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Polygon asks the European Parliament to change the law on liability for smart contracts

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Polygon Labs

Polygon Labs has released an open letter to the European Parliament (EP), calling for amendments to the Markets in Crypto-assets (MiCA) bill, which is due to be voted on next week.

The MiCA bill sets out the rules under which the EU cryptocurrency market will have to operate. The company is asking for an amendment to Article 30 of the Data Act to exclude decentralized technology and its creators from regulation.

However, Polygon points out that developers should not bear any responsibility for systems that can only use their code. There have been such precedents before – such as the arrest of the developer of Tornado Cash.

The company also suggests narrowing the definition of data. According to Polygon, smart contracts operate entirely without permission, so no one can be held liable for possible data misuse.

What Article 30 says

Article 30 contains provisions about the requirements for smart contracts. The law states that developers of smart contracts must make sure that it are securely accessible. So, you have to make sure that it’s designed in a way that creates strict access control mechanisms and a very high degree of reliability.

Also, developers need to have a mechanism to stop ongoing transactions. This is about allowing the party offering the smart contracts to reset or complete the transaction. However, it still needs to be assessed under what conditions it is permissible to stop or abort a transaction.

Regulation of the crypto market in the EU

Last summer, the European Union agreed for the first time on requirements for regulating the cryptocurrency market as part of the first package of the MiCA directive. Under the bill, which is due to come into force by 2024, stablecoin issuers must open representative offices in the EU and have a “sufficiently liquid reserve.”

Also, with the adoption of MiCA, the European Securities and Markets Authority will have the right to shut down or restrict cryptocurrency companies. This could happen if market integrity or financial stability is threatened.

The regulation will also affect the circulation of cryptocurrencies. Once the new regulations come into force, crypto exchanges will have to transmit information about transfers to private wallets if the amount of transferred cryptocurrency is more than €1,000.

Earlier, we reported that Ripple has launched a liquidity hub for businesses.

Cryptocurrency

Bitcoin Price to Soar as Japan’s Economy Worsens: BitMEX’s Arthur Hayes

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The weakening Japanese yen could potentially lead to actions that drive up the price of bitcoin and other cryptocurrencies, according to former BitMEX CEO Arthur Hayes.

His central argument revolves around the fact the Japanese yen has been rapidly weakening against the US dollar due to the large interest rate differential between the two currencies. This hurts Japan’s export competitiveness against China.

China may threaten to devalue the yuan if Japan doesn’t strengthen the yen, as a weaker yen makes Japanese exports more competitive against Chinese exports.

To avoid a yuan devaluation that would hurt US manufacturing, the US could pressure Japan to strengthen the yen by having the Federal Reserve engage in unlimited dollar-yen currency swaps with the Bank of Japan, Hayes explained in his latest blog post.

These massive Fed dollar swaps would increase the supply of dollars globally, thereby weakening the dollar but allowing China to stimulate its economy without devaluing the yuan.

As such, the weakening greenback would drive up the prices of dollar-denominated assets like US stocks and cryptocurrencies like BTC.

Hayes further went on to argue that this “easy button” solution of currency swaps avoids more painful actions like the Bank of Japan raising rates or the Fed enacting yield curve control overtly.

He also sees the weakening yen pressures coming to a head around the US election, motivating policymakers to act. Such a situation would potentially be very bullish for bitcoin as a hedge against the rising global liquidity.

The primary cryptocurrency has been on a roll this year, mostly driven by ETF hype and demand. It shot up to $72,000 yesterday amid hopes about the US SEC approving Ethereum ETFs.

However, numerous experts suggested that the real rally will start once global superpowers like the US start reducing the interest rates.

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Common AMM launches on Aleph Zero: The First Step Towards Releasing the Ultimate ZK DeFi Suite

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[PRESS RELEASE – Zug, Switzerland, May 21st, 2024]

Cardinal Cryptography, core developer of the zero-knowledge, privacy-focused blockchain Aleph Zero, announced today the launch of Common Automated Market Maker (AMM), the first mainnet release of a novel DeFi platform, Common. Positioned as a decentralized exchange (DEX), Common’s Automated Market Maker (AMM) delivers a user-friendly trading experience, complete with the built-in bridge between Aleph Zero and Ethereum, MOST, and the initial rollout of the platform’s broader capabilities.

Introducing Common AMM and Bridging on Aleph Zero

With the Common AMM rollout, Common takes the first step on a journey to becoming a multi-chain DeFi suite designed to optimize the trading experience by addressing trading efficiency, enhancing on-chain confidentiality, and boosting liquidity–all while ensuring users retain full custody over their assets. Rooted in research developed by Cardinal Cryptography and Nethermind, Common will transcend traditional trading platforms by integrating a comprehensive all-in-one app experience. This will include a built-in wallet, seamless on- and off-ramps, and IBAN account integrations, setting a new standard in user convenience and financial integration.

Launched on Aleph Zero, Common AMM embodies the network’s commitment to on-chain privacy, robust security, and high performance within a user-friendly framework.

