Connext, a level-2 interoperability protocol for Ethereum, today announced that it has formed a new partnership with Nomad, an interoperability protocol without header verification, to accelerate the adoption of trustless, fully generalized cross-chain communication.
This partnership enables the world’s first modular interoperability stack that provides users a fast, cheap, and trust-minimized way to bridge assets between chains.
Overview of Nomad
Nomad is an implementation and extension of the Optics protocol short for “OPTimistic Interchain Communication.” It is a new design for cheap, fully generalized cross-chain communication that can easily be deployed to any chain or L2 that supports user-defined computations.
As part of its protocol. Nomad utilizes an optimistic pattern. Messages that pass through Nomad have a latency of 35–60 minutes, within which fraud can be proven if message relayers are dishonest.
Particularly, Nomad is an ideal protocol for more generalized cross-chain operations that are typically performed by DAOs or other organizations, rather than end-users. For example, Nomad allows for migrating USDC from Ethereum L1 to other chains with lower trust assumptions than other bridges.
Some of the inherent problems with building cross-chain communication systems include:
Trust-minimized: Do not involve trusted 3rd parties.Extensible: Can be quickly and easily deployed to new rollups/chains.Generalizable: Support sending arbitrary data across chains.
“Similar to the Scalability Trilemma, the Connext team proposed that it could solve this trilemma through a modular architecture where different communication protocols are layered on top of one another. Our work with Nomad is the first live example of the modular interoperability thesis in action!”
– The Connext Team
Connext + Nomad
Connext’s protocol enables trustlessly sending value and calling contracts across blockchains and L2s. However, unlike Nomad, Connext does not allow for fully generalized communication but it does have much lower latency.
Additionally, Connext doesn’t mint tokens on a destination chain — rather, it relies on liquidity minted by other bridging systems like Nomad, thus absorbing their trust/risk assumptions.
The synergies between Connext and Nomad run deep. By using madTokens (as opposed to assets created by Multichain, Celer, or other trusted systems), Connext significantly reduces the trust/risk requirements for its users on any given chain.
At the same time, Connext provides a way for Nomad users to have “fast liquidity” on a given chain, leveraging Connext’s low latency liquidity pools to allow end-users to do transfers in minutes rather than with a latency over 30 minutes.
lready Live on Moonbeam
Users bridging via the Nomad app will be dynamically routed to Connext or Nomad depending on available liquidity and the size of the user’s transfer.
Nomad is a new design for cheaper cross-chain communication without header verification
Further, Connext reports that whales and institutions will take the longer 35m Nomad bridging time, while end-users quickly trying to use Moonbeam apps will be routed via Connext. As liquidity on Connext grows, the use of Nomad can shift towards institutional capital and rebalancing Connext liquidity pools.
“The Connext ecosystem is already working on integrating Nomad into interfaces like xPollinate. We also plan to heavily advocate for and support Nomad’s growth as it rolls out to other chains and L2s. Longer term, our goal is to work closely with the Nomad team on shared offchain infrastructure and a combined onchain interface for developers. This would mean that, in a single integration, apps can leverage fast, limited Connext-style or slower, general Nomad-style communication depending a project’s context-specific needs.”
– The Connext Team
The post L2 protocols Connext and Nomad introduce new modular blockchain interoperability stack appeared first on CryptoNinjas.
Title: L2 protocols Connext and Nomad introduce new modular blockchain interoperability stack
Sourced From: www.cryptoninjas.net/2022/01/24/l2-protocols-connext-and-nomad-introduce-new-modular-blockchain-interoperability-stack/
Published Date: Mon, 24 Jan 2022 17:18:25 +0000
LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Bitso, a leading cryptocurrency platform operating in Latin America, and the Mexican Football Federation (FMF), today announced the joint launch of the first collectible NFT of the Mexico National Team’s jerseys that was acquired in cryptocurrencies.
This morning through their social media platforms, the FMF and Bitso announced the opportunity to acquire the new official National Team fan jerseys ahead of the team’s participation in the 2022 World Cup. In just 20 minutes, the entire collection sold out.
The NFTs of the jerseys have an exclusive design for the metaverse – each is unique on the blockchain and can be resold by its owner in subsequent transactions.
The collection consisted of 100 official physical jerseys, each with a corresponding NFT version of the jersey that fans’ avatars can wear within the Decentraland metaverse. Each physical and NFT jersey set sold for the equivalent of $1,800 MXN in ethers.
“Our mission is to make cryptocurrency useful in the everyday life of Mexicans; we are committed to spreading the technology through innovative opportunities that help people throughout the country familiarize themselves with this new world. We are very excited to offer the incredible, historic opportunity for the fans of our National Team so that through their Bitso account, they can wear the colors of the National Team on and ‘off’ the field in the metaverse.”
– Bárbara González Briseño, General Director of Bitso México
Created by Bitso, the virtual jersey sports the official colors of Mexico and the new National Team shield, characteristics that will make it stand out when users wear it in the virtual world of Decentraland.
The post LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys appeared first on CryptoNinjas.
