Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-6-24
Good Afternoon Dinar Recaps,
IS THE XRP LEDGER SET FOR MAJOR UPGRADE? RIPPLE CEO BRAD GARLINGHOUSE DROPS NEW CLUES
▪️Ripple is upgrading the XRP Ledger (XRPL) with key advancements like the introduction of smart contracts and the Ethereum Virtual Machine (EVM) sidechain.
▪️Ripple CTO David Schwartz and XRPL Labs Director Wietse Wind have expressed differing views on adopting Layer 1 smart contracts.
Blockchain startup Ripple has recently undertaken the task of upgrading the XRP Ledger, the underlying blockchain technology that powers up Ripple’s global payments network.
Earlier this week, Ripple shared that it’s upgrading its XRP Ledger to enhance its functionality by focusing on key advancements such as smart contracts introduction to the XRPL mainnet and thus boosting programmability through the upcoming EVM Sidechain, per the CNF report.
Ripple CEO Brad Garlinhouse has expressed optimism about the future of the XRP Ledger, stating that “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”
The recent announcements regarding the smart contracts and the EVM sidechain for the XRP Ledger come over and above the Automated Market Maker (AMM) functionality announced earlier this year.
Ripple Chief Technology Officer (CTO) David Schwartz expressed his enthusiasm for the integration, which aims to strengthen XRPL’s role in the Decentralized Finance (DeFi) sector.
The introduction of Automated Market Makers (AMMs) will simplify token exchanges, improving transaction efficiency and enhancing the overall user experience.
These innovations will further boost XRPL’s appeal while attracting a wider user base and driving adoption and growth in the DeFi ecosystem as it continues to hit new milestones, per the CNF report.
The XRPL EVM Sidechain and XRPL Hooks
Revealed earlier this year in 2024, the EVM Sidechain will bridge the XRP Ledger along with the Ethereum Virtual Machine (EVM). This would further pave the way for developers to build decentralized applications (dApps) that leverage the strengths of both platforms.
The XRP EVM Sidechain brings forth a compelling proposition wherein developers familiar with the EVM ecosystem can deploy their existing dApps on the XRP Ledger which will benefit from faster transaction speeds and lower fees. On the other hand, the XRP Ledger developers will gain access to a vast library of existing dApps along with the broader developer community.
A key element in XRPL’s evolution is the introduction of Hooks, a foundational technology that will allow seamless integration of smart contracts into XRPL’s mainnet. Ripple said it will focus on making these smart contracts permissionless, enabling anyone to deploy them while ensuring they are accessible to developers of all skill levels.
Moreover, the platform will offer extensive customization options, allowing developers to tailor smart contracts to meet specific requirements.
XRPL Labs Director Wietse Wind expressed mixed emotions about the recent adoption of Layer 1 (L1) smart contracts following years of dedicated effort by XRPL Labs. Wind shares his disappointment in discovering Ripple’s change in stance through indirect sources rather than direct communication, per the CNF report.
This sentiment comes in contrast to earlier remarks by Ripple CTO David Schwartz at XRP Ledger Apex, where the mainnet was described as a “fixed function ledger” not designed for smart contracts.
@ Newshounds News™
Source: Crypto News Flash
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CARDANO INITIATES CONWAY ERA WITH SUCCESSFUL CHANG HARD FORK
▪️Cardano successfully implemented the Chang hard fork, initiating the Conway era.
▪️ADA holders voiced concerns about governance and reward system changes.
▪️Hoskinson clarified the new governance options for withdrawing staking rewards.
Cardano successfully implemented the Chang hard fork, initiating the Conway era. This step represents significant progress towards full decentralization. ]
This milestone included the implementation of the CIP-1694 governance model, allowing ADA holders to actively vote on network decisions. According to the network’s blog post, this significant milestone “realizes the vision of a fully autonomous and decentralized network.”
Changes in Governance and Reward System
However, following the Chang hard fork, ADA holders began to worry about changes in governance and reward systems. Cardano’s founder Charles Hoskinson responded to these growing concerns.
“To withdraw staking rewards from the network, a user must choose one of three options: not voting, abstaining, or delegating to a DRep.”
