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LayerZero Adds Support for Loot Chain, Integrates NFT Standard
According to Foresight News, LayerZero has added support for Loot Chain, and the NFT project Loot has integrated LayerZero's cross-chain NFT standard, launching the Loot Bridge. This development enables Loot NFTs to be transferred between Ethereum and Loot Chain.
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Ethereum ACDE 171 Introduces EIP-7503 for Private ETH Transfers and Discusses Dencun Devnets
According to Coincu, Ethereum ACDE 171 took place recently, covering a wide range of topics such as Dencun devnets, extensive audits, the anticipated launch of Holesky, and a groundbreaking proposal for private ETH transfers. One of the highlights of the event was the introduction of EIP-7503, a proposal aiming to revolutionize private transfers on the Ethereum blockchain by allowing them through burning and reminting ETH. This innovative concept has attracted significant attention within the Ethereum community, as it could enhance privacy and security for users. The event's agenda, available on GitHub, provided a comprehensive outline of the topics covered during Ethereum ACDE 171, offering participants and enthusiasts valuable insights into the discussions and decisions made. The Ethereum community came together to delve into these crucial matters, emphasizing transparency and collaboration. The event was also live-streamed on YouTube, allowing a global audience to tune in and stay informed about the latest developments in real-time. Ethereum continues to evolve and adapt, and events like Ethereum ACDE 171 play a pivotal role in shaping its future. With innovative proposals, significant changes to specifications, and community involvement, Ethereum is on a path to becoming even more robust and user-friendly. The Ethereum community eagerly awaits the outcomes of these discussions and the potential impact they may have on the blockchain ecosystem.
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Optimism Announces Plans to Establish Security Council for Network Trust
According to Coincu, Optimism has announced its plan to establish a security council to ensure the integrity and decentralization of its superchain network. The security council will play a pivotal role in improving Optimism's blockchain operations. As part of its commitment to transparency and community involvement, Optimism will introduce a governance proposal to incorporate the security council as a multi-party signatory. This proposal will be essential in overseeing and controlling the main network protocol upgrade of Optimistic Ethereum (OP). The security council will consist of at least eight members, and a key feature will be the 75% signature threshold required for any actions it takes. This ensures a high level of consensus among its members. The entire process of implementing the security council will be conducted through a series of governance votes, emphasizing community participation and decentralized decision-making. The security council will function as a multi-signatory co-signatory, significantly impacting the direction of essential network upgrades. Subsequent governance proposals will focus on the specifics of multi-signature transfers of authority to the OP. Optimism's dedication to improving the transparency, security, and decentralization of its superchain network is evident through the establishment of the security council. With the involvement of multiple stakeholders and a robust governance framework, Optimism's initiative is poised to usher in a new era of trust and reliability in the blockchain industry.
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EOS Network Foundation Partners with Upland and Aerial to Create Climate-Positive Blockchain Network
According to CryptoPotato, the EOS Network Foundation (ENF), a non-profit organization coordinating the development of the EOS Network, has partnered with metaverse super application Upland and sustainability platform Aerial to foster an initiative that will turn EOS into a climate-positive blockchain network. The collaboration with Upland and Aerial will enable the EOS Network to move its sustainability efforts from being one of the world’s carbon-neutral blockchains to being climate-positive. The ENF intends to set a new standard through its partnerships with Upland and Aerial. The foundation aims to inspire other networks to implement climate-positive strategies, thereby creating a sustainable digital economy. The EOS Network is designed to consume minimal power while delivering on scalability and throughput. It is among the world’s most environmentally friendly blockchains, with an annual carbon footprint of 242 tonnes of carbon dioxide, which the ENF claims has been fully offset since 2018. As an open web3 platform for the metaverse mapped to the real world, Upland has been involved in the EOS Network’s sustainability efforts since 2021 by serving as the network’s carbon offset sponsor. The platform has extended its sustainability efforts beyond blockchain infrastructure by offsetting its carbon footprint for the cloud services that help power its metaverse. Aerial collaborates with verified environmental efforts globally to create a more sustainable planet. The sustainability platform will be in charge of reducing EOS’ carbon emissions. Yves La Rose, Founder and CEO of the ENF, said that the initiative underscores the EOS network’s commitment to environmental sustainability.
