Blockchain Weekly Digest — July 29th, 2024
Innovations in Consensus, Introducing Practical Mega Clusters, The Quarterly Oversight Committee Report (QOCR) Report, An Open-Source, Practical ZK-IBC Implementation by TOKI and Succinct, Interchain Meet Starknet, Ondo USDY Goes Live on Noble, Cardano Weekly Development Update, and Aura Network Partners with The Sandbox.
The Blockchain Weekly Digest covers significant developments across various blockchain ecosystems. Key highlights include: Innovations in consensus with SSV Network’s integration of Alea-BFT to improve performance and resilience, and the introduction of practical Mega-Clusters to mitigate centralization risks in Ethereum staking. The Quarterly Oversight Committee Report details successful deployments and upgrades, with plans for future technical enhancements and consumer chain launches. TOKI and Succinct’s open-source Zero-Knowledge Inter-Blockchain Communication Protocol aims to facilitate efficient information exchange between Ethereum and Interchain ecosystems. Starknet ongoing efforts to decentralize the sequencer and integrate IBC protocol to enhance interoperability and reduce fragmentation. The launch of Ondo’s yield-bearing stablecoin, USDY, on Noble, integrating with the Cosmos ecosystem. Cardano weekly development updates include the release of node v.9.1.0, improvements in performance and networking, and advancements by the Hydra and Mithril teams. Aura Network partnership with The Sandbox to enhance IP management in the metaverse, aiming to bring more brands into the on-chain IP space and drive innovation in virtual worlds. Navigate through the quiet, yet captivating waters of the crypto world in this weekly roundup. Keep reading for a detailed exploration of each update.
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Ethereum
Innovations in Consensus
The SSV Network, a novel implementation of Distributed Validator Technology (DVT), was recently highlighted in an academic case study at the 21st USENIX NSDI Symposium. The study explored SSV’s integration of Alea-BFT to enhance performance and resilience over its current QBFT protocol. Researchers found that Alea-BFT offers efficient latency and throughput, crucial for decentralized systems, while maintaining robust fault tolerance and consensus integrity. Despite Alea-BFT’s potential, QBFT remains the preferred protocol for SSV due to better latency with the BLS scheme. This study underscores the SSV Network’s advancements in ETH staking and BFT consensus, paving the way for future innovations.
Check it out the blog post 👉 here.
Introducing Practical Mega Clusters
In a previous post discussed DVT clusters and introduced the Mega-Cluster (MC) concept, a cluster-of-clusters that decentralizes Ethereum validator operations by coordinating different entities. This helps mitigate centralization risks in Ethereum staking. The MC model doesn’t address key generation and withdrawal credentials, and managing unequal operator contributions remains a challenge. The solution involves incentivizing entities to add operators dynamically using a special token system. A practical Mega-Cluster uses SSV’s incentivized rewards and a greedy algorithm to balance capacity. This approach aims for equilibrium where all entities contribute and consume capacity equally, tested through Solidity contracts and incentivized mainnet rewards.
Check it out the blog post 👉 here.
Cosmos
The Quarterly Oversight Committee Report (QOCR) Report
In Q2 2024, ICS 2.0 was successfully deployed and is being utilized by Stride and Neutron, but no new consumer chains launched. Gaia upgrades v16 and v17 were completed, with v18 in voting. Babylon integration and Hydro testnet deployments were completed, but Hydro’s frontend development is ongoing. The community prioritized the immediate deployment of CosmWasm, leading to its integration in Gaia v18. Marketing and business development efforts were ramped up, hiring new staff and planning events. Q3 goals include launching consumer chains with effortless setup, achieving asymmetric advantages, and ensuring robust security, alongside ongoing technical upgrades and the introduction of the ICS launchpad and Hydro liquidity platform.
Check it out the forum 👉 here.
An Open-Source, Practical ZK-IBC Implementation by TOKI and Succinct
TOKI and Succinct have developed an open-source Zero-Knowledge Inter-Blockchain Communication Protocol (ZK-IBC) that integrates ibc-solidity and Tendermint X, allowing dApps to exchange information between Ethereum and Interchain ecosystems. This solution, which includes the TendermintZKLightClient, ZKProver, and Relayer, is optimized for performance and gas cost, with benchmarks showing significant improvements over previous implementations. TOKI and partners are also advancing ZK proofs with technologies like Trusted Execution Environments (TEE) and Multi-Party Computation (MPC), and have launched a testnet for cross-chain bridges on Ethereum and BNB Chain. Future work involves optimizing proving time and gas costs, and expanding support for additional blockchains.
Check it out the blog post 👉 here.
Interchain Meet Starknet
The collaboration between StarkWare Industries, Starknet Foundation, and Informal Systems has focused on enhancing decentralization and interoperability within the Starknet and interchain ecosystems. Since late spring 2023, discussions have led to developments in decentralizing Starknet’s sequencer using Tendermint, with Informal’s “Malachite” implementation featuring fault-tolerance and censorship-resistance. Additionally, the integration of the IBC protocol aims to expand Starknet’s application reach and reduce fragmentation. Future work includes optimizing the sequencer and integrating IBC across various blockchains to facilitate broader composability and liquidity flow.
Check it out the blog post 👉 here.
Ondo USDY Goes Live on Noble
Ondo’s USDY, a yield-bearing stablecoin, is now live on Noble, integrating with the Cosmos ecosystem and its 90+ chains. USDY offers a 5.3% APY, backed by US Treasury Bills, and is accessible across major Cosmos appchains like Injective, Osmosis, and Helix. This launch introduces tokenized treasuries to Cosmos, enabling USDY’s use in various applications such as trading, lending, and as collateral. USDY combines the stability of traditional stablecoins with attractive yields and broad global access, ensuring high-quality collateral and regulatory compliance.
Check it out the blog post 👉 here.
Cardano
Cardano Weekly Development Update
The weekly development report highlights several key updates: The Cardano node v.9.1.0 has been released, featuring crucial updates for the Chang upgrade, including a new Conway genesis file and various enhancements. The performance team reported improvements in block fetch duration and scaling benchmarks, while the networking team made progress on tx-submission design and integration with Mithril. The Lace team is finalizing version 1.14, and the Plutus team has rebranded Plutus TX to Plinth for clarity. Hydra and Mithril teams advanced their respective developments, and the Catalyst Fund12 onboarding has started. Education efforts continue with a developer course in Argentina.
Check it out the blog post 👉 here.
Aura
Aura Network Partners with The Sandbox
Aura Network has partnered with The Sandbox to enhance the management and utilization of intellectual property (IP) in the metaverse. This collaboration aims to bring more brands into the on-chain IP space by leveraging Aura’s advanced IP solutions and The Sandbox’s decentralized virtual world. Together, they will provide robust IP management options, enabling brands to create, interact with, and monetize their digital assets. This partnership builds on The Sandbox’s existing collaborations with major brands and aims to drive innovation in virtual worlds, creating a more interconnected and versatile environment for IP development.
Check it out the blog post 👉 here.
Thank you for reading.
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We aim to decentralize the Proof-of-Stake blockchain ecosystem. We’re highly familiar with the Tendermint-based blockchains such as Cosmos, Kava, Agoric, Aura; Ethereum and EVM-chains like Harmony; and substrate-based chains