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0x launches DEX liquidity API on Polygon

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0x has released a Polygon version API for its decentralized exchange (DEX) liquidity aggregator, opening up the 0x API tool to the expanding Polygon market.

The DEX liquidity bridge service announced the move via a release issued on Monday, marking another milestone for the burgeoning decentralized finance (DeFi) scene on Polygon.

According to the announcement, the 0x API on Polygon features major Ethereum-based DEX liquidity channels like SushiSwap, Dfyn and Curve, as well as Dodo, mStable, QuickSwap and Cometh.

Detailing the ease of using the 0x API on Polygon, the announcement reads:

“Developers are able to access the open source 0x API and accompanying documentation to start building on Polygon instantly. The API has been designed to make it easy for DeFi devs to tap into DEX liquidity in a fast, reliable, and easy to use way.”

0x reportedly plans to expand its DEX liquidity aggregation capability with the team promising access to its open book orders and request for quote (RFQ) system in the next 0x API iteration scheduled for release in June.

As part of the announcement, the 0x team stated that its API service had facilitated $26 billion in trading volume from over 1 million trades carried out by about 250,000 unique entities. This $26 billion in activity has been across both the Ethereum and Binance Smart Chain networks, which are currently the two most active DeFi markets.

According to the 0x team, Polygon attracting major DeFi protocols like Aave, Curve and Augur is proof of the platform’s vibrant DeFi scene. As previously reported by Cointelegraph, Polygon recently debuted an SDK framework for building Ethereum-compatible chains.

Interblockchain liquidity protocol Ren is also interfacing with Polygon. Earlier in May, Ren announced a new bridge to port Ren-based wrapped tokens — ERC-20 representations of “coins” like Bitcoin (BTC), Dogecoin (DOGE) and Zcash (ZEC), among others — to the Polygon network.

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Source: https://cointelegraph.com/news/0x-launches-dex-liquidity-api-on-polygon

Blockchain

Jack Dorsey’s TBD Presents Whitepaper For Decentralized Bitcoin Exchange

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The first product of the Bitcoin-focused TBD will be tbDEX. A decentralized exchange that they deem “A Liquidity Protocol” in the recently released whitepaper. The Bitcoin network is permissionless, anyone with an Internet connection can jump in at any time. However, the Fiat world we live in is not. The banking system has endless requirements for participation, and those leave a high percentage of the population bankless and vulnerable. “We believe that the economy should be inclusive. We need to build on-ramps to this future where everyone can access and participate in the economy,” says TBD in the post that announces tbDEX.

Related Reading | Jack Dorsey: Square Could Build Bitcoin Mining System

A subsidiary of Jack Dorsey’s Square, they created TBD “with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services” for Bitcoin. And now, they have a plan. 

What Is TBD ‘s Value Proposition?

The tbDEX aims “to build bridges between the fiat and cryptocurrency worlds,” that much is clear. We still live in a Fiat world and, if Bitcoin is going to succeed, we need new, simpler, and cheaper ways to interact with said world. “There are serious challenges to realizing this vision. Fiat rails are regulated, and no interface with either the traditional monetary system or “real world” can be completely trustless.” 

So, what solution does TBD proposes? The tbDEX will allow participants to interact and transact with each other like Bisq and similar projects. However, TBD will also let users “mutually and voluntarily rely on trusted third-parties to vouch for the counterparty.” In the whitepaper itself, TBD contemplates that Participating Financial Institutions or PFIs will be part of the network. 

“PFIs can be, but are not limited to, fintech companies, regional banks, large institutional banks, or other financial institutions; PFIs have access to fiat payment systems and the ability to facilitate fiat payments in exchange for tokenized cryptocurrency assets or vice versa.”

The tbDEX will provide financial institutions with tools for KYC and AML procedures:

“The protocol will also carry the required regulatory-clearing information required by PFIs to conduct their AML and KYC checks before they provision liquidity to the wallet owner. However, the necessary information may vary based on the jurisdiction.”

Wait a minute… a decentralized exchange that requires KYC? What would be the point of that? Well, the protocol doesn’t require KYC procedures, but some institutions might. The good news is, participants don’t have to deal with those institutions if they don’t want to. They can just interact with each other and establish trust in other ways. 

BTCUSD price chart for 11/20/2021 - TradingView

BTC price chart for 11/20/2021 on FX | Source: BTC/USD on TradingView.com

The Cost Of Anonymity

This is where it gets interesting. According to the whitepaper:

“The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world.”

It’s important to notice that “the protocol itself neither collects nor records any personally identifiable information.” However, if a participant wants anonymity it’s his or her responsibility to optimize for it. Once again, the whitepaper: 

“Our goal is not to maintain anonymity of transactions at all costs. Nor is it to undermine an individual’s ability to optimize for anonymity. Nothing in principle precludes anonymous transactions for financial privacy on the tbDEX network. A PFI could, in principle, require no VCs, but such transactions would represent a high degree of risk to the counterparties.” 

To assume that risk costs money. It’s as simple as that. The announcement post puts it nicely.

“Transaction costs are ultimately driven by risk. At maximum anonymity, transaction costs will necessarily be higher; at maximum disclosure, they should be lower. This approach to price discovery allows the marketplace to find the right balance.”  