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US Rep. Don Beyer Proposes Crypto Data Repositories for Regulators
According to CoinDesk, U.S. Rep. Don Beyer, a Democrat, has proposed legislation that would require cryptocurrency exchanges to share their internal transaction data with regulated repositories. This would allow regulators such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to monitor the movement of digital assets, which are currently only recorded on the exchanges' own ledgers. Beyer's proposal aims to prevent future collapses of major exchanges by providing regulators with greater visibility into the flow of crypto assets. Beyer has been in talks with Republicans in an attempt to merge his idea for crypto data repositories into their market-structure bill, which is already in motion. However, the Senate has so far been resistant to allowing major crypto legislation in this session. Beyer's proposal is intended to address concerns about the lack of transparency in the crypto market, which can leave investors and consumers vulnerable to fraud and manipulation. The proposed crypto data repositories would be similar to the swaps trading information repositories established by the Dodd-Frank Act of 2010. While Beyer is the top House Democrat on the Joint Economic Committee, he is not a member of the House Financial Services or Agriculture committees, which would likely be responsible for overseeing crypto legislation. Republicans, who control the House, have their own crypto agenda and have shown a willingness to advance bills without wide bipartisan support. It remains uncertain whether crypto-friendly Republicans will be receptive to Beyer's proposal, which represents a complex and costly action that would expose the inner workings of digital asset platforms.
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PayPal Files Patent Application for NFT Purchase and Transfer System
According to Cointelegraph, PayPal has filed a patent application for a nonfungible token (NFT) purchase and transfer system, marking a significant step towards creating its own blockchain ecosystem. The application, filed in March and published on September 21, outlines a method for conducting transactions with NFTs both on- and off-chain. The patent application, which is still pending, describes a system where users can buy and sell NFTs through a third-party service provider, although the provider is not specified. Ethereum is mentioned in the text. PayPal envisions using the full potential of NFTs for tokenization, extending beyond the exchange of electronic collectibles. The NFTs could represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger, such as digital images, videos, music, collectibles, and other digital art, as well as deeds to personal property, event tickets, legal documents, and other real-world items. The system could be customized in various ways, including accommodating fractionalized purchases through the distribution of governance tokens, which could then be traded themselves. Additionally, a decentralized autonomous organization associated with the service provider could be used to promote NFT liquidity through a dedicated platform, and NFTs could earn income from royalties. The service provider's processing could include compliance and risk management. Users could have their own digital wallets, but would not be required to. A third-party broker could offer a range of storage and checkout services as an alternative. Off-chain transactions could be managed within an 'omnibus wallet' associated with the service provider and containing both the buyer and seller's wallets, eliminating the need to register the transfer on the blockchain or pay the gas fees associated with an on-chain transaction. The application states that any currency could be used in the system. In August, PayPal introduced its own stablecoin, PayPal USD (PYUSD), built on Ethereum.
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Ripple Cancels Acquisition of Fortress Trust
According to Cointelegraph, Ripple has decided to cancel its acquisition of Fortress Trust, just 20 days after announcing the deal. Ripple CEO Brad Garlinghouse announced the decision on X (formerly Twitter) on September 28, stating that the company will not move forward with an outright acquisition, but will remain a shareholder in Fortress Trust's parent company, Fortress Blockchain Technologies. Ripple first announced the acquisition on September 8, with plans to acquire other companies in the Fortress group, including an affiliated firm, FortressPay. However, a few days later, Fortress Trust revealed that the acquisition was rushed due to a security incident involving a third-party analytics vendor. The company lost $12 million to $15 million in the attack, with a majority of the funds being Bitcoin (BTC), along with small amounts of USD Coin (USDC) and Tether (USDT). Ripple, an investor in Fortress since its seed round in 2022, had to step in to make customers whole. Fortress CEO Scott Purcell told Cointelegraph that the cancellation of the merger is not a big deal and is unrelated to the security incident. He added that Ripple remains an investor in Fortress and a great partner. Ripple declined to comment further on the matter beyond its CEO's X post. The deal's failure could benefit other companies linked to Fortress, such as Swan Bitcoin, which is working on a joint venture with BitGo to create a Bitcoin-only trust company in the U.S., pending regulatory approval. Fortress Trust provides custody of records for Swan, and with the deal's collapse, Swan will no longer be involved in Ripple's business in the country.
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