Crypto Shuttle News

Tag: success

  • L1 ARCHEthic Blockchain Mainnet Launch is a Success | by Bit Media Buzz | Nov, 2021

    L1 ARCHEthic Blockchain Mainnet Launch is a Success | by Bit Media Buzz | Nov, 2021

    [ad_1]

    Bit Media Buzz

    Paris, France, November 16th, 2021 — Following 4 years of research and period of development, ARCHEthic Mainnet Beta launched on the 30th of June, 2021. The testnet which was launched this year will run simultaneously with the mainnet on the same infrastructure. The launch has set the ball rolling for ARCHEthic whose mission is to solve the impending challenges rocking the blockchain sector.

    ARCHEthic is a decentralized consensus protocol blockchain built from the ground up, designed with cutting-edge technology to stay ahead of other blockchains in terms of scalability, security, sustainability, and simplicity.

    Commenting on the significance of the launch, the ARCHEthic team stated that: “We have been patient and transparent in our approach, we have taken the time to get academic validation of research concepts, building and testing the ARCHEthic Blockchain protocol before making a foray into the market. Today with the launch of our Mainnet Beta, we are confident about offering true value to the community.”

    Since blockchain has become a revolutionary technology, the growth and adoption of the technology have maintained an upward trajectory. With a cumulative annual growth rate (CAGR) of 56.9%, the global blockchain industry is predicted to hit $56.7 billion by 2026, up from $6.0 billion in 2021. This giant growth rate is a testament to the widespread adoption occurring at break-neck speed.

    With Bitcoin being the pioneer, Blockchain technology has continued to find increased adoption in various fields even outside of the cryptocurrency terrain.

    While adoption stays on the rise, the issues of blockchain scalability and security have been a hot topic as many of the existing blockchain technologies fall below an optimum threshold. These issues form a focal point and a building block on which the ARCHEthic blockchain is built upon.

    ARCHEthic Design Stands Tall Among Existing Blockchains

    ARCHEthic blockchain design infrastructure deploys a unique consensus protocol built from the ground up called ARCH Consensus Mechanism. The ARCHEthic Blockchain uses the concept of “transaction chain”. Unlike other blockchains that require blocks containing multiple transactions to be linked together by chains, in ArchEthic, blocks are reduced to their atomic version (the smallest). Thus, a block represents only one transaction with its own validation proofs.

    According to its whitepaper, once a transaction is validated, it will be synchronized and saved on its own transaction chain. All transactions of the same nature are grouped together in the same transaction chain. This principle of operation makes it possible for transactions to run parallel thereby fostering the scalability of the network.

    The brainchild of years of research done by the team, the ARCHEthic blockchain is designed with the end-user in mind which makes it well suited for retail and mainstream enterprise adoption.

    Taking the Bitcoin network, for instance, it currently runs with a validation time of 10 minutes while handling 7 transactions per second, while Ethereum has a validation time of 15 seconds, processing 20 transactions per second. Newer generation blockchains like Harmony can handle up to 10 million transactions per second.

    Despite the improvement made by Harmony blockchain, the network is still limited to the number of transactions it can handle per second. This unarguably is a prime reason why the ARCHEthic network infrastructure is unique. The “transaction chain” mechanism deployed by ARCHEthic makes it possible to handle an unlimited number of transactions per second, thereby leaving room for scalability and seamless handling of high network traffic.

    ARCHEthic’s Ability to Scale Does Not Compromise the Security of the Network

    The ARCHEthic security layer makes it possible to support an infinitesimal risk of network corruption, even if 90% of available nodes are malicious.

    As contained in the whitepaper, if the number of nodes in the network increases, the probability of detecting an anomaly among the nodes selected to perform a transaction, if at all, increases drastically. Compared to other blockchains, the ARCHEthhic blockchain could continue to function properly, even with 90% of the network being malicious.

    ARCHEthic also handles data efficiently. When transactions are broadcast, a pool or set of storage nodes is determined and receives a copy of the transaction made in order to save it. This is accomplished through sharding, which ensures that the nodes are less loaded with data and can store at least between 190 and 9000 times the number of transactions of the Bitcoin network.

