Press Release
Comparing Layer-2 Solutions on Ethereum and Ethereum Classic
Dubai, UAE, 8th September 2024, Ethereum (ETH) and Ethereum Classic (ETC) are frequently likened due to their shared history, similar names, and widely discussed separation of ways after the 2016 DAO hack. Because both networks encounter scalability issues, with ETC to a lesser degree for now, layer-2 solutions (L2) have become a pressing topic for both communities. Let’s delve into it.
The History Behind
Ethereum and Ethereum Classic have a joint origin, both stemming from the initial Ethereum platform. The rift within that platform occurred due to an infamous event referred to as the DAO hack. The DAO, one of the most notable crowdfunding campaigns in crypto history, raised an immense amount of ETH that was later stolen due to a flaw in the code. The latter caused severe disagreements within the Ethereum community and eventually resulted in a hard fork in the Ethereum blockchain. The new chain, which reverted to its state before the DAO attack, kept the original name, while the unreverted version continued its operation and was rebranded as Ethereum Classic.
Both chains initially employed the Proof-of-Work (PoW) consensus mechanism, with Ethereum moving to the Proof-of-Stake (PoS) one later. While this decision helped to improve scalability, it was not a sufficient solution in the long term. So, it is unsurprising that these two blockchains have been actively exploring L2 solutions. Such solutions are developed on top of any blockchain, called layer 1, to enhance its performance.
Ethereum’s L2 Solutions
Ethereum has gained widespread adoption as a blockchain network, renowned for its vibrant ecosystem of dApps, DeFi platforms, and aspiring developers who choose Ethereum as a base for their products and services. Therefore, the question of enhancing scalability has been especially pressing for Ethereum compared to other chains. The introduction of Ethereum 2.0 represented a major milestone in the network’s evolution. This upgrade includes the implementation of the PoS approach mentioned above.
Some may argue that Ethereum has led the way in developing and implementing a variety of layer-2 solutions, such as rollups, state chains, sidechains, and nested blockchains. All those solutions are aimed at handling thousands of transactions per second, opening a door for fresh opportunities to expand the Ethereum landscape.
Another major challenge Ethereum faces is gas costs. This issue persists even after PoS adoption, negatively affecting user experience when swapping ETH. L2 solutions play a crucial role in solving this issue by moving transactions off-chain and thus significantly reducing fees. This fee reduction enhances the accessibility of the Ethereum network, making it more cost-effective for a broader range of users and applications to participate in the ecosystem.
One of the downsides of many of Ethereum’s L2 solutions is trust. While many crypto enthusiasts do believe in this blockchain, which is evident from its popularity, they are not so keen on L2 solutions, treating them with caution. And rightfully so. While Ethereum may be robust, such solutions may become its weak points if they are less thoroughly designed and audited and, therefore, more vulnerable to hacks. Consequently, it becomes a significant area for L2 builders.
Ethereum Classic’s L2 Solutions
Ethereum Classic is a much smaller blockchain, ranked thirtieth according to its market cap at the time of writing. Although it has fewer L2 solutions than Ethereum, it has enthusiasts eager to make this chain more efficient and scalable without compromising its security.
As mentioned above, ETC’s security is supported by its dedication to the PoW consensus mechanism and immutability, which has established a strong foundation for solutions and products. However, the limited creation and adoption of L2 solutions also means there might have been fewer improvements in scalability compared to Ethereum.
When it comes to cost efficiency, ETC transactions are usually cheaper than Ethereum due to lower network congestion. However, the development of L2 solutions has the potential to decrease transaction expenses even further.
One disadvantage of the Ethereum Classic that is linked to the L2 solutions is the size of its community. Since it is less prevalent than Ethereum, there is far less activity and liquidity. Consequently, there is far less motivation to choose this network for developing new solutions, including L2s. In addition, while ETC has good interoperability with Ethereum’s apps and tools, it may backfire, drawing potential users and builders to ETC’s biggest competitor instead.
Conclusion
Both Ethereum and Ethereum Classic are focusing on implementing layer-2 solutions to address their scalability challenges. Although Ethereum is taking the lead in this and other regards, Ethereum Classic continues to grow and develop, not giving up the chance to give good competition to its rival. No matter the result of this rivalry, both networks will gain from improved scalability, ultimately making blockchain technology more accessible and efficient for users worldwide.
