'Mining' cryptocurrencies pollutes the real world - cyptoranking.com

2024-05-02

Popular crypto exchanges(2023 Update) 2024-05-02
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Prominent market commentator Mike Alfred shared with his 134,500 followers that this could potentially be a positive indicator for Bitcoin’s price. Rise in Chinese Banks Issuing Digital Yuan Corporate Loans 'Mining' cryptocurrencies pollutes the real worldPolygon’s native token (MATIC) experienced a 16.4% rally that coincided with the launch of Polygon 2.0 Goreli testnet on Oct. 4. However, the resistance at $0.60 proved stronger than anticipated and was followed by a 10.6% decline over the six days leading into Oct. 10. This decline was exacerbated by negative news regarding the departure of a key co-founder and weak activity in Polygon’s zero-knowledge rollup (ZK-rollup) subnet.Polygon (MATIC) 12-hour price in USD. Source: TradingViewMATIC’s price has wiped out previous gains from the early October rally, erasing the bullish momentum driven by the expectations of the protocol’s upgrades. Rallies tend to follow mainnet and protocol updatesPolygon 2.0 is a network of ZK-based layer-2 chains unified via a novel cross-chain coordination protocol. Polygon’s 2.0 scaling technology was unveiled in June 2023 as a plan for a scaling ecosystem consisting of four layers: staking, execution, interoperability and proving. Each of these layers contributes to creating an interconnected ecosystem of chains that facilitate secure, fast and highly cost-effective transfers.Among the benefits of Polygon 2.0 are enhanced security and privacy through ZK-proofs, full compatibility with the Ethereum Virtual Machine (EVM) and instant cross-chain interactions without requiring additional security or trust assumptions. It’s worth noting that the project is continuing to develop its Zero-Knowledge Scalable Transparent Argument of Knowledge-based layer-2 solution, Miden.One could argue that the recent 10.6% retracement merely reflects an adjustment to the overexcitement triggered by the testnet launch. However, other factors may have contributed to investors’ worsening sentiment toward Polygon. For instance, Polygon’s ZK subnet, zkEVM, has lagged behind competitors in activity and deposits.Network data shows Polygon losing steam as new competition emergesZK networks daily active and transactions. Source: artemis.xyzMetrics from Artemis, an on-chain data provider, reveal a significant disparity between Polygon zkEVM’s 6,210 active addresses compared to StarkNet’s 154,390 and zkSync ERA’s 239,810. A similar discrepancy exists when analyzing the number of daily transactions, with Polygon’s ZK-rollup also trailing competitors.Taking a broader perspective on the total number of transactions and deposits in the Polygon network yields suboptimal results. For example, Polygon’s total value locked (TVL) stands at $756 million, according to DefiLlama, which is less than half of Arbitrum’s layer-2 scaling solution.Total value locked (TVL) in USD. Source: DefiLlamaIt’s noteworthy that despite being launched much earlier than most Ethereum layer-2 solutions in June 2020, Polygon is now facing direct competition from Optimism and Base.The departure of Polygon’s co-founder, Jaynti Kanani, on Oct. 4 after six years with the project also triggered some degree of discomfort among investors, given the project’s proximity to the crucial completion of its improved multiple-layer scalability solution. Interestingly, this decision follows the departure of Polygon Lab’s CEO, Ryan Wyatt, in July 2023, not long after joining the company in February 2022.Further impacting MATIC’s performance was a decline in the number of active addresses using the Polygon network’s decentralized applications (DApps).Polygon network DApps active addresses, 30-day change. Source: DappRadarOn average, the top 12 DApps on the Polygon network experienced a 17% decline in the number of active addresses over the last 30 days. This issue was particularly concerning in the NFT and decentralized finance markets, notably affecting applications like Uniswap, OpenSea and Move Stake.Related: Circle rolls out native USDC tokens on PolygonRegardless of the reasons behind MATIC’s token surge earlier in October, the recent 10.6% negative performance can be attributed to reduced network activity, the departure of a co-founder during a critical upgrade phase and stiff competition from other ZK scaling solutions. Ultimately, there is enough bearish news flow to justify this correction, although the team has been consistently delivering the necessary updates and improvements to the Polygon network. Investors should closely monitor the project’s progress in addressing these challenges and capitalizing on the innovations of Polygon 2.0.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. The two key points are:

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For those eager to delve deeper into this integration, mark your calendars for the ENF’s event with DappRadar on October 17th at 3:00 pm UTC. Set a reminder and become a part of the conversation surrounding the latest Web3 trends, forging new paths in the ever-evolving blockchain ecosystem.Cardano Top Wallet Gets Major Upgrade With New Release It seems this backdrop is the context through which Project Spartacus attempts to take a foothold in the bitcoin ecosystem. The project leverages the Ordinals protocol, a metaprotocol for bitcoin that lets anyone add arbitrary data to the original cryptocurrency's blokchain. Given the properties of bitcoin and its decentralized network of nodes, once data is added to its blockchain it can never be removed or altered. Buy Bitcoin in Italy with Credit or Debit CardFor example, AI chatbots that can help you cook, plan workouts, or build a vacation itinerary. In fact, blockchain gaming itself made up roughly 41% of all on-chain decentralized app (dapp) activity in July, DappRadar notes.

Breathe in deep, let your anticipation surge, and prepare yourself for a heart-racing experience! The diligent TD2 team is thrilled to pull back the curtain and present our latest achievement— the launch of Torque Drift 2’s new trailer. As the block reward continues to drop over time, Bitcoin miners will become increasingly reliant on transaction fees to finance their operations. Over the long term, we will either have to see a large increase in the Bitcoin price or a big spike in demand for Bitcoin transactions. Otherwise, the Bitcoin network’s hashrate could drop as some miners would be forced to shut down their operations. 10 Best Bitcoin Wallet Apps Crypto Investors Must Use In 2022Immutable X and the upcoming Immutable zkEVM are both Ethereum scaling networks, and they support crypto games like Immutable’s own Gods Unchained and Guild of Guardians, along with Illuvium, MetalCore, and Cross the Ages.72.5% of the Top Video Game Companies Have Ventured Into Web3 Metamask Developer Consensys Requests IRS

The company will expand on Gorbunova’s research on the long life spans and cancer resistance of naked mole rats and examine whether a compound found in the rats could improve human lifespan. Larsen says that DeFi statistics will never resemble the frenzied activity volume of a game, for example, due to the technology’s unique purpose. “But the amount of capital that the system has amassed, I would say, is quite impressive.” How to Buy Bitcoin (BTC)Circle also notes that provision of native Polygon USDC will enable low cost global payments and remittances as well as accessibility to trading, borrowing, and lending on leading DeFi protocols including Aave, Compound, Curve, Uniswap and Quickswap. Five days ago, Coin Edition reported a fraudster scammed four Friend.tech users via a SIM-swapping security breach.

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