Linda, as a stake pool operator of MALU Pool, first voiced these concerns in an X post, stating: “After the next hard fork, you will likely need to delegate to a DRep to continue withdrawing your staking rewards. (This is not confirmed yet, but it seems very likely.)” This statement led to intense discussions within the Cardano community about how governance changes would affect staking rewards.
Hoskinson’s Explanations
In response to Linda, Hoskinson detailed that ADA holders must choose one of three options to withdraw staking rewards: “not voting, abstaining, or delegating to a DRep.”
Hoskinson suggested, “If a user only chooses delegation, wallets like Lace will automatically select abstaining to simplify the user experience.”
An X user asked if abstaining meant selecting the abstaining delegation option. Hoskinson clarified that abstaining is an active choice, noting that ADA holders had confused abstaining with doing nothing. However, Hoskinson stated, “It is an action, which is why I clarified my tweet.”
Concerns in the New Governance System
Following the implementation of the Chang hard fork, there are growing concerns about the new governance system, particularly the potential for misuse or mismanagement of the roles of DReps. A user expressed their concerns, saying: “I choose to abstain. I don’t want to see little girl and boy influencer DReps zeroing out the treasury in this experiment.”
“That’s why this option is there. You can even vote no confidence in the entire system.”
Hoskinson reassured the concerned community by emphasizing the flexibility brought by the new governance system. According to Hoskinson, the new governance system allows users to express their views.
Currently, ADA holders hold the key to the network. They can participate in voting or delegate their governance rights to DReps. Stake Pool Operators like Linda continue to participate in the governance process while maintaining the network’s infrastructure.
At the time of writing, ADA is trading at $0.3253, experiencing a 1.63% decrease in the last 24 hours.
@ Newshounds News™
Source: CoinTurk News
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BINANCE TO BECOME THE FIRST LEGAL CRYPTO EXCHANGE IN KAZAKHSTAN
Binance is just one step away from becoming the first fully regulated crypto exchange in kazakhstan. It has achieved a major milestone by securing formal consent from the Astana Financial Services Authority (AFSA).
This is a major development for the company and reflects its unwavering commitment to regulatory compliance and security in the crypto industry.
The Journey of Collaboration and Education
Binance did not get this achievement overnight. This is the culmination of a two year journey of collaboration and development. The company has been working closely with Kazakhstan’s government organizations to advance blockchain education and adoption.
Binance partnered with the Ministry of Digital Development, Innovations, Aerospace industry and the Ministry of Education.
This partnership resulted in launching a large-scale blockchain education initiative. The motive of this program is to educate 40 thousand people in Kazakhstan by 2026. This will solidify the country’s position as a leader in digital technologies.
Binance had made huge efforts for this partnership. In May 2022, the former CEO of Binance, Changpeng Zhao had a meeting with the president of Kazakhstan, Kassy-Jomart Tokayev. Their discussion regarding blockchain and crypto education became the foundation of Binance’s deep engagement in the country.
From Initial License to Fully Regulatory Consent
In October 2022, AFSA granted Binance a permanent license to operate a digital asset platform. It also allowed the exchange to provide custody services at Astana International Financial Center (AIFC). This was an initial license , a testament to Binance’s robust compliance and security controls.
This allowed the platform to offer exchange and conversion services, fiat currency deposits and withdrawals along with custody of crypto assets. In 2023, Binance launched its local digital asset platform. Government officials, representatives from the banking industry and many other prominent people joined the launch.
The Road Ahead : A fully Regulated Exchange
Binance is poised to significantly expand its operations in Kazakhstan with the recent consent from AFSA. Once the full license is won, the platform will be fully authorized to operate as a cryptocurrency trading facility. This will enable the company to better serve the local digital assets ecosystem and set a new standard of crypto trading in the country.
The Journey of Binance in Kazakhstan, from education initiative to regulatory achievements, underscores its commitment to foster innovation, trust and growth in this dynamic market.
@ Newshounds News™
Source: Coinpedia
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GLOBAL BANKING SHAKE UP BASEL 3 CODES | Youtube
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Source: Currency Facts
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ARGENTINA'S GOLD TRANSFER | Youtube
@ Newshounds News™
Source: Currency Facts
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