Kinetex Network: Website | Kinetex dApp | Blog
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Press Release
Southeast Asia Prepares for CBDC Revolution as Nuspay and Bits & Blocks Announce Major Collaboration
New York, United States, 19th Sep 2024 – Nuspay International Incorporated, a pioneering USA-based fintech leader, in partnership with Bits & Blocks Ltd., is proud to announce the launch of a transformative Central Bank Digital Currency (CBDC) project that promises to revolutionize the future of finance. Focused on innovation and security, this project is set to reshape the region’s financial infrastructure, driving greater financial inclusion and fueling economic growth. The initiative is further bolstered by the participation of Peacock Trust United Kingdom, known for its extensive expertise in financial research and innovation.
Built on Nuspay International’s cutting-edge blockchain technology and fintech experience, and combined with Bits & Blocks’ strategic expertise in navigating the Southeast Asian financial landscape, this CBDC project addresses the core challenges faced by traditional financial systems, such as inefficiency, high transaction costs, and a lack of transparency. By focusing on creating a secure, scalable, and compliant digital currency solution, the project aims to redefine how Southeast Asian economies engage with digital finance.
Md. Abul Mansur, Managing Director of Nuspay International Incorporated, has been an early pioneer in the conceptualization of CBDC. Reflecting on his work, Mr. Mansur shared: “I began developing the initial concept of CBDC around currency virtualization, envisioning a solution that goes beyond e-Money, which is often controlled by commercial entities rather than the central bank. I asked myself, ‘If fiat currency is controlled by central banks, why shouldn’t e-Money be as well?’ This thinking led me to build the technological framework for CBDC, ensuring that it aligns with central bank regulations to provide the highest levels of security, transparency, and trust.”
Nuspay International’s contribution to this project focuses on leveraging its expertise in blockchain technology and digital security, creating a robust framework that facilitates real-time payments, enhanced traceability, and significantly reduced transaction costs.
With Nuspay’s proven track record, this CBDC solution is tailored to meet the unique needs of Southeast Asia, ensuring seamless integration with existing financial systems while improving efficiency and reducing risks inherent in traditional currency models.
Mr. Mohammed Nurul Afsar, Managing Director of Bits & Blocks Ltd., expressed his enthusiasm for the project: “Bits & Blocks is honored to be part of this innovative venture. Our goal is to create a business strategy that ensures the CBDC system complies with local regulations and is tailored to the specific needs of financial institutions and governments in Southeast Asia. This project will fundamentally transform how financial transactions are conducted in the region, providing a secure, scalable solution that will shape the future of finance.”
Adding credibility and ensuring the project’s strategic alignment with global financial standards is Peacock Trust, under the leadership of Dr. Shamima Hardcastle, CEO of Peacock Trust United Kingdom. Peacock Trust not only drives financial research and innovation but also operates the Educational Research Institute, working with Generative AI to enhance financial education. Dr. Hardcastle also serves as President of Nuspay (UK Operations), reinforcing the project’s integrity and ensuring it adheres to the highest international standards.
Commenting on the initiative, Dr. Hardcastle remarked: “This CBDC project is a game-changer for Southeast Asia. By combining the technological expertise of Nuspay International with the strategic vision of Bits & Blocks, we are building a digital currency system that is secure, efficient, and fully compliant with regulatory requirements. This will usher in a new era of financial transparency and inclusivity.”
The introduction of CBDC in Southeast Asia is expected to offer significant benefits, including enhanced security, faster payments, and lower transaction costs. By harnessing the power of blockchain technology, each CBDC transaction will be transparent and traceable, helping governments combat illegal activities such as money laundering and tax evasion. Furthermore, eliminating intermediaries will make transactions more affordable and accessible, addressing key barriers to financial inclusion in the region.
The impact of this project on internal monetary flows, cross-border payments, and remittances—a vital source of income for many Southeast Asian countries—will be substantial. CBDC will enable real-time cross-border transfers, reducing the delays and high fees that traditionally accompany such transactions. Additionally, by providing unbanked populations with access to digital financial services, this project will foster broader financial inclusion, allowing more people to participate in the formal economy.