Related Reading | Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything”

If You Have A Suggestion, Send It To TBD

The whitepaper is a rough outline of that tbDEX will eventually be.

“This initial draft of the whitepaper is meant to establish a conceptual understanding of the high-level design of the proposed tbDEX protocol. It should not be considered complete or final. It represents a proposed design for public comment.”

If you have any suggestions, contact TBD via Twitter or send them a pull request on GitHub.

Featured Image: tbDEX diagram from the whitepaper | Charts by TradingView

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Source: https://www.newsbtc.com/news/bitcoin/jack-dorseys-tbd-presents-whitepaper-for-decentralized-bitcoin-exchange/

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Highly Anticipated Bitcoin Upgrade Taproot Activates — Taproot Script-Spends Seen in the Wild

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Bitcoin advocates are celebrating the successful implementation of the Taproot upgrade after block height 709,632. The upgrade was highly anticipated as it was one of the biggest changes since the introduction of Segregated Witness (Segwit) in 2017. After the upgrade was completed, the Bitcoin community discussed the slew of benefits Taproot and Schnorr signatures have to offer and have started measuring Taproot usage as well.

Taproot Has Been Activated on the Bitcoin Blockchain

At 12:15 a.m. (EST) at block height 709,632, at difficulty period 352, Taproot was officially activated on the Bitcoin (BTC) blockchain. The upgrade was long-awaited as it’s an improvement that’s taken seven years to complete.

Taproot allows users to operate Bitcoin scripts in a myriad of ways in order to improve privacy, scalability, and security. Combining Taproot with an improvement called Schnorr signatures allows for more compact transactions and key aggregation, which provides a multi-faceted array of multi-signature transaction schemes. Schnorr offers three major benefits according to the codebase introduction on Github:

  • Provable security: Schnorr signatures are provably secure. In more detail, they are strongly unforgeable under chosen message attack (SUF-CMA).
  • Non-malleability: The SUF-CMA security of Schnorr signatures implies that they are non-malleable. On the other hand, ECDSA signatures are inherently malleable.
  • Linearity: Schnorr signatures provide a simple and efficient method that enables multiple collaborating parties to produce a signature that is valid for the sum of their public keys.

The collaboration technique or key aggregation “is the building block for various higher-level constructions that improve efficiency and privacy, such as multi-signatures and others,” the Github description adds.

The Schnorr signature scheme is combined with MAST (Merklized Alternative Script Tree), which essentially creates a new script language called Tapscript. The Taproot activation page on Github now says: “Taproot locked-in. Thanks miners.” After Taproot was activated a great number of crypto supporters discussed the implementation on social media.

“The Taproot upgrade for Bitcoin has officially [been] activated,” bitcoin investor Anthony Pompliano tweeted after the upgrade. “Congratulations and thank you to every developer, miner, and Bitcoiner who made this happen.” Another individual dubbed ‘Hashoveride’ tweeted:

Taproot activated! Bitcoin upgraded! This is how consensus is formed and upgrades are done! Incredibly slow, non-controversial, and not forced. Y’all better recognise. [Bitcoin] ready to fly.

Bitcoin Developer Pieter Wuille: ‘At Long Last, BIP341/342 (“Taproot”) Are Active on Bitcoin Mainnet’

Bitcoin Core developer Pieter Wuille also discussed the successful soft fork on Twitter and thanked all the network participants.

“At long last, BIP341/342 (“taproot”) are active on Bitcoin mainnet. Thanks to everyone involved for getting us this far,” Wuille tweeted. “The real work will be in building wallets/protocols that build on top of it to make use of its advantages. I’m very excited to see where that takes us,” the Bitcoin developer added. Other bitcoin fans shared data of Taproot being used in the wild. For instance, Alekos Filini wrote:

A modified version @bitcoindevkit made this transaction. It’s a Taproot script-spend with a 1-of-2 multisig that uses the new `OP_CHECKSIGADD.` It looks like this is the first ever `OP_CHECKSIGADD` used on Bitcoin! It’s the third Taproot script-spend in the block, but the two coming in before didn’t use that opcode.

Additionally, the blockchain analysis Open Exploration Tool (oxt.me) tweeted about Taproot usage on the Bitcoin blockchain after the successful implementation. “It’s happening #Taproot,” the oxt.me Twitter account said, sharing a Taproot usage chart. Bitcoiner Lyle Pratt also talked about the benefits of Taproot and explained why he was excited.

Highly Anticipated Bitcoin Upgrade Taproot Activates — Taproot Script-Spends Seen in the Wild
Transactions tool measuring Taproot usage on the Bitcoin blockchain. Chart shared by Open Exploration Tool (oxt.me) on November 14, 2021.

“[Three] reasons I’m personally excited about Taproot,” Pratt wrote. “1) the upgrade process gave us a good recipe for future upgrades. 2) taproot will help proliferate new DLCs services and use cases, eventually bringing them to Lightning. 3) 1 mil+ participant multisig federations are now possible.”

