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Polygon Labs has recently made a major announcement that is set to impact the Ethereum network’s future positively. The protocol has launched Polygon zero-knowledge proof Ethereum Virtual Machine (zkEVM) on mainnet Beta, a permissionless and public network allowing users to transact and build. 
According to the announcement, to further support the protocol’s development, Polygon zkEVM is now completely open-source. With this launch, Polygon is allegedly helping to pave the way for the next chapter of Ethereum’s development and offering developers and users a new tool for building decentralized applications. 

What Are The Benefits Of Polygons’s New zkEVM?
The Polygon zkEVM is a zero-knowledge proof (ZPK) scaling solution developed by the same protocol, designed to enable faster and cheaper transactions on Ethereum’s network. The public testnets for zkEVM have established it as a leader among Ethereum Virtual Machine (EVM) equivalent ZK scaling solutions. 
One of the key benefits of zkEVM is its use of zero-knowledge proofs, which ensures security and reduces gas fees. Another win for users is that zero-knowledge proofs enable transaction verifications without revealing sensitive information, making them highly secure. 
Furthermore, Polygon’s zkEVM is designed to be fully compatible with the EVM, so developers can easily deploy existing Ethereum smart contracts on the network, facilitating developers to migrate their existing applications to zkEVM. 
Additionally, the zkEVM is designed to improve the scalability of Ethereum, allowing faster and more efficient transactions with lower fees for developers and users of the protocol’s new feature. 

Polygon Takes Precautions Against Potential Risks of zkEVM Mainnet Beta Launch
According to the announcement, the protocol refers to the risks of using zkEVM Mainnet Beta. While the launch of the mainnet is a significant development for the protocol, undetected bugs can always disrupt the network’s stability. 
To address these potential risks, Polygon Labs has outlined “stringent” security measures, which will include the establishment of a temporary security council, which will be responsible for overseeing the network’s security and addressing any issues-
The security council will comprise various companies and organizations in the blockchain industry. Moreover, Polygon will implement a bug bounty program, which is intended to incentivize researchers and developers to identify and report any bugs or vulnerabilities that they discover in the Polygon zkEVM Mainnet Beta. 
With the risks and potential vulnerabilities, the established bug bounty program will have rewards of up to $1,000,000 being offered for documenting critical vulnerabilities, according to the protocol. 
Despite the positive development of the new Polygon feature, the protocol’s native token, MATIC, has not responded positively to the announcement. Currently, MATIC is trading at $1.0462, indicating a decline of over 5% in the last 24 hours.
However, the launch of these new developments has been met with positive reception from the cryptocurrency community, which could have a positive impact on MATIC’s price in the long term.


Featured image from Unsplash, chart from TradingView.com 


Polygon Labs has recently made a major announcement that is set to impact the Ethereum network&#8217;s future positively. The protocol has launched Polygon zero-knowledge proof Ethereum Virtual Machine (zkEVM) on mainnet Beta, a permissionless and public network allowing users to transact and bui...

bitcoinist.com

Polygon Launches zkEVM Mainnet Beta, Will It Reduce Costs Of Ethereum Transactions?

Despite Bitcoin’s difficulty reaching an all-time high at 46.84 trillion, participants in bitcoin mining have kept the hashrate running stronger than ever before. According to statistics, on March 23, 2023, the hashrate reached a high of 400 exahash per second (EH/s). The 400 exahash equates to 0.4 zettahash or four hundred quintillion hashes per second. As the hashrate continues to climb, research analyst Sam Wouters at River Financial estimates that at the current growth rate, Bitcoin could reach the zettahash era “by the end of 2025.”
Reasons for the Increase in Bitcoin Hashrate: Insights from River Financial Analyst
Two days ago, Bitcoin.com News reported that the difficulty of the Bitcoin network had increased for the third consecutive time in the last six weeks. The difficulty is now at an all-time high of around 46.84 trillion after increasing by 7.56% on March 23, 2023. On the same day, Bitcoin’s hashrate peaked at 400 exahash per second, representing an unimaginable four hundred quintillion hashes per second. Soon, Bitcoin’s hashrate will likely reach a single zettahash, which is equivalent to 1,000 EH/s or one sextillion hashes per second.

After Bitcoin’s hashrate rose to 400 EH/s, research analyst Sam Wouters at River Financial stated that he has received numerous inquiries regarding the increase. Wouters also estimated that “at the current growth rate in 2023, we’d reach a Zettahash by the end of 2025.” Some have questioned whether the growth is due to nation-states or secret mining operations contributing to the increase. Wouters said he finds it “unlikely that the added hashrate would be mostly from nation-states.”
The analyst also acknowledged rumors of miners holding “significant inventories” of unused application-specific integrated circuit (ASIC) miners. Wouters said that with BTC’s price increase, “more of this inventory has been able to go online.” The River Financial analyst also mentioned the use of hydro-powered ASIC units, which he said contribute “tremendous hashrate” and are estimated to have the highest average profitability at present. Wouters stated that he has written a report on what mining in the zettahash era will look like when Bitcoin reaches the 1 zettahash milestone.