As the global economy continues its shift towards digital finance, the collaboration between Nuspay International Incorporated and Bits & Blocks Ltd. positions Southeast Asia as a leader in CBDC adoption. With a focus on security, scalability, and inclusivity, this project sets the stage for future digital currency systems, providing a path to a more efficient, transparent, and inclusive financial future.
For more information about this transformative CBDC project and how it can benefit financial institutions, governments, and consumers, please contact: care@nuspay.com
About Nuspay International Incorporated
Nuspay International Incorporated, based in the USA, is a global leader in fintech innovation, specializing in blockchain-based digital payment systems. Known for delivering secure and scalable financial solutions, Nuspay is at the forefront of technological advancements in the digital economy.
About Bits & Blocks Ltd.
Founded in 2023, Bits & Blocks Ltd. is a fast-growing company specializing in CBDC solutions. With a strong focus on regulatory compliance and business strategy, Bits & Blocks is committed to driving the future of digital finance across Southeast Asia.
About Peacock Trust
Peacock Trust United Kingdom, established in 1999, is a non-profit organization dedicated to promoting financial literacy, inclusion, and innovation. The Trust operates globally through initiatives such as the Educational Research Institute and works with Generative AI to advance financial education and innovation.
Media Contact
Organization: Nuspay International Incorporated
Contact Person: Md Abul Mansur
Website: https://nuspay.com/
Email: Send Email
City: New York
Country: United States
Release Id: 19092417183
The post Southeast Asia Prepares for CBDC Revolution as Nuspay and Bits & Blocks Announce Major Collaboration appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Sep 19th 2024 – Kroma has announced a strategic partnership with KGeN, a decentralized gamer network, to enhance the integration of Web2 gamers into the Web3 space. This collaboration supports Kroma’s ongoing efforts to expand decentralized infrastructure and boost user adoption in emerging markets. KGeN’s approach is designed to streamline the onboarding process for millions of Web2 users through its Economy Protocol, allowing gamers to seamlessly transition to Web3 while owning and monetizing their data. This mission has demonstrated significant success in driving Web3 adoption.
KGeN’s Economy Protocol: Bridging Web2 and WEB3
KGeN’s Economy Protocol is leading the integration of Web3 technology into mobile gaming. By embedding Esports and Loyalty Protocols into established Web2 mobile games, users can participate in blockchain-based activities without disrupting their usual gameplay experience. Players can earn real-world currency via KCash, KGeN’s stablecoin, which is pegged to approximately 0.001 USD, and can be traded within the KGeN platform for further engagement.
This system benefits players by allowing them to monetize their gameplay, while developers see increased engagement and monetization as players participate in events that require KCash. The Economy Protocol integrates directly into games, incentivizing longer play sessions and fostering deeper engagement from the Web2 audience.
Success Case: Masala Express Driving Web3 Engagement
A notable example of this partnership’s impact is the integration of KGeN’s Economy Protocol into Masala Express, a cooking game with over 500,000 monthly active users (MAUs) and 40,000-50,000 daily active users (DAUs). Through the use of KCash and blockchain-based rewards, Masala Express saw a significant boost in player engagement and Web3 adoption:
- A 3x increase in Unique Active Wallets (UAWs) on the Kroma network.
- A 3.15x surge in transaction volumes, contributing significantly to the growth of Kroma’s ecosystem.
Players of Masala Express were able to easily earn KCash for completing in-game tasks, participating in events, and climbing leaderboards. This provided an additional layer of engagement that extended beyond traditional gaming rewards. These results demonstrate how KGeN’s middleware enables the transition from Web2 to Web3 for a large player base, driving user acquisition and blockchain transactions seamlessly without altering the familiar gameplay experience. KGeN’s integration has strengthened its position as a top decentralized app on Kroma, further validating the effectiveness of its Economy Protocol in a live gaming environment.