When asked by another individual what the benefits of federated multi-sig for many participants would be, Pratt responded by noting: “Much more decentralized pools of signers or oracles are now possible. Pre-taproot about ~15 p2sh signers was the practical limit.”

What do you think about the successful implementation of the Bitcoin upgrade Taproot and the community’s opinion about the latest soft fork? Let us know what you think about this subject in the comments section below.

Tags in this story
709632, Alekos Filini, Anthony Pompliano, Bitcoin, Bitcoin (BTC), Bitcoin network, bitcoindevkit, block height 709632, BTC network, Codebase, future upgrades, github, key aggregation, Linearity, Non-malleability, oxt.me, oxt.me Taproot use, Pieter Wuille, Provable security, Schnorr Signatures, Taproot, Taproot script-spend, technology, Upgrade

Image Credits: Shutterstock, Pixabay, Wiki Commons, OXT.me,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/highly-anticipated-bitcoin-upgrade-taproot-activates-taproot-script-spends-seen-in-the-wild/

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While Musk Mentions Doge Improvements, Dogecoin Developers Continue to Address Scaling Concerns

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On Sunday, Elon Musk discussed his relationship with the Dogecoin Foundation and he mentioned a few improvements he’d like to see implemented via Dogecoin Core’s codebase. Meanwhile, Github metrics show developers have been working on Dogecoin Core during the last few months and it seems Dogecoin software engineers are prepping the network to address fees, transaction time, and mining.

Dogecoin Proponents Including Elon Musk Patiently Wait for a fee Change Fix, Dogecoin Core Repo Has Been Active

At the end of June, Tesla’s CEO Elon Musk tweeted about the fee change proposal added to the Dogecoin Core Github repository. At the time, Musk said it was “important to support” it. The following week, people noticed that Dogecoin software developers Ross Nicoll and Patrick Lodder were maintaining the project and looking to add Musk’s suggestions. Lodder’s Dogecoin Core fee change proposal explained that the fix would be “gradually deployed to the network over multiple software releases.”

While Musk Mentions Doge Improvements, Dogecoin Developers Continue to Address Scaling Concerns
Patrick Lodder’s original fee policy proposal submitted at the end of June.

Ever since then, there’s been a lot more action happening in the Dogecoin Core Github repo. 1000x.group metrics from the “Number of Developers Working on Specific Crypto Projects” tracker show that between August 2017 to January 2021, Dogecoin network development was a ghost town. In February 2021, 16 software engineers were working on the project, in May there were three developers. 1000x.group statistics show that 12 software developers contributed to Dogecoin Core in August.

Last Dogecoin Release ‘Part of a Two-Stage Update to Lower the Fee Recommendation’

Looking at Dogecoin Core’s Github repo indicates that Ross Nicoll and Patrick Lodder are still very active. Lodder dropped the release Dogecoin Core 1.14.4 on August 20, 2021.

While Musk Mentions Doge Improvements, Dogecoin Developers Continue to Address Scaling Concerns

Lodder’s description of the 1.14.4 software notes that the release prepares the network for a reduction of the recommended fees. The action would reduce the “default fee requirement 1000x for transaction relay and 100x for mining.”

“At the same time, it increases freedom for miner, wallet, and node operators to agree on fees regardless of defaults coded into the Dogecoin Core software by solidifying fine-grained controls for operators to deviate from built-in defaults,” the Dogecoin Core 1.14.4 release notes written by Lodder explain. “This realizes the first part of a two-stage update to lower the fee recommendation – a follow-up release will implement the lower fee recommendation, once the network has adapted to the relay defaults introduced with this version of Dogecoin Core.”

While Musk Mentions Doge Improvements, Dogecoin Developers Continue to Address Scaling Concerns
Dogecoin development ratio over time.

In the Twitter thread with the Tesla CEO Elon Musk, the individual mentioned “NFT integrations” that looked “promising.” But many others agreed with Musk who was more interested in “lowering fees, decreasing block time & increasing block size.” Dogecoin’s co-creator Billy Markus agreed with Musk as well. “Yeah… IMO dogecoin being fast, scalable, and inexpensive to send around is all it needs to be, it doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever,” Markus said. Tesla’s CEO agreed with the Dogecoin co-founder and replied with a 100% emoji.

From the looks of it, Dogecoin Core developers are preparing to address Musk’s scaling concerns. The Dogecoin community has supported Musk’s scaling idea for quite some time but almost once a week someone asks: “when will Dogecoin transaction fees drop?”

What do you think about Elon Musk’s Dogecoin network scaling concerns and the recent Dogecoin Core development? Let us know what you think about this subject in the comments section below.

Tags in this story
1000x Group, Block Size, block times, Codebase, data, Development, Dogecoin Core, Dogecoin Core Devs, Dogecoin Devs, Dogecoin NFTs, Elon Musk, elon musk doge, elon musk dogecoin, elon musk dogecoin foundation, Fees, github, Github Repo, metrics, Patrick Lodder, Ross Nicoll, Tesla, Tesla CEO

Image Credits: Shutterstock, Pixabay, Wiki Commons, 1000x.group, Github,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/while-musk-mentions-doge-improvements-dogecoin-developers-continue-to-address-scaling-concerns/

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