The River Financial analyst explains that the current increase in hashrate could be due to a variety of factors, such as “unused inventory going online,” “new models becoming available,” “more facilities becoming operational,” and “clever entrepreneurs finding low-cost sources before regulators intervene.” In Wouters’ December 2022 study, the analyst states that a wide range estimate indicates there are approximately 2.5 to 5 million ASIC miners in operation today. The research shows that, without any efficiency improvements to miners, it would take around 11.2 million to support a hashrate of 1 zettahash.
What are your thoughts on the future of Bitcoin mining and its potential to reach the zettahash era? Do you think the industry will continue to see significant growth, or are there potential roadblocks that could hinder its progress? Share your opinions in the comments below.



Despite Bitcoin&#x2019;s difficulty reaching an all-time high at 46.84 trillion, participants in bitcoin mining have kept the hashrate running stronger than ever before. According to statistics, on March 23, 2023, the hashrate reached a high of 400 exahash per second (EH/s). The 400 exahash equat...

news.bitcoin.com

Bitcoin Hashrate Reaches 400 Exahash per Second, Researcher Says Network Could Reach Zettahash Era by 2025

[PRESS RELEASE – Please Read Disclaimer]
The partnership will enable OKX Wallet users to access Sui’s ecosystem projects and participate in a range of airdrops and community initiatives.
March 8, 2023 – Sui Network, a layer 1 blockchain designed for scaling decentralized applications, has announced a strategic partnership with OKX Wallet, a leading self-custodial service in the digital assets industry. The partnership will enable OKX wallet users to access Sui’s ecosystem projects and participate in a range of airdrops, along with community initiatives.
Under the partnership, OKX Wallet will collaborate with Sui on the integration of the Sui Wallet. Additionally, Sui will run a social media campaign with OKX Wallet offering airdrop rewards for user engagement. Sui will leverage the partnership to build a close engagement with OKX Wallet’s customers, with a dedicated page for Sui ecosystem news and updates, airdrops, new projects, and marketing campaigns.
Additionally, Sui’s Name Service will be the exclusive partner for OKX Wallet’s domain projects, with free domain campaigns and airdrop campaigns planned to engage with Sui users. OKX Wallet will also integrate decentralized identifiers (DIDs) in its platform, while a dedicated NFT marketplace for Sui Name Service will be established. Top projects in the Sui ecosystem will also receive exclusive marketing campaigns and collaborations with OKX Wallet, while regular marketing campaigns and collaborations will be established for general projects.
About OKX Wallet
OKX Wallet is a multi-platform, universal crypto wallet created by the world’s namesake leading cryptocurrency exchange. Users can use the OKX Wallet to gain easy access to the Web3 ecosystem, including tokens, NFTs, and dApps in more than 40 chains and roll-ups. As a self-custodial, decentralized wallet product, users are in charge of their own private keys and crypto assets on both EVM and non-EVM chains. In addition, its built-in Yield module allows anyone to participate in DeFi easily, conveniently, and safely.
About Sui
Developed by Mysten Labs, Sui is horizontally scalable layer 1 blockchain designed to support a wide range of dApp development with high speed at low cost. The first-of-its-kind platform brings users a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences. Developers of Sui Network include cryptography experts who were senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language.
The post Sui Network Announces Strategic Partnership with OKX Wallet appeared first on CryptoPotato.

[PRESS RELEASE &#8211; Please Read Disclaimer] The partnership will enable OKX Wallet users to access Sui&#8217;s ecosystem projects and participate in a range of airdrops and community initiatives. March 8, 2023 &#8211; Sui Network, a layer 1 blockchain designed for scaling decentralized applica...

