Gnosis launches Pay and Card products, cLabs proposes migrating Celo to Layer 2 on Ethereum, Unstoppable Domains introduces ENS-based .eth domains.

Gnosis launches Pay and Card products, cLabs proposes migrating Celo to Layer 2 on Ethereum, Unstoppable Domains introduces ENS-based .eth domains.

The Blockchain Industry: An Overview of Recent Developments


The blockchain industry continues to make significant strides, with various projects and advancements that have the potential to revolutionize different sectors. In this article, we will explore some recent developments in the blockchain industry, ranging from decentralized payment networks to layer-2 solutions, web3 integrations, artificial intelligence, and security.

Payments News

One notable development in the blockchain industry is the release of Gnosis Pay and Gnosis Card by Gnosis, a sidechain to Ethereum. Described as “the World’s First Decentralized Payment Network and Self-Custodial Debit Card,” Gnosis Pay allows users to spend digital assets directly from their wallets wherever Visa is accepted. This fusion of Visa Debit functionality and smart wallet technology from Safe opens up new possibilities for seamless digital asset transactions. Additionally, the Gnosis Card is linked directly to an onchain wallet, eliminating the need for traditional bank accounts and leveraging the Gnosis Pay decentralized payment network.

Blockchain News

cLabs, the core developer behind the Celo blockchain, has proposed migrating its network from Layer 1 to Layer 2 built on Ethereum. This migration aims to enhance the scope and impact of Celo by increasing security through the inheritance of Ethereum’s security features. By leveraging Ethereum node operators through EigenLayer, this migration makes Celo the first major project with a restaking use case. To facilitate the transition and meet the chain’s requirements, the team plans to utilize the OP Stack tool offered by Optimism.

Another noteworthy development is the unveiling of Mantle Network’s mainnet at the EthCC in Paris. Mantle Network is a modular Ethereum layer-2 (L2) blockchain that has processed over 14 million on-chain transactions, deployed more than 140,000 smart contracts, and connected to over 690,000 unique wallet addresses during its six-month development phase. With multiple security audits conducted during the testnet phase, Mantle Network ensures a robust and secure infrastructure for Ethereum-based applications.

DeFi News

Unstoppable Domains, a domain and digital identity platform, has announced the addition of Ethereum Name Service (ENS)-based .eth domains to its platform. This move positions Unstoppable Domains as the first one-stop shop for Web3 domains, supporting all leading naming systems and blockchains. Users can now natively purchase .eth domains through Unstoppable, creating a unified platform for .eth, .nft, .crypto, and .polygon domains. Each .eth domain bought from Unstoppable is registered through the ENS smart contract, offering the same functionality as other .eth domains. Unstoppable plans to introduce additional features, such as managing .eth domains within their platform, setting crypto addresses, managing on-chain profile data, and facilitating domain transfers.

Investment News

The DFINITY Foundation, a not-for-profit science and technology organization contributing to the Internet Computer blockchain (ICP), has launched a $5 million decentralized artificial intelligence (DeAI) grant. This grant aims to support projects leveraging AI on the Internet Computer, making it the first blockchain capable of running advanced AI models on its decentralized and permissionless network. The integration of AI into smart contracts will enable the deterministic execution of neural networks, paving the way for novel applications and use cases.

ConsenSys, the Ethereum developer behind the MetaMask wallet, has reportedly held talks with potential investors regarding a capital injection. Although the company denies actively fundraising, it acknowledges a significant influx of investor interest. This interest is partly driven by inaccurate reporting on the secondary market activity surrounding ConsenSys stock. Despite the interest, ConsenSys maintains that it does not require additional funding and is not actively engaged in a formal fundraising process.

Security News

The landscape of crypto crime has seen a significant shift in the first half of 2023, with different types of crimes experiencing varying success rates. According to an analysis by TradingPedia based on Chainalysis data, scams have witnessed a substantial decline, with a decrease of $3.24 billion compared to the first half of 2022. This represents a 77% reduction in the amount of crypto stolen through scams. However, one area of concern is ransomware, which has seen a surge in inflows, with $449.1 million extorted from victims during the same period. This amount already accounts for 90% of the total sum stolen through ransomware in 2022, highlighting the alarming rise in ransomware attacks.

In conclusion, the blockchain industry continues to evolve, bringing forth innovative solutions and addressing various challenges. From decentralized payment networks and layer-2 solutions to Web3 integrations, AI applications, and security measures, these developments have the potential to reshape industries and drive the mainstream adoption of blockchain technology. As the industry progresses, it is crucial to stay informed about the latest advancements and trends that shape the future of blockchain.

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