’s spokesperson has not yet commented on the mishaps of today, the company has affirmed the attack on their Twitter handle. The company pointed out that the network was exploited for 120k wETH through their tweet and now has put its site down for maintenance while the investigation proceeds.

It has been observed that there has been a theft of 93,000 of the exploited Ethereum (ETH), according to the Etherscan transaction records.

Hacker offered $10 million as ‘bug bounty’ by Wormhole

It has come to light that Wormhole is now requesting the hacker to return the embezzled funds in exchange for a reward of $10 million and also a ‘whitehat contract’ which could mean that a complaint won’t be filed against the hacker by the company.

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However, such contracts pardoning hackers are not legal in specific jurisdictions and hence, authorities might still go after the attacker anyway.

Not more than a week ago, an identical attack against a decentralized money market platform, Qubit Finance, took place with the hackers embezzling $80 million.

After confirmation from Wormhole about the sum of stolen funds, this mishap could likely be considered the largest hack of a digital assets platform so far, this year. It could also be the second-largest hack of a DeFi platform in history, according to data from the DeFiYield project.

NEAR raises $150M to spur Web3 adoption

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In an official blog post, on 13 January 2022, the U.S.-based decentralized application platform and Ethereum competitor, NEAR protocol has announced that it has raised a $150 million fortune directed by Three Arrows Capital. According to the blog post, the funds would be used at regional centers through which it will bolster people to learn about decentralized podiums.

The funds will be utilized to advocate millions of people to learn and use blockchain technology and to endorse Web3 technologies. This benefit of development on the NEAR decentralized blockchain could make it possible for users to network with new audiences.

The agreement has conclusively proved sections across Asia, Europe, Africa, and the team aim to broaden support in Latin America, India, and Turkey.

Marieke Flament, NEAR Foundation’s CEO, said,

“We are delighted to have such a fantastic list of backers supporting NEAR’s mission. We are looking forward to leveraging the funding to improve access to blockchain technology in an ever growing list of countries across the world.”

What is NEAR protocol?

NEAR protocol is a highly efficient blockchain constructed to be extremely fast. It is considered to be unbelievably safe and also eminently scalable. It was designed to run decentralized applications and works to compete with Ethereum and many other superior smart contract-facilitated blockchains such as EOS and Polkadot. Its prime token is also known as NEAR and is used to pay for commission and cache. These tokens can also be invested by token holders who take part in executing network consensus as transaction proofs.

The company is formated by an explicit group of techies and entrepreneurs to be easy to utilize, general, and environmentally friendly. The company is supported by leading venture capitalists like A16Z, Pantera Capital, Electrical Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.

As decentralized applications have grown in fame, the crypto society is faced with an increasing scalability issue. Ethereum has been surfaced with scalability obstacles because of the increasing request for its purpose, and whilst a few endorse scaling issues to be resolved by building it on top of Ethereum (Layer-2-solutions), other businesses like NEAR are determined to build a completely fresh blockchain with distinct framework.

Kevin O’Leary deems NFTs will outdo Bitcoin (BTC)

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Mr. Wonderful, Kevin O’Leary thinks that eventually, Non-Fungible-Tokens (NFT) will be worth more than Bitcoins.

The crypto skeptic turned crypto evangelist, holds multiple positions in the crypto world. He has also become the remunerated endorser and advocate for the crypto exchange FTX.

The ‘Shark Tank’ host, in an interview with CNBC’s ‘Capital Connection’ on 5 January 2022, asserted that NFTs provide a greater potential to attract capital when compared to Bitcoin (BTC), that is because of their ability to tokenize and authenticate physical assets. he seconds his opinion by stating that his belief in NFTs arises from the idea that they possess the tenancy of anything in reality, such as designer watches or even flash cars, digitally instead of with paper records. He says,

“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just bitcoin alone.”

Albeit, Kevin O’Leary said that he will still be fencing that bet and investing on either side of the equation.

Change of perspective for Kevin O’Leary

Earlier in May 2019, O’Leary had called Bitcoin ‘garbage’ in a take-down of the whole cryptocurrency industry. He stated that it was a mere “digital game” and that the asset was “worthless,” but it looks like, over the years, the Canadian investor has warmed up to the idea of the crypto world.

Not very long ago, in an interview with Forbes on 31 December 2021, Kevin O’Leary announced that Ether was his largest position which was bigger than Bitcoin. He explained that a large number of financial services and transactions have been occurring on it and that new software that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum were being developed, such as Polygon.

Now, he takes a bold opinion on the NFTs surpassing Bitcoins. According to reports, about 40% of the new checks O’Leary has written over the past few months have been for crypto and blockchain ventures. At the time of writing, Bitcoin was priced at $42927.01 with a daily drop of 8.06%.