cryptopotato.com

Sui Network Announces Strategic Partnership with OKX Wallet

[PRESS RELEASE Toronto, Canada, 27th March 2023]
​​XCMG Construction Machinery Co., Ltd. (000425.SZ), the world’s third largest construction machinery manufacturers, announced a partnership with Conflux, a leading public blockchain network, and Zen Spark Technology Pte Ltd, a Singapore-based blockchain and fintech company. The partnership aims to leverage blockchain and Web3 technologies to explore more international use cases.
The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd will leverage the strengths of all three companies to explore new scenarios for the application of blockchain and Web3 technology in the global market. By combining XCMG’s extensive global network with Conflux’s cutting-edge technology and Zen Spark’s fintech expertise, the three companies aim to develop new use cases for blockchain and explore the potential of Web3.
XCMG currently ranks third place in the world’s top 50 construction equipment manufacturers, according to KHL Group’s Yellow Table 2022 ranking. In the first half of 2022, despite obstacles, XCMG expanded to overseas markets and achieved export revenue of RMB 12.488 billion ($1.83 Billion), a year-on-year increase of 157.28%. As a world leader in the construction machinery industry, XCMG’s vision is driven by long-term investment and high-level innovation in research and development into the technology surrounding its equipment.
“We are excited to partner with Conflux and Zen Spark to explore new opportunities in global markets,” said XCMG’s Vice President of Machinery and General Manager of Import and Export Company, Liu Jiansen. The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd is a significant milestone in the development of blockchain technology and its application in traditional industries. As the world becomes increasingly interconnected, the ability to leverage blockchain and Web3 technology to drive innovation and explore new business models is more important than ever.
“We are thrilled to partner with XCMG and Zen Spark to explore new opportunities in the global market,” said Fan Long, Founder of Conflux. “With our cutting-edge blockchain technology, and the expertise of Zen Spark in fintech and blockchain, we are well-positioned to create new solutions and explore new use cases for blockchain and Web3 technology. This partnership is a testament to our shared commitment to innovation and our belief in the potential of blockchain to transform traditional industries.”
“Zen Spark is excited to be partnering with XCMG and Conflux on this initiative, and we are confident that our fintech and blockchain expertise will complement the strengths of our partners,” said Grace, CEO of Zen Spark Technology Pte Ltd. “We look forward to exploring new opportunities in the global market and contributing to the development of innovative solutions that benefit businesses and consumers alike.”
At the CONEXPO-CON/AGG trade show in Las Vegas, XCMG announced their entry into Web3 by revealing Bored Ape Yacht Club NFT #3489 (BAYC #3489) as the brand’s Metaverse Ambassador. Additionally, XCMG and Conflux plan to jointly issue their first NFT collection for overseas markets in the near future. As XCMG continues to explore new opportunities in the blockchain and web3 space, the company is excited to leverage its partnership with Conflux and Zen Spark Technology Pte Ltd and their expertise in distributed ledger technology and fintech to bring innovative solutions to the global market.
The partnership between XCMG, Conflux, and Zen Spark Technology Pte Ltd will be closely watched by industry experts and investors, as the three companies explore new opportunities and drive innovation in the global market. With the power of blockchain and Web3 technology, the possibilities are endless, and the future looks bright for XCMG, Conflux, Zen Spark and the global community.
About XCMG
XCMG is the world’s 3rd largest construction machinery company, holding the 65th position in China’s Top 500 Companies, the 44th spot in China’s Top 100 Manufacturing Enterprises, and ranking 2nd among China’s Top 100 Machinery Manufacturers. Throughout its robust and steady growth in the global market, XCMG has systematically established a vast marketing network encompassing over 2,000 service terminals, more than 6,000 technical experts, and in excess of 5,000 marketing and sales service staff. This expansive network spans 183 countries and regions, enabling XCMG to consistently offer its worldwide clientele comprehensive, integrated, highly efficient, and convenient one-stop services, including pre-sales, sales, after-sales, and financing solutions.
About Conflux Network
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security. As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
About Zen Spark
Zen Spark Technology Pte Ltd, a Singapore-based blockchain and fintech company, is passionately committed to expanding the real-world applications of blockchain technology on a larger scale. Zen Spark Technology develops groundbreaking solutions that seamlessly integrate blockchain technology into real-world use cases. This includes areas such as supply chain management, digital identity verification, data security, and decentralized finance (DeFi), among others.
The post Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications appeared first on CryptoPotato.

[PRESS RELEASE Toronto, Canada, 27th March 2023] ​​XCMG Construction Machinery Co., Ltd. (000425.SZ), the world&#8217;s third largest construction machinery manufacturers, announced a partnership with Conflux, a leading public blockchain network, and Zen Spark Technology Pte Ltd, a Singapore-base...

Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications


As several African nations grapple with the negative effects of the ongoing US dollar crisis, there’s growing interest in adopting Bitcoin as an alternative currency. The potential of this digital currency to revolutionize Africa’s $86 billion banking sector has been a topic of discussion among key players in the financial industry.



In the first-ever Africa Bitcoin Conference held in Accra, industry leaders explored how Bitcoin could potentially transform Africa’s financial infrastructure. The goal is to provide crucial tools for unbanked populations facing issues like currency instability, dependence on remittances, and economic sanctions.



