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COMMUNITY
Gate Connect - Empowering Web3 Innovators Recap🔥
Gate Connect opened a gateway to @gate_io Innovation Fund - an investment fund established by Gate.io to provide capital and resources for start-up projects in the Web3 field.
SUCI Blockchain Hub x NAMFUNGIBLE at GM Vietnam ☀️
🎉We had a blast cohosting Namfungible #13 at @gmvn_official with the @namfungiblevn team. Looking forward to our next event together! 🫶🐂
⚡️With the combination of bilateral advisors on communication and development strategy, ETH Vietnam and Web3 Space have officially partnered to accompany and support all strategic and media activities.
🦄 A chance for “young unicorns and startups" to learn and rise!
Having an outstanding idea and inspiration for a startup is just the first step. But bringing a business from 0 to 1 is one of the hardest things you can undertake Buidlathon is here to help 🏆
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BLOCKCHAIN 101
Introducing zkSync: Revolutionizing Blockchain Scalability and Privacy
The world of blockchain technology has witnessed remarkable advancements since its inception with the creation of Bitcoin in 2009. Among the various innovative solutions, zkSync stands out as a powerful Layer 2 scaling protocol, reshaping the way we interact with blockchain networks.
What is zkSync?
zkSync, known as Zero-Knowledge Synchronization, represents a groundbreaking Layer 2 scaling solution built on the Ethereum platform. It endeavors to enhance the network's throughput, reduce transaction costs, and maintain an unwavering commitment to security. The brilliance of zkSync lies in its application of zero-knowledge proofs, a cryptographic method that allows users to verify transaction validity without revealing any sensitive information.
The Power of zkRollups
At the heart of zkSync's operation lies zkRollups, a cutting-edge technology that is instrumental in its efficiency and privacy benefits. With zkRollups, all transactions conducted off-chain are bundled together into a single batch, and only a concise cryptographic proof, called a "rollup," is submitted to the Ethereum mainnet. This rollup contains irrefutable evidence of the batch's accuracy, allowing for quick and cost-effective transaction processing.
The zkSync Advantage
By leveraging zkRollups, zkSync significantly alleviates congestion on the Ethereum network, enabling it to process thousands of transactions per second. This breakthrough scalability has far-reaching implications, enhancing the user experience and opening doors for mainstream adoption of decentralized applications.
Beyond Efficiency - Privacy and Security
In addition to its impressive scalability, zkSync prioritizes user data protection. The utilization of zero-knowledge proofs ensures that transaction information remains confidential, safeguarding user privacy on an unprecedented level.
1. Real-World Impact and Potential Challenges
While zkSync showcases numerous benefits, its implementation also brings forth unique challenges. It is crucial to explore real-world examples and use cases of zkSync's integration into various decentralized applications and industries. Additionally, comparing zkSync with other layer 2 scaling solutions will shed light on its competitive advantages.
2. Future Outlook
As the blockchain ecosystem continues to evolve, zkSync is likely to play a pivotal role in Ethereum's development roadmap. Understanding its broader implications for decentralized finance, non-fungible tokens, and the internet of things will provide a holistic perspective on zkSync's transformative potential.
Conclusion
In conclusion, zkSync's zero-knowledge scalability and privacy solutions are set to revolutionize the blockchain landscape. As the technology matures and addresses its challenges, zkSync has the potential to unlock a new era of blockchain adoption, empowering users with fast, secure, and cost-effective transactions.
TECH NEWS
According to cLabs, the Celo transition would include leveraging OP Stack as the architecture to become an Ethereum L2 blockchain.
CLabs, the organization responsible for developing the Celo blockchain, is seeking to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution.
According to a proposal discussion on Celo’s governance forum, the transition would include leveraging OP Stack as the architecture to become an Ethereum L2 blockchain, eliminating the need to monitor tooling and libraries composability through upgrades, thus “making it easy for Celo developers to utilize the full gambit of Ethereum tooling/libraries.”
According to data from DefiLlama, Fantom’s total value locked (TVL) dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion. The price of its native token, Fantom, declined from $0.41 to $0.28 in the same period.
“Multichain was a big blow,” Cronje wrote in a thread on Fantom’s forum, adding that he “had a lot of assurances from the [Multichain] team around the server decentralization, access, and geolocation distribution.“ “Don’t trust, verify (saying this to myself),“ Cronje said.
Gary Gensler, the chair of the United States Securities and Exchange Commission, believes staff at its agency could benefit from greater use of artificial intelligence.
During a July 17 speech before the National Press Club, where he later broke his silence about the recent Ripple court ruling, Gensler listed several potential use cases of AI that could assist the regulator in its role as securities watchdog.
Decentralized finance (DeFi) protocol Aave has launched its algorithmic United States-dollar pegged stablecoin GHO on the Ethereum mainnet, with $2.19 million worth of GHO minted so far.
Users will now be able to place market orders on the dYdX testnet, generate private keys and place limit orders with advanced options.
As technology continues to evolve, ChatGPT is getting a lot of attention for various reasons. For instance, ChatGPT can introduce users to a variety of game-changing applications that can improve everyday life and revolutionize interactions with technology, such as serving as a virtual assistant, reshaping customer support, language translation, content generation, and more. Simply add the appropriate prompt to your chat, and artificial intelligence (AI) will handle it.
NFT RARI
Fresh NFT Recap of last week
🕋Infrastructure overtakes NFT and gaming as the most popular destination for crypto VC
✴️Credit Suisse issues Ethereum NFTs to raise funds for women's football
💧OpenSea Now Supports NFTs on Zora's Ethereum Layer-2 Network
⏳Ethereum Founder Vitalik Buterin Credits Ordinals NFTs for Reviving a "Builder Culture" on Bitcoin
🛠NFT Inspect added support for MoonPay's payment processor in its Chrome extension
MARKET IN A NUTSHELL
[MUST READ] Ron DeSantis vows to ban CDBCs in the US if elected president
🔖 Binance completes integration of Bitcoin Lightning Network
👽 SEC could be waiting ‘years’ to file appeal in Ripple case — Brad Garlinghouse
⏯ [Food for thought] Project roadmap or token price — Which is most important?
🧑⚖️ Travel will create a new wave of Web3 mass adoption: Here’s how
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