Developer Reveals Layer-Two Private Messaging and Payment System on Bitcoin Cash

Developer Reveals Layer-Two Private Messaging and Payment System on Bitcoin CashOn July 4, 2020, the Bitcoin Cash proponent Cain published an interview with the blockchain developer, Shammah Chancellor, about a new project called Stamp Chat. At its basic level, “Stamp is a prototype of a layer-2 private messaging and payment system on Bitcoin Cash. It implements stealth [plus] confidential transactions on top of Bitcoin Cash […]

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European Blockchain Ecosystem Needs €350 Million for the Next 18 Months

European Blockchain Ecosystem Needs €350 Million for the Next 18 MonthsA study report by Leadblock Partners, an appointed representative of Sapia Partners LLP, finds an accelerating growth of the European blockchain ecosystem. The findings of the Leadblock Partners study suggest European respondents have a funding need for €350 million for the next 18 months. The European Enterprise Blockchain start-up ecosystem is mainly composed of early-stage […]

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Bitcoin Volatility Hits Three-Year Low, Sparking Fears of Massive Sell-Off

Bitcoin Volatility Hits Three-Year Low, Sparking Fears of Massive Sell-OffThe cryptocurrency data analytics and research company, Skew has warned that bitcoin could see a massive sell-off due to declining volatility. The data analytics firm says that bitcoin (BTC) realized volatility hit 20% over the past 10 days – it’s the lowest 10-day reading in nearly three years. “Last time we reached that level, we […]

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Gavin Wood: ‘Governance is Critical’ for Crypto Ecosystem

Ethereum co-founder Gavin Wood spoke at the Unitize conference on July 6 regarding blockchain governance in the Polkadot project.

Gavin Wood, the co-founder of Ethereum and Parity Technologies, says crypto-economic systems act like “nation-states” of the internet, running on governance as a type of parliamentary democracy. 

Wood joined the Unitize conference on July 6 to talk about how blockchain governance essentially acts as laws for these nation-states that need to be able to adapt to stay relevant. 

“We haven’t really thought about how blockchain can be used as a means of actually evolving the rules of the blockchain,” the Ethereum co-founder said. “Decentralization in crypto prevents the corruption of these rules.”

Screenshot of Gavin Wood speaking at Unitize on July 6

Screenshot of Gavin Wood speaking at Unitize on July 6

Wood emphasized that in order for these blockchain nation-states to survive, they had to interact with others, and governance was the key. He said decentralized such systems are “economic heavyweights” which need proper governance.

“Governance is critical. Governance is basically the means of speaking out as on behalf of the crypto-economic system, as a way of internal elements, internal stakeholders of the crypto-economic system coming together and determining what [the market capitalization should be used for].”

Polkadot’s autonomous governance system

Polkadot is a product supported by blockchain infrastructure company Parity Technologies. The project aims to be an implementation of a sharded and interoperable blockchain, directly competing with Ethereum’s platform. 

Wood refers to Polkadot as a “meta protocol” in which only the bottom layer of the blockchain is fixed. The Ethereum co-founder says working within this layer, it’s possible to implement governance, in addition to balances, accounts, transactions, and parachains. According to Wood, Polkadot utilizes this arrangement to upgrade its governance autonomously.

Parity launched Polkadot as a stand-alone blockchain in May as the project awaits the transition to mainnet. 

Polkadot partners

Cointelegraph has reported Polkadot has been integrating with many key players in the ecosystem that are primarily associated with Ethereum. These include Chainlink, which will use Polkadot-based oracles, and Celer Network, which announced it will be bringing its layer-two sidechains to Polkadot. Recently, Gitcoin announced a collaboration with the project to help developers find community support and funding.

Earlier at Unitize, Cosmos, Polkadot, and Terra announced they were teaming up on a new DeFi savings product called Anchor, which reportedly will offer dependable interest rates on stablecoins deposits.

Gavin Wood’s presentation at Unitize was cut short due to technical difficulties. According to a conference representative, his full report will be available online within 24 hours.

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Telegram Will Shut Down the TON Testnet by August 2020

Users will need to install their own testnet validators to continue using the network.

Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year.

In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes.

Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.

The testnet was launched in September 2019

Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October.

After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.

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