Abandoning the US Dollar



In light of the US dollar crisis, Kenyan President William Ruto recently unveiled a new proposal. The initiative aims for Kenya to purchase oil using its local shilling currency to alleviate the fuel shortage caused by oil cartels hoarding US dollars. Ruto accused the cartels of exacerbating the US dollar crisis, leading to fuel shortages in Kenya. 



In response, his administration implemented measures to address the scarcity of US dollars. These include allowing Kenyans to acquire petrol on a six-month credit and signing deals with Saudi Arabia and UAE firms to supply diesel, petrol, and jet fuel on credit.




 Kenyan President William Ruto recommends his citizens who hold US dollars to get rid of them.The market will change within a few weeks, he predicts. pic.twitter.com/iQhmfde6c9— Wall Street Silver (@WallStreetSilv) March 26, 2023




These deals, backed by government-to-government arrangements, involve Saudi Aramco, Abu Dhabi National Oil Company, and Emirates National Oil Company, supplying fossil fuels to Kenya. This arrangement aims to ease the pressure on foreign currency demand. It also aims to stem the Kenya shilling’s slide against the US dollar and other major currencies. 



Kenya’s demand for fossil fuels amounts to a staggering $500 million per month. This makes up a significant portion of the country’s total import bill.



Africa’s Digital Alternatives



Mobile money, a digital wallet linked to a phone number, has seen rapid growth in Africa. Transactions increased by 39% to over $700 billion in 2021. However, users still lack some benefits of traditional banking, such as access to credit and protection against currency instability. 



Bitcoin could eliminate intermediaries and enable direct digital payments between individuals without credit or multiple fees.



The Lightning Network is a second layer built on top of Bitcoin’s main chain. It reduces transaction costs and enables faster payments, making Bitcoin more effective for everyday use. 









Companies like Yellow Card, Africa’s largest centralized crypto exchange, are exploring the Lightning Network. The goal is to reduce transaction costs further and enable seamless international payments between Lightning-enabled Bitcoin wallets.



Innovative projects like Bernard Parah’s partnership with Strike, a Lightning Network payments platform, demonstrate the potential for Bitcoin to facilitate cross-border transfers without recipients needing to interact with cryptocurrency themselves. Parah’s “Send Globally” service allows people in the US to send money to Nigeria, Ghana, and Kenya.



South African developer Kgothatso Ngako developed a custodial Lightning wallet called “Machankura.” It allows people without internet access to send and receive Bitcoin. The service is compatible with any Lightning wallet globally, enabling instant transfers even to basic mobile phones in remote areas.



Transferring money in Africa can be expensive and difficult due to limited access to commercial bank branches. Digital banking options are scarce, and issues like hyperinflation, government corruption, and capital controls further complicate matters. 



Africa’s payment system relies heavily on foreign processing, leading to increased costs and lengthy processing times.



Bitcoin Enables a Decentralized Future



Bitcoin offers a potential solution to these challenges by providing a decentralized, borderless digital currency. It can empower people who would otherwise be financially excluded. 



In instances like Nigeria’s #EndSARS protests, the government attempted to block protesters’ access to funds, but Bitcoin provided an alternative means of support.



Bitcoin Legality by Country. Source: Coin Dance



However, transferring money via the Bitcoin blockchain also has challenges, such as increased fees during peak demand and transaction delays. The Lightning Network addresses these issues, making Bitcoin more accessible and viable for widespread use across the continent.



Despite potential regulatory challenges, these innovative projects could drive the mass adoption of Bitcoin in Africa, gradually reducing dependence on the US dollar. 



During the Africa Bitcoin Conference, Block CEO Jack Dorsey highlighted that mass adoption of Bitcoin could eventually undermine government attempts to control financial activity. He emphasized the importance of continuing to build and innovate.



Adopting Bitcoin as a mainstream currency in Africa faces significant hurdles. Still, combining innovative technologies like the Lightning Network, collaborations between major industry players, and grassroots efforts to educate and empower the population could usher in a new era of financial independence for millions of Africans.
The post Africa Embraces Bitcoin as Alternative to US Dollar Crisis appeared first on BeInCrypto.


As the dollar crisis impacts Africa, Bitcoin emerges as a potential solution, revolutionizing the $86 billion banking sector and empowering the unbanked. Innovative projects and the Lightning Network fuel financial inclusion and challenge traditional systems.
The post Africa Embraces Bitcoin as A...

Synthetix Network price	$2.34
Low - High 24H	$2.30 - $2.54
Market cap	$738.01M
Volume 24H	$73.50M
All time high	$28.53 -91.79% February 14th 2021
All time low	$0.034786 6632.50% January 6th 2019
Genesis date	N/A

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