Key Features of Common AMM Now Live:

  • Liquidity Pools and Farming: Allows users to provide liquidity and to potentially earn through farming, starting May 21st.
  • Bridging: Common AMM includes a built-in bridge between Aleph Zero and Ethereum called MOST, which allows users to seamlessly move assets between the different networks.
  • Swapping Mechanism: Enables straightforward token exchanges, to be enabled on May 23rd, after a liquidity building period.

Looking forward, Common is set to expand into a full-scale DeFi suite, as detailed in the Common Whitepaper. Future upgrades will include a privacy-enhanced order book, comprehensive solutions for institutional trading, as well as support for EVM-based blockchains. These features are built on Aleph Zero’s commitment to data confidentiality and regulatory compliance, addressing the needs of an evolving DeFi environment.

Common Drops: A New Reward Initiative

Concurrent with the launch, the Common Drops campaign will reward the community’s engagement. These tokens, initially non-transferable, will later be redeemed for CMN, the platform’s native token, after it goes live. Users can participate in Drops by staking AZERO and providing liquidity in Common AMM.

For more information, users can refer to the latest blog post.

Navigating Regulatory Challenges with Privacy-Focused Solutions

As regulatory landscapes evolve, Common offers a robust platform that aims to seamlessly blend stringent compliance with financial privacy.

Uses can experience seamless trading on Common AMM today and follow the development of the Common platform as it evolves to become the ultimate privacy DeFi suite.

For more information about Common, users can visit https://common.fi/ and read the Common Whitepaper. Users can already try the app on the Aleph Zero Mainnet.

About Aleph Zero

Aleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via Zero Knowledge Proofs. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.

For more information, users can visit https://alephzero.org/

For media inquiry

Josh Adams, josh@serotonin.co

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Axelar Adds Interoperability to Rollkit, Delivering Interconnectivity for Thousands of Blockchains Built With Celestia Underneath

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[PRESS RELEASE – New York, USA, May 21st, 2024]

Axelar Interchain Amplifier’s Integration With Rollkit Streamlines the Creation of Interoperable Rollups, Making it as Simple as Developing any Smart Contract

The Axelar Foundation today announced an integration with Celestia Labs that will make multichain interoperability easy for sovereign blockchains built with Celestia’s Rollkit, the first sovereign rollup framework. This integration will advance the modular thesis, simplifying multichain development for thousands of new blockchains.

Celestia is the first modular blockchain network, envisioning a future with 1 million rollups. Scaling Web3 to this level with great user experience requires smart-contract capability at the cross-chain layer. Integration of Rollkit and Axelar Interchain Amplifier puts this capability into builders’ hands by introducing new interoperability toolkits that easily connect any new rollup across EVM, Cosmos, Bitcoin, Polkadot and beyond, via Axelar’s growing network of connected chains.

Making rollups interoperable across the wider web3 ecosystem

“Opportunities are emerging rapidly in new ecosystems – we’re not far from a future where one in four transactions will be cross-chain,” said Axelar Foundation co-founder and director Georgios Vlachos. “Celestia has laid out the modular vision for accelerating this path to scaling Web3. Axelar Interchain Amplifier will empower applications to make those transactions seamless for their users, no matter what blockchain they build on.”

Rollkit is the modular framework for creating rollups as sovereign chains. Serving as a community-led public good that empowers developers to forge independent communities around diverse applications, Rollkit provides the flexibility to deploy across a modular stack, facilitating rapid innovation.

Axelar network, the Web3 interoperability platform, is set to enhance Rollkit via the integration of Interchain Amplifier. Built on the Axelar Virtual Machine, Amplifier ​​makes new-chain integrations permissionless and easy, automating routing and translation across Axelar’s expansive network, which today numbers 60+ interconnected chains.

Interop Labs, the initial developer of Axelar network, will build the necessary smart contracts and tooling to effect the integration of Interchain Amplifier as a seamless interoperability path for builders developing on Rollkit. Any mainnet upgrades to Axelar network are subject to an on-chain vote, as are future new-chain connections that may be added via Rollkit, once the integration of Amplifier into Rollkit is complete.

About Axelar network

Axelar is the Web3 interoperability platform, delivering the shortest path to scale on an open stack to connect all blockchains. Adopters include Uniswap, Microsoft and dozens of natively multichain startups, building applications to reach all blockchain users at once – 10X as many active users as the leading Web3 application environment. Axelar supports smart contracts on a cross-chain layer that is open, scalable and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain.

Users can learn more here :axelar.network.

About Axelar Foundation

Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar network, a decentralized interoperability platform that serves multiple blockchain ecosystems. Users can learn more at axelar.foundation.

About Celestia

Celestia is a modular data availability network that makes it easy for anyone to securely launch their own blockchain.

About Rollkit

Rollkit is the first sovereign rollup framework that makes deploying any VM or application as its own sovereign chain as easy as rollkit start, reducing the time to launch a sovereign chain from what used to be months to seconds.

About Interop Labs

Interop Labs is a leading developer of blockchain interoperability technology, used by Web3 infrastructure protocols to support scaling the next generation of internet applications to billions of users. Interop Labs is the initial developer of Axelar network. Users can learn more at interoplabs.io.

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