Polkadot has unveiled the first of its parachains (or parallelized chain). The goal of parachains is to improve the interoperability of numerous blockchains. The Polkadot team spent five years developing the parachains, which were then auctioned off to teams. The marketplace plans to increase its current parachain slot allotment from five to 100.
According to Gavin Wood founder of Polkadot, the additional Relay Chain helps in coordinating the consensus and communication between parachains:
And as the ecosystem grows, especially with nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.
And he also added that the vision was to have multiple parachain model:
The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this
Developers teams will get incentives in ETH that will be unlocked over time as part of the program. Each client team will receive 144 validators in total, or 4,608 ETH, worth about $17.8 million at current pricing. The program’s structure links teams with the network’s long-term health and guarantees that they are rewarded for developing secure software. The ETH 1 and ETH 2 Beacon chains will be merged sometime in the first quarter of 2022. Since the London update in early August, the network has burned 1.19 million ETH. At current pricing, this is worth over $4.6 billion, which corresponds to around 7,000 ETH (or $27 million) being burned per day.
The incentive program is setup to “ensure that client teams have a strong incentive to maintain the core Ethereum network over the long term.”. The teams eligible for the program include Besu, Erigon, Go Ethereum (Geth), Lighthouse, Lodestar, Nethermind, Nimbus, Prysm, and Teku.
The funds will be available immediately but withdrawals will be vested over several years.
Deel, a fintech company that specializes in payroll, has added two additional coins to its crypto portfolio. Contractors can now get their payments in USDC or Solana, the proof-of-stake blockchain’s native asset. Salary payments in bitcoin, ether, and XRP were previously supported on the site. In October, Deel secured $425 million in a Series D funding round.
Contractors will need a coinbase account in order to take advantage of the new functionality. Deel, according to their statements that cryptocurrencies offers a faster way for people to get paid with lower processing fees.
Deel’s clients include the likes of Coinbase, BlockFi, and Rarible.
El Salvador President Nayib Bukele explained to Peter Schiff why it didn’t make sense to criticize his country for continuing to take advantage of dips in the Bitcoin price. Schiff is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold. The bill to make Bitcoin legal tender in El Salvador got passed by the Legislative Assembly on June 9 and the Bitcoin Law became effective on September 7. El Salvador’s President, Fausto Bukele, responded to Schiff’s attack on his nation’s gold reserves by pointing out that the value of their gold reserves has gone down by 0.37% over the past one year. The last time El Salvador bought Bitcoin was on October 27/28, and if they had done so back then, the price would be around $204 million.
Borderless Capital has launched a $500 million fund investing in digital assets powering the next generation of decentralized applications on top of Algorand (ALGO). The Miami-based company started its first Alogorand-focused fund in June 2019. It initially raised $200 million and invested in more than 100 companies, including BlockDaemon, Six Clovers and Osprey Funds. “There is a huge room to grow from here,” David Garcia, Borderless Capital’s founding managing partner said. Borderless Capital has announced a new fund that will invest in the Algorand ecosystem specifically for products involving DeFi liquidity mining, yield farming, lending, borrowing and trading
The firm will be announcing specific investments of the new fund in the coming months. SkyBridge Capital and NAX revealed a partnership in September to offer decentralized applications and institutional investment opportunities that will be part of the initiative using Algorand.
According to a popular crypto analyst Avalanche has still more room to grow. He says he’s still bullish on the smart contract platform and said it has more room to grow up to more than 280 USD. He’s comparing the movement of Avalanche to Solana’s parabolic move.
Also quoted from the crypto analyst “If the $SOL (Solana) run is anything to go by, then $AVAX (Avalanche) should have plenty of gas left in the tank.”.
Zooming in the crypto analyst chart, seems he plotted that it will go up to 280 USD with a potential of 110% from its current price 128-133 USD.
At the time of the writing the price of Avalanche still swinging from 120-140 USD with an ATR (Average True Range) of 4.2.