Setting a Benchmark for Web2 and Web3 Integration
The partnership between Kroma and KGeN highlights the potential for further expansion and adoption of Web3 technology within Web2 gaming ecosystems. By combining Kroma’s decentralized infrastructure with KGeN’s gamer-focused protocols, this collaboration is expected to set a benchmark for future integrations. Both projects remain committed to scaling their efforts, onboarding more gamers to Web3, and fostering increased blockchain transactions, enabling gamers to actively participate in the data economy with full data autonomy.
In the coming months, Kroma and KGeN aim to explore new game genres, expand into additional markets, and introduce more innovative ways for players to engage with Web3 technology, ensuring continued growth and Web3 adoption.
About Kroma
Kroma is Asia’s leading Layer 2 solution, built on the Superchain and dedicated to bringing Web3 to the masses through easy-to-use, engaging, and gamified real-life dApps. It operates the first permissionless L2 validator network, ensuring the security of user assets with ZK fault proofs. Kroma’s original modular ZK proving library, Tachyon, significantly improves proving speed and cost efficiency, ultimately enabling Kroma’s evolution into a zkRollup network.
Website | Twitter | Discord | Github | Medium | Docs | Ecosystem | Brand Kit | Foundation Grant
About KGeN:
KGeN is building a decentralized gamer network that aims to make gamers the owners of their data. Since 2022, it is aggregating millions of micro-gaming communities across emerging markets and on-boarding them to Web3 in order to create the most powerful home of global gamer data & The Kratos Gamer Network (KGeN). At the heart of it is the Proof of Gamer (PoG) engine that allows gamers to build, own, flex & monetise their reputation. Game publishers leverage the product stack to seamlessly engage with relevant gamer cohorts and create meaningful value exchange via the multi- chain gamer network – KGeN. Kratos Gamer Network operates across India, Brazil, Nigeria, SE Asia and MENA.
Website | Twitter | Discord | Substack | Instagram | Telegram | Brand Kit | Docs
Media Contact:
Press contact name: Tani Jeong
Email : Marketing@lightscale.io
Company: Lightscale
Address: Korea/Seoul
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
China — BFP Industry Co., Ltd. is pleased to announce the official signing of an agency agreement with Amand in Melbourne, Australia, marking Amand as BFP’s first official agent in the region. This strategic partnership signifies a new phase in BFP’s growth, with a strong focus on expanding and deepening its business in Victoria.
Through this collaboration, BFP and Amand will jointly offer an unprecedented, comprehensive service experience to customers in Melbourne and surrounding areas. The services include everything from precise on-site measurements before purchase to post-sale customs clearance, professional unloading, secure storage, and meticulous installation. This upgraded service model eliminates any concerns customers might have about purchasing imported cabinets and navigating the subsequent processes. It ensures that while customers enjoy the high-quality products BFP is known for, they also experience unmatched convenience and peace of mind.
The establishment of BFP’s Melbourne team not only strengthens the company’s market presence in Victoria but also brings local customers more personalized and comprehensive service support. With its professional and efficient service capabilities, the team is well-positioned to meet the diverse needs of the region. Looking ahead, BFP will continue to uphold its customer-centric service philosophy, working closely with Amand and other partners to drive the brand’s growth in the Australian market. The goal is to make it easier for more households to enjoy the high-quality living experience that BFP cabinets provide.
For a closer look at this milestone collaboration between BFP and Amand, you can view the recorded video of the official signing event here.
About BFP Industry Co., Ltd.
Established in 2013, BFP Industry Co., Ltd. is dedicated to providing customized whole-house cabinets at competitive prices with reliable service for customers worldwide, particularly for professionals in the construction industry and those involved in project management.
At BFP, we believe that only “the professional” can serve professionals, as our customers not only consider the materials and products but also the impacts and benefits these choices bring to their lives and businesses.
Media Contact:
Company name: BFP Industry Co., Ltd
Contact Person: Doris Yin, Sales Supervisor
Phone : +8613510880891
Email : sales7@bfpglobal.com
Website: https://www.bfpcabinetry.com
About Author
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Southeast Asia Prepares for CBDC Revolution as Nuspay and Bits & Blocks Announce Major Collaboration
KGeN’s Protocol Bridges Web2 and Web3, Accelerating Growth of Kroma
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