Web3 ecosystem is in the nascent stage and evolving continuously with cutting-edge products and more innovators taking a keen interest in exploring blockchain in general. But, when we talk about web3 adoption at scale, it somehow fails due to some significant hurdles faced by many.
For starters, if you’re a new entrant exploring the Dapps or crypto space, it’s likely to come across many sketchy and lucrative products that are too good to be true. Many people fall prey to such frauds and lose thousands of dollars.
Similarly, developers with innovative ideas don’t get much support from the start in the form of validation from the community or capital from the investors. Hence, we see potential products fading out. Nor the devs have many connections in the industry that could conceivably lend them the missing support.
Now, what if all these could be avoided? One way to do so is by drawing users, developers, & investors in unison and then operating together to solve this menace. One such startup that is aiming to do just this is The Dapp List.
The Dapp List is all set to launch a multichain ecosystem for web3 curation. They commenced their journey back in 2020. Since then, they experimented, ideated, and gained validation from the community and experts to envision a bulletproof approach on Community governance powered with reputation mechanism.
Recently The Dapp List released an Intro article on their blog, which encircles companies core principles, the challenges users, developers and investors face in the web3 ecosystem, along with a suite of features to combat them and prevent malpractices.
Upkeeping the core idea of decentralization, The Dapp List has built a perfect solution that drives scams and malpractices of centralized fashion aside and revolutionizes the user experience, developer support, and investor engagement.
The recent Intro blog has mentioned a hunting and voting mechanism that rewards users to hunt and vote for the dapps. Furthermore, by engaging in these activities, a user gets a certain amount of tokens and reputation, later reputation can be redeemed for a rare NFT. Slashing of reputation happens when someone tries to manipulate the listing process, and thus they also lose any future rewards.
Furthermore, developers are promised unmatched community support where they can present their vision, get validation, and with the help of investment partners, they can make their idea into an outcome.
“We’re eager to announce our product features, and soon enough, the V2 launch will bring the explore module in action. Later we have the BUIDL module for developers, and after that, in Q4 our investment module will be seen in action”.
— Nirbhik Jangid, Co-founder of The Dapp List
The Dapp List was very clear about supporting other Dapps with community building, developer support, and investor engagement with a unison of all parties under one roof. Going further, they have asserted that The Dapp List is not interested in becoming an IDO platform. However, they sure hint towards onboarding exclusive IDO partners and other ecosystem partners to bring maximum value for the Developers, Dapps, and Users in the web3 community.
Balancer protocol launches version 2 of its automated market maker
Balancer, a leading automated market maker, has launched version 2 of its protocol, promising faster speed, lower costs and improved liquidity.
In addition to revamping the user interface, Balancer’s backend will provide more efficient routing for trades through “Protocol Vault.” The platform claims that this upgrade will reduce gas costs and produce better pricing mechanisms.
Expected gas costs are said to be 40% lower in version 2 – a figure that jumps to 53% with internal balances.
Balancer Labs, the development arm behind the AMM, also announced a partnership with DeFi protocol Gnosis to deliver an enhanced user experience to traders across price, user experience and transparency.
Automated market makers are essentially smart contracts that generate a liquidity pool of tokens, which are traded automatically through a programmable algorithm as opposed to an order book. This allows assets to be swapped automatically.
AMMs are part of the rapidly growing DeFi industry which, according to industry estimates, has grown eightfold since the start of 2021. The DeFi space has locked in more than $160 billion in assets as of Tuesday.
Balancer’s native BAL token has set multiple record highs this year on the back of positive protocol integrations, gas fee reimbursements and a surge in DeFi trading activity. Buzz surrounding a possible Coinbase listing has also contributed to BAL’s tremendous growth.
The price of BAL was little changed at $67 on Tuesday for a total market capitalization of $722 million. BAL is the 31st largest DeFi protocol by market cap, according to Coingecko.
Tezos’ sixth protocol upgrade brings more optimization as ‘Florence’ goes live » CryptoNinjas
It seems like only yesterday that Tezos underwent its fifth upgrade (codenamed Edo), which added some significant features to the ever-evolving platform such as Tickets, the Adoption Period, and Sapling.
Merely 3 months after this milestone, the Tezos network has adopted its sixth upgrade, named Florence after the iconic city in Italy. So what does this upgrade bring to the rapidly evolving Tezos blockchain?