    This mechanism of unique node operation reduces the power consumption of the ARCHEthic blockchain. The ARCHEthic Yellow Paper compares the power consumption of ARCHEthic to Bitcoin in an interesting way.

    “Considering that 10 nodes are dedicated for 10 seconds to validate and replicate a transaction and that Bitcoin processes 93 million transactions per year, it would take 295 ArchEthic nodes to cover the current mining power of the Bitcoin network. Knowing that a node spends 15 Wh, over a year, the technology would consume 38,805 kWh/year or 3.6 billion times less than Bitcoin itself.”

    It is intriguing to see the massive innovation going on in the blockchain and cryptocurrency industry. More fascinating is the fact that innovations like ARCHEthic are rising to the occasion at a time when the blockchain scalability hurdle has been a bane on the industry.

    About ARCHEthic Public Blockchain

    ArchEthic is a highly scalable, tamper-proof Blockchain with scalability greater than 1 Million TPS, and validation time of less than 5 seconds. The blockchain has the capacity to handle up to 90% maliciousness, 3.6 billion times less energy consumption than Bitcoin, and 0.1% of the transaction fees.

    The platform aims to replace and improve all current applications with a comprehensive and open ecosystem, allowing people to move from the trust imposed by centralized to decentralized systems while keeping identity and privacy under the control of the user.

    With ARCHEthic, you can access your identity but no one owns it. The security and threat issues that centralized systems pose helped us realize that self-sovereign identity is needed now more than ever. An Open Source autonomous & Decentralized network in the hands of the world population created by the people, for the people. ‌‌

    ARCHEthic Official Links

    Website: https://archethic.net/

    Whitepaper: https://archethic.net/ARCHEthic_WhitePaper.pdf

    Twitter: https://twitter.com/archethic

    Telegram: https://t.me/ArchEthic_ENG

    Instagram: https://www.instagram.com/the_official_archethic/

    Discord: https://discord.com/invite/CJZJvVReBx

    GitHub: https://github.com/archethic-foundation

    YouTube: https://www.youtube.com/channel/UCmP7Sg_TdBfbO1_u4EyIKzg



    [ad_2]

    Source link

  • Cardano’s Alonzo hard fork was a success but real utility could be a while

    Cardano’s Alonzo hard fork was a success but real utility could be a while

    [ad_1]

    Cardano (ADA) reached a major milestone in its roadmap on Sep. 13 as its blockchain successfully launched Plutus-powered smart contracts as a part of the Alonzo hard fork. 

    The Alonzo hard fork has been highly anticipated in the Cardano community as well as the cryptocurrency sphere at large.

    The smart contract functionality is meant to allow Cardano to become a platform on which developers can build decentralized applications (DApps) and even mint nonfungible tokens (NFTs). This milestone has been hailed as the point in the development of the network where the “mission truly begins.”

    However, the news of the successful execution of this milestone didn’t prevent the network’s native token, Cardano (ADA), from falling into the wider slump that has gripped the crypto market since Bitcoin (BTC) flashed crashed below $43,000 on Sep. 7. In the aftermath of the Alonzo hard fork on Sep. 10, ADA dropped 10% to hit an intraday low of $2.3 while BTC and Ether (ETH) only fell 4% and 6.97%, respectively.

    Marie Tatibouet, the chief marketing officer of crypto exchange Gate.io, told Cointelegraph:

    “This changes everything for Cardano! For the longest time, Cardano was known as the smart contract platform without the smart contracts, but now the critics will have to change that narrative. With the advent of actual contracts, Cardano’s utility and usability goes through the roof.”

    Cardano developer activity amongst the highest

    According to a report by Outlier Ventures titled, “Blockchain Development Trends Q2 2020/21,” Cardano is one of the most actively developed blockchains out there, with the highest average monthly commits per month on Github code repositories at 701 commits per month (CPM). 

    The average CPM for all protocols considered in the report is 107 CPM. These “commits” essentially represent any additions or amendments made to the network’s source code on Github.