Title: LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Sourced From: www.cryptoninjas.net/2022/07/29/latam-crypto-exchange-bitso-and-fmf-launch-nft-of-mexicos-national-team-jerseys/
Published Date: Fri, 29 Jul 2022 15:19:02 +0000
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Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
EXMO, a crypto exchange platform operating since 2014, announced this week a rebranded visual identity with includes a new logo, brand colors, and design features. This new branding comes as EXMO continues to grow its crypto platform while also seeking to expand its presence in other jurisdictions.
Some new developments underway at EXMO:
Soon, users will be able to earn passive income from EXMO’s new staking platform.Plans to launch an EXMO crypto debit card.Expansion of its services in international markets with the opening of offices in Poland and Lithuania.
EXMO’s new logo
The rationale for the re-brand:
“At EXMO, we have a vision of a world where crypto is in every wallet. Hassle-free. We want to achieve this by making crypto as simple and accessible to everyone as possible. And we know that you already appreciate EXMO for offering user-friendly services and helpful support. Also for the opportunity to trade anywhere and anytime, closing deals in just a few taps. Such important changes required a rethinking of our corporate style, which has long needed a massive upgrade. So today we are introducing a new brand identity for EXMO with a completely new visual concept. We are launching a new logo, brand colors, and design elements. Our key design principles are simplicity, boldness, and a pinch of fun. But most importantly, we have changed our logo. Simple and easily recognizable, it represents the humanity of our brand. The logo stands out due to the wavy letter ‘m’ which symbolizes exchange rate charts and also resembles a spring that will launch you into the crypto world.”
– The EXMO Team regarding the re-branding
The post Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth appeared first on CryptoNinjas.
Title: Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
Sourced From: www.cryptoninjas.net/2022/07/26/long-running-crypto-exchange-exmo-unveils-lively-rebrand-amidst-growth/
Published Date: Tue, 26 Jul 2022 08:10:38 +0000
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Stitching together the grid will save lives as extreme weather worsens
The blistering heat waves that set temperature records across much of the US in recent days have strained electricity systems, threatening to knock out power in vulnerable regions of the country.
The electricity has largely stayed online so far this summer, but there have been scattered problems and close calls already.
Heavy use of energy-sucking air-conditioners is the biggest problem. But intense heat can also reduce the output of power plants, blow transformers, and force power lines to sag. Severe droughts across large parts of the country have also significantly reduced the availability of hydroelectric power, according to the North American Electric Reliability Corporation (NERC).
It’s unlikely to get better soon. A number of grid operators may struggle to meet peak summer demand, creating the risk of rolling blackouts, the NERC report notes.
The nation’s isolated and antiquated grids are in desperate need of upgrades to keep the lights, heat, and air-conditioning on in the midst of extreme weather events that climate change is making more common, severe, and dangerous. One clear way to ease many of these issues is to more tightly integrate the country’s regional grids, stitching them together with more long-range transmission lines.
If electricity generated in one area can be more easily shared across much wider regions, power can simply flow to where it’s needed at those moments when customers crank up air-conditioners en masse, or when power plants or fuel supply lines fail amid soaring temperatures, wildfires, hurricanes, or other events, says Liza Reed, a research manager focused on transmission at the Niskanen Center, a Washington, DC, think tank.
The problem is it’s proved difficult to build more long-range transmission and grid interconnections for a variety of reasons, including the permitting challenges of erecting wires through private and public lands across cities, counties, and states and the reluctance of local authorities to forfeit control or submit to greater federal oversight.
The case of Texas
The unreliability of the US grid is not a new problem. Severe heat and winter storms have repeatedly exposed the frailty of electricity systems in recent years, leaving thousands to millions of people without power as temperatures spiked or plunged.
One of the fundamental challenges is that the grids today are highly fragmented. There are three main electricity networks within the US: the Eastern Grid, the Western Grid, and the Electric Reliability Council of Texas (ERCOT). But there are numerous regional transmission organizations within those first two systems, including the California Independent System Operator, Southwest Power Pool, PJM Interconnection, New York ISO, and more.
These grids form a complex web of networks operating under different regulators, rules and market structures, and often with limited connections between them.
A variety of regional transmission organizations oversee different parts of the nation’s aging and fragmented grids, which operate under different rules and with often limited connections between them.
ERCOT is especially isolated, in part because of the desire among local politicians, citizens, and power companies to avoid added competition, the hassle of following other states’ rules, and oversight from the Federal Energy Regulatory Commission (FERC). But the state offers a case study in why that can be a serious problem amid increasingly harsh climate conditions, Reed says.
The Texas grid operator pleaded with customers several times earlier this month to cut electricity use as blistering summer temperatures created demand surges that threatened to outstrip supply and require rolling blackouts. Low wind conditions, cloud cover, and outages at fossil-fuel power plants added to the strains.
Shutting off the electricity needed to run air-conditioning in triple-digit temperatures
By: James Temple
Title: Stitching together the grid will save lives as extreme weather worsens
Sourced From: www.technologyreview.com/2022/07/28/1056483/stitching-together-the-grid-will-save-lives-as-extreme-weather-worsens/
Published Date: Thu, 28 Jul 2022 08:00:00 +0000
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