Let’s dig into it.
Just as Edo brought on several feature upgrades and refinements, Florence continues the strong track record of optimizations and refinements that has made Tezos synonymous with rapid evolution that can absorb the latest and greatest features in the space.
Before we dive deeper into Florence, let’s also take a moment to look at the exponential growth in network activity that it has experienced over the past few months; this exponential growth was really catalyzed in the Delphi release, which switched to a rapid release model and included changes that allowed smart contract activity to be more viable. The resulting subsequent activity illustrates how effective this has been for the Tezos ecosystem overall.
The network activity has surpassed >1M contract calls in one month, indicating rapidly growing interest; and engagement with the Tezos ecosystem tools and projects.
Tezos provides a high-performance, rapidly evolving, and low carbon footprint platform that vastly outshines its competitors. Neither the growth nor the advantages that Tezos currently possesses are an accident — these are by design, further facilitated by its ability to rapidly evolve and upgrade.
Just as Florence, the city, found itself at the nexus of the Renaissance with architecture, art, literature, mathematics, music, philosophy, politics, religion, and science all converging into a creative melting pot, so does Florence, the protocol upgrade.
We mean this in the very literal sense — this protocol upgrade comes at a time where artists, programmers, scientists, entertainers, architects, brands and more are discovering NFTs, and blockchain by proxy. The resulting experiences and interactions are akin to that of a true digital renaissance.
In this sixth protocol upgrade, Florence brings the following improvements:
- Twice the Maximum Operation Size — with this update, the maximum size of operations is doubled, which results in more than doubling the maximum size of a smart contract. This is particularly attractive to developers who are working on complicated applications that require such smart contract sizes.
- Gas Optimizations — In Florence, running more complex smart contracts at lower costs is possible due to the gas optimizations that have taken place. Overall, the gas arithmetic is also sped up by a factor of ten, increasing the overall performance of a typical execution cycle of the Michelson interpreter in Florence by 35%. This allows for smart contracts with more complicated functionality to operate even more economically.
- More Intuitive Smart Contract Development — With Florence, it is easier than ever for developers to write complicated systems of smart contracts without worrying about them behaving in unexpected ways. This is because Florence changes the applied order of inter-contract calls emitted by smart contracts to a depth-first execution order which is far more intuitive to most developers.
- More Reliable Amendment Process — Florence deactivates the Test Chain feature in the Economic Protocol, which was in practice never used, unnecessarily complicated, and resulted in reliability issues. With this change, the amendment process becomes more streamlined and trouble-free.
Tezos’ rapid pace of development and evolution supports the rapid expansion of activity on the network, ensuring the platform is optimized, reliable, and full-featured.
Florence once again showcases Tezos’ careful design, combined with its proven on-chain governance model and self-amendment mechanism, make Tezos the best blockchain in the world.
To learn more about Florence and the various optimizations it brings to Tezos, head over to Tezos Agora.
Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report – Altcoins Bitcoin News
With digital yuan pilots underway in China, it seems the currency is not meeting government expectations. A recent report highlighted a series of interviews from people in the hotspot, reflecting a lackluster reception among the participants.
Privacy Concerns Reported
According to Bloomberg, residents in Shenzhen, the Chinese analog to Silicon Valley, have shown little interest in the central bank’s digital currency (CBDC), primarily citing privacy and surveillance concerns.
The People’s Bank of China (PBoC), the country’s central bank, has been accelerating the pilots to prepare the digital yuan for the 2022 Winter Olympic Games. People have been hesitant to switch from existing mobile payment solutions, showing an attachment to WeChat and Alipay. One participant in the 500,000 person pilot sample told Bloomberg she was “not at all excited” to be included. Another worried the pilot would allow authorities to “trace every payment”, and called the currency “a little scary”.
Will the Digital Yuan Settle for Domestic-Only Acceptance?
Li Bo, the PBoC governor, pointed out that the digital yuan isn’t aimed to replace the US dollar. Instead, the government targets to make it widely used for domestic purposes.
Bo’s statements are a departure from the generally optimistic tone taken towards the currency’s global potential. However, it is now clear that the government faces steep challenges to attracting even domestic users. Prying them from an entrenched Tencent and Antgroup financial infrastructure, regardless of the currency’s international reception, may be more difficult than originally thought.
What are your thoughts on Bloomberg’s report about digital yuan? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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