Introducing Rosetta: Build once. Integrate your blockchain everywhere.

By Surojit Chatterjee, Chief Product Officer

At Coinbase, we believe a thriving and open ecosystem is necessary for the promise of crypto to be realized, ultimately leading to our vision of more economic freedom for the world. As early as 2016, the Coinbase Secret Master Plan stated our commitment to the open source communities around crypto protocols. And last year, we outlined our strategy of connecting and growing the cryptoeconomy.

Today we’re launching Rosetta, an open-source specification and set of tools that makes integrating with blockchains simpler, faster, and more reliable. This is a step toward our commitment to support an open ecosystem.

Coinbase initially developed Rosetta as the middleware used to integrate blockchains into its platform securely and painlessly, and today we’re sharing it with the world in the hopes it can ease development and integration time for both developers and crypto platforms alike.

The number of blockchains has grown dramatically in recent years, and with it has come a proliferation of different node and wallet APIs that can be challenging to navigate. The goal of Rosetta is to standardize how to interact with blockchains, making it easy for anyone to build on top of a blockchain for a variety of different use cases.

For developers of new blockchain projects, the Rosetta interface makes it easier to ensure compatibility with exchanges that use Rosetta, and can dramatically speed up the time it takes exchanges to integrate with new blockchains and protect customer funds by ensuring specific security conditions are met.

For the broader community of crypto developers, Rosetta makes it easier to build cross-blockchain applications such as block explorers, wallets and dapps. Instead of writing custom parsing for every supported blockchain, applications can use a blockchain project’s Rosetta implementation to read on-chain data and construct transactions in a standard format; minimizing code and simplifying maintenance.

As open source software, Rosetta is easy for anyone to contribute to, and some blockchain teams have already started providing feedback and support. These teams include Filecoin, Celo, Near, Oasis, Coda, Ontology, Kadena, Handshake, Blockstack, and Sia.

A guide to Rosetta, including full documentation, can be found here. The website also includes common development issues that incorporate lessons learned from our years of conversations with blockchain developers and customers. We hope these lessons will be uniquely valuable for new blockchains that want to attract developers, get listed on major exchanges, and build great user experiences.

Over time, our goal is to support a thriving ecosystem of Rosetta interfaces for many more blockchains including Bitcoin & Ethereum, along with even more tools and community resources. Check out our open source guidelines or get started here. If you’d like to learn more, join our Discourse.

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Implementing the Rosetta tools and/or guidance found on the Rosetta website does not guarantee an asset to be listed on Coinbase. Coinbase evaluates prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. To apply for listing, fill out an application here.

Coinbase does not endorse, promote, or specify the listing or integration requirements for any third party projects, exchanges, or cryptocurrencies mentioned in this blogpost or otherwise. Any descriptions of functionality and services provided are for information only. Coinbase is not responsible for any loss of funds or other damages caused as a result of using the projects described above.

Unless otherwise noted, all images provided herein are by Coinbase.

Introducing Rosetta: Build once. Integrate your blockchain everywhere. was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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South Korean Economist Warns New Tax Laws May Slow Down Crypto Market Growth

South Korea economist worries that tough regulation would slow down crypto’s growth.

The South Korean government recently announced their intention to impose a tax on cryptocurrency, leading to backlash. Korean Yonsei University economist, Sung Tae-yoon, warned that the decision to tax crypto capital gains may slow the technology’s emerging market, according to Koreatimes on June 21. 

Sung said that taxing the crypto market while it is still in its infancy is a “premature” decision. He worries that tough regulations or taxation may prevent the crypto industry from flourishing in South Korea. He also believes: 

“Cryptocurrencies cannot be considered a universal asset like traditional paper currencies.”

Reasons behind the act

Opposition economists, such as Kim Jin-ill from Korea University, believe regulation is essential, even when it blocks new market growth. However, some critics argue that the government is imposing new taxes due to fiscal uncertainty caused by the COVID-19 pandemic. 

According to the news, the government has plans to tax more than just cryptocurrency. They quoted the Korean Finance Minister, Hong Nam-Ki, who said: 

“By reforming the taxation system this year, we are going to consider introducing new types of taxation, such as digital tax[…] The digital tax refers to an additional tax imposed on overseas IT companies ― such as Google and Amazon ― for their online business activities.”

As Cointelegrah reported previously, Portugal became a crypto regulation friendly country that has zero taxes for crypto traders and miners.

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Chainlink (LINK) Near New All-Time High — Here’s 3 Reasons for the Rally

Today’s Chainlink rally leaves the price just 3% away from setting a new all-time high, but can bulls maintain the current momentum?

Chainlink (LINK), a smart contract blockchain network, is nearing an all-time high after the altcoin broke out today, notching a 11% gain at the time of writing.

The altcoin first hit a record high at $5.10 in July 2019 before crashing to $1.35 during the Black Thursday marketwide correction on March 12. Over the past two weeks LINK has gained 33% and if the price pushes above its previous all time high there is room for price discovery.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Three factors likely triggering LINK’s upsurge are: bullish price action from Ether (ETH), LINK’s bullish technical structure and the team’s recent partnership with China’s national Blockchain Services Network.

Ether’s rally pushes altcoins higher

In the past 48 hours, ETH price increased by nearly 9% from $227 to $244. This overnight rally led Tezos (XTZ) and LINK to rebound following a week of sideways trading.

Both XTZ and LINK rallied by triple-digits in the past year while many cryptocurrencies were down by 50% to 95% from their record highs in the same period.

LINK/USD 1-day chart. Source: TradingView

LINK/USD 1-day chart. Source: TradingView

According to data from Cointelegraph Markets and CoinMarketCap, LINK is now only 3.37% away from it’s all-time high. In fact, the majority of stablecoins and wrapped assets have not declined by more than 10% from their record highs, whereas top cryptocurrencies like Bitcoin (BTC) and Ether remain far away from their all-time highs.

Favorable technical structure

The term ‘price discovery’ is frequently used when the price of an asset surpasses its record peak. Meaning, when an asset enters this phase, it’s hard to determine where the next top would be and this opens the market up for speculation.

When the price of a cryptocurrency nears a record high, it tends to display significant volatility. Sellers will try to avoid price discovery, while buyers will attempt to push through.

Cointelegraph contributor Michael van de Poppe said that if LINK remains above $4.30 the probability of seeing a new all-time high increases. In private comments van de Poppe said:

“LINK is still trading in a very bullish construction. The region between $4.70-$5.00 has been acting as resistance several times, which makes it likely to see a breakthrough in this case. A crucial area to hold is the $4.20-$4.30 level for support. If that remains as support, I’m expecting a new all-time high for LINK. I wouldn’t be surprised with a rally towards the $6.50-$7.00 region from here.”

Another factor contributing to LINK’s rally is the current stability in Bitcoin price and an extended rally from Ether would likely lead to additional buying pressure on LINK.

New partnership raises bullish sentiment

On June 23, Chainlink announced that China’s national Blockchain Services Network (BSN) is utilizing the Chainlink oracle network to process off-chain data.

The team said:

“China’s national Blockchain Services Network (BSN) is integrating Chainlink as the preferred oracle network to provide BSN systems access to off-chain data. As part of this collaboration, IRIS Network and SNZ Holding will also contribute technical integration support.”

The announcement coincided with the abrupt intraday increase in the price of LINK, further fueling the confidence among investors in the short-term trend of the asset.

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