    In terms of these commits, Ethereum comes in second with 447 CPM, IOTA stands third with 394 CPM with Filecoin and Flow rounding up the top five with 368 CPM and 306 CPM, respectively. This shows that Cardano is 555% more active than Ethereum and 317% than the average of all the blockchain networks connected.

    In terms of the total number of developers building a particular blockchain network, Ethereum is still ranked at the top with 168 monthly active developers (MAD). Cardano follows closely in second place with 165 MAD, showing a higher year-over-year increase of 31.8%. The network already has the functionality that allows the creation of NFTs. According to data provided by Cardano to Cointelegraph, there have been 780,436 NFTs minted on the network.

    Such an active developer community is a testament to how fast the network is developing and adapting to the changing needs of the ecosystem. Cardano has a high developer count with the highest development activities amongst similar blockchain protocols thus improving the security and transparency of the network. The Alonzo hard fork bringing in the smart contract functionality will only push these trends to greater heights.

    Cardano DApps are still on the distant horizon

    Even though the Alonzo upgrade, a part of the Goguen phase of Cardano’s roadmap, allows developers to deploy Plutus-powered smart contracts on the network, the network hasn’t quite reached that stage. 

    Despite the belief in the market that over 2,000 smart contracts have been deployed on the network, according to data from Vercel app, a third-party data provider that uses data from adapools.org, there are only 26 Plutus-powered smart contracts that have been deployed at the time of writing.

    There is also a market-wide perception that these smart contracts are in timelock. But, a spokesperson from Cardano clarified to Cointelegraph that the network has had timelock scripts since the Allegra era of the project’s roadmap. These time-locked scripts are used for activities like aiding NFT minting by making NFTs run unique for-instance and multisig schemes. Smart contracts highly differ from these scripts and cannot be placed “in timelock.”

    Hunain Nasser, senior analyst at OKEx Insights — the research team at cryptocurrency exchange OKEx — told Cointelegraph:

    “Timelocks are used to protect users from changes made to contracts after they are created. Not all 2,300 or so scripts seen on the Cardano network are actual apps, most of them are minting policies for tokens and NFTs on the Cardano network, and they are time locked to prevent changes.”

    However, timelocks can be used once DApps are created and widely used. They can also be used to provide users alerts once any changes to a smart contract are triggered. This feature prevents the implementation of these changes instantly, giving users time to review them and act on them if necessary before they get implemented.

    It remains to be seen how fast real utility could come to the Cardano network in terms of DApps and other decentralized finance features. But it also could be a case of managing expectations. Johnny Lyu, CEO of crypto exchange KuCoin, told Cointelegraph that even though the Alonzo upgrade is a landmark event for Cardano, one shouldn’t expect lightning-fast achievements in a short period of time.

    “Users need to be patient, and developers need to move on and do a lot of work to prevent mistakes that can lead to hacks and loss of funds on smart contracts.” 

    An instance of smart contracts being fast-tracked into a network can be witnessed in the case of the Binance Smart Chain, the most recent one being the $12.7 million BTC hack from the pNetwork.

    Related: DeFi hacks on Binance Smart Chain rise as TVL and volumes increase

    “At the same time, I believe that after launch, it will take more than two years for DApps to be deployed and operate at full scale on Cardano, as it was with the Ethereum network, “ Lyu said, adding “I think everyone is ready to start now and offer some new products and applications to users, but it is necessary to make sure that they are safe.”

    Since Cardano is a blockchain project that has always focused on the fundamentals, one might assume that they will allow funds to flow through smart contracts only once they are deemed safe and secure. The Founder of Five Binaries, Marek Mahut, who ran the first smart contract on Cardano said that “Safety and scalability are major features for any developer. Cardano’s accounting technology, eUTXO, provides a novel approach, which makes writing secure smart contracts easier.”

    The Cardano Foundation is held the Cardano Summit 2021 on Sept. 25–26. IOHK, the blockchain research and development company that backs Cardano’s infrastructure, discussed the planned upgrades and improvements to the smart contract functionality at this summit. It remains to be seen when the deployment of actual DApps can be done on the network, but it’s not an instantaneous process.