THORchain achieves mainnet status as ‘fully functional, feature-rich protocol’ Liam ‘Akiba’ Wright · 7 hours ago · 2 min read
THORchain achieves mainnet status after more than 6 months without bugs, loss of funds or network instability. The cross-chain Liquidity Network offers native swaps in BTC, ETH, DOGE and BNB
2 min read
Updated: June 21, 2022 at 9:55 pm
Cover art/illustration via CryptoSlate
The cross-chain liquidity protocol THORchain (RUNE) has finally achieved mainnet status after four years of development.
The network boasts of being “the first and still the only protocol to facilitate asset swaps between chains in a permissionless, trustless and non-custodial setting.” The THORchain team has announced,
“From its inception in 2018 until now, THORChain has primarily been a research project. Mainnet makes the change to a fully functional, feature-rich protocol with a large ecosystem and strong community.”
What does mainnet THORchain mean?
Speaking to the team, mainnet means more than 6 months “without bugs, loss of funds, or network instability.” Further, it is “just a goal” rather than a network upgrade. The mainnet launch symbolizes THORchain’s evolution into a “fully functional” network.
THORChain now facilitates “8 major ecosystems: BTC, ETH, BNB, DOGE, LTC, BCH, ATOM, and RUNE.” Support for AVAX is also promised to be on the horizon. The features offered by THORchain are undoubtedly impressive;
- Access the network via Web, Mobile or Desktop. See full details here.
- Wallets, DEXs, and Aggregators can integrate THORChain to offer users native cross-chain swaps
- Swap between hard layer 1 assets including Bitcoin and Ether
- Park your unproductive assets to earn yield
Regarding the launch, CryptoSlate recently spoke to THORchainMaximalist, a network validator, who told us, “I think dexes will replace CEXES. And the CEX category is worth 100+ billion even in a bear market… Less so on Layer 0/stargate/wormhole, these are nightmares rug in the making security-wise.” THORchainMaximalist continued,
“I’m bullish on THORchain because it’s the decentralized multi chain custodian / dex / financial services network. Everything else has liabilities and single points of failures right now. On the decentralization spectrum [THORchain] is far ahead of everything else so far, I’m also invested across the space in other competing projects.”
Hurdles to climb and complexity risks
The validator did note a word of caution, stating that THORchain may struggle to build momentum due to the competition’s size, but this seems to be stopping the core team from developing new features. For those interested in a full breakdown of the abilities of THORchain, THORchainMaximalist has a series of threads available on their Linktree. Amid THORchainMaximalist’s concerns, a post from THORchain — obtained by CryptoSlate early — reads.
“Do not be alarmed if trading or LP actions are paused unexpectedly.
THORChain will never compromise on security, stability, and decentralisation. These are the most necessary requirements to deliver on the whitepaper – To make it possible to trade digital assets without a central organizing company at fair market prices in a way that is resistant to attack.”
Any security risks come from the fact that “ the complexity of the project is nearly unparalleled,” according to the THORchain team. With native coins, cross-chain swapping, and no need for wrapped tokens, it is hard to argue that THORchain is exceptionally complex.
An interview with Tyler, Head of Communications at Nine Realms, a team-building with THORchain, is coming up soon on CryptoSlate, so watch out for a deep dive into what makes THORchain different from other DEXs.
Posted In: Adoption, DEX, Web3
Bentley Motors gears up to drop its Genesis NFT collection on Polygon
Bentley Motors gears up to drop its Genesis NFT collection on Polygon Jinia Shawdagor · 2 hours ago · 1 min read
Bentley believes NFTs can help transform the luxury automotive space just like they disrupted the art industry.
Cover art/illustration via CryptoSlate
British luxury car manufacturer Bentley Motors Limited is dipping its toes into the Web3 ecosystem with the launch of a non-fungible token (NFT) collection on Ethereum scaling platform Polygon, the company announced today.
Today we announce our first venture into the NFT marketplace with a one-time NFT drop on the carbon-neutral @0xPolygon network, scheduled for September 2022 and limited to just 208 pieces. Discover more: https://t.co/hWnrz69L4g pic.twitter.com/ppSqq5MRAS
— Bentley Motors (@BentleyMotors) June 22, 2022
According to the announcement, the one-time NFT collection is set to drop in September 2022 and will feature 208 pieces only. The number of NFTs is symbolic in that it represents the highest speed of Bentley’s fastest Grand Tourer – the Continental GT Speed. 208 also represents the total number of the 1952 R-Type Continental.
Building a greener future
Bentley Design will be in charge of creating the NFT collection. Collectors that purchase the NFTs will get unique access and rewards from Bentley. The car manufacturer did not disclose the NFTs’ price tag.
However, Bentley promised to direct the sale’s proceeds towards supporting students interested in engineering, design, and manufacturing. Additionally, the company plans to use the funds to support organizations that push for sustainability, especially in the transportation industry.
The car manufacturer chose to drop its NFT collection on Polygon because the network is carbon neutral. Per the announcement, the Bentley NFTs will be eco-friendly, helping the company build on its commitment to achieving end-to-end carbon neutrality by 2030.
NFTs continue catching on among vehicle manufacturers
Through today’s announcement, Bentley has become the second automobile company to enter the NFT market. Hyundai came first after collaborating with NFT project Meta Kongz in April. This partnership is part of Hyundai’s Metamobility, the company’s concept of the metaverse.
Hyundai and Meta Kongz marked the partnership by launching 30 limited edition Hyundai x Meta Kongz NFTs.
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K. Abdulrasaq Ariwoola · 7 hours ago · 2 min read
The Conservative MP Matt Hancock stated that the UK needs to be more liberal in its approach to crypto regulation. Looking to “Regulate for growth,”.
Cover art/illustration via CryptoSlate
Conservative MP and crypto advocate Matt Hancock in a keynote speech delivered at Crypto A.M.’s 4th anniversary on June 22 called for a crypto-friendly tax and regulatory regime. Despite the extreme downturn in the market, the MP argued that the UK should be liberal in its approach to crypto regulation.
He stated that the UK needs to introduce an “attractive” tax system and regulatory regime to become a “jurisdiction of choice for crypto.” The tax and regulatory regime, he said, needed to be dealt with quickly.
He argued that a stable and attractive tax regime gives space for growth rather than stifling it. Also, he stated that achieving this requires a proactive attitude and “that a smaller part of something is worth more than a larger share of nothing.”
The conservative MP further urged that the UK should not walk around crypto on eggshells. Rather than be concerned about failure, “regulate for growth, for high-quality,” he said.
Crypto Matt Hancock
The former health secretary is a long-term advocate of crypto adoption in the UK and has continued to be despite the extreme market downturn.
Speaking on the recent crypto crash, he said:
“The underlying technology is so powerful. Just because the Dotcom bubble crashed in 2001, we didn’t discredit the internet as a technology.”
He compared the restricted adoption of crypto to the struggles of the internet in the 1990s. He stated that crypto would need to break similar barriers and prejudice.
The MP has also canvassed for the adoption of crypto as an enabler of growth. Stating “Britain succeeds when it embraces new technology,”. Cryptocurrency could “make financial systems more transparent and reduce crime.”
However, the MP publicly mentioned that he does not hold any crypto-asset because “he wants to be able to talk freely about it.”
Likewise, Rishi Sunak, the chancellor of the exchequer in April outlined a plan to make the UK “a global cryptoasset hub.” The plan also included legislating on the use of stablecoins and for the Royal Mint to create an NFT.
Continued crypto restriction in the UK
The FCA on the other hand has doubled down on its effort to regulate crypto use in the UK. The regular has repeatedly warned against the risk of crypto investments, especially as the market has declined this year.
However, the FCA held its first CryptoSprint in May which many termed as the regulator exploring the crypto ecosystem. In a statement released on its website, it stated that the CryptoSprint explored issues facing the crypto world and how the FCA can support and balance innovation with standards that protect consumers.”
Also, the U.K. recently made a turnaround on its proposed KYC rule for users transacting with unhosted or private wallets.
However, Matt Hancock is as critical of the restricted regulations as he is a cryptocurrency advocate. Mentioning “I hate the patronising idea of regulators telling people what they can and can’t do with their money,”.
On that note, he also remarked his opinions on the role of a regulator:
“The job of the regulators is to make sure there is high-quality information and that the market functions effectively. What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing,”
Ripple opened a crypto hub in Toronto, Canada, with intentions to employ 50 programmers
Ripple opened a crypto hub in Toronto, Canada, with intentions to employ 50 programmers Anthony Clarke · 10 hours ago · 2 min read
Ripple has built a new office in Toronto, Canada, that will act as an engineering hub to drive crypto innovation. This new location is part of the company’s global expansion.
Cover art/illustration via CryptoSlate
Ripple Labs have opened a new office in Toronto, Canada with the intention of creating an engineering hub to drive crypto innovation by recruiting top engineering talent in the area. This will be Ripple’s first office in Canada as they continue to expand across North America.
The company behind the XRP (XRP) cryptocurrency made this announcement on Wednesday. According to the announcement, Ripple initially plans to hire 50 engineers with the aim of expanding its office to include hundreds of blockchain engineers, from data scientists and machine learning scientists to product managers.
“Crypto and blockchain present an incredible opportunity for engineers to tackle difficult problems, with the potential for these solutions to impact the movement of value around the world,” says Brad Garlinghouse, CEO of Ripple.
As blockchain technology becomes more mainstream, Ripple plans to take advantage of this by hiring top tech talent and expanding its presence across the globe. CEO Brad Garlinghouse continued to say:
“Nearly every financial institution is coming up with its crypto strategy to take advantage of this technology that will underpin our future global financial systems. Crypto is one of the most thrilling industries to work in, so it’s no surprise that talent is leaving tech incumbents and traditional finance to enter this space. We are continuing to scale and invest in our business by expanding our presence globally with our first office in Toronto.”
Ripple already has a University Blockchain Research Initiative (UBRI) in the region and they’re working with universities and colleges such as the University of Waterloo and Toronto Metropolitan University.
Ripple plans to expand across the globe and has already launched offices in Miami Florida, and Dublin, Ireland last year. Earlier this year, Ripple and FTX were on the lookout for acquisitions to drive their growth. The firm also announced an NFT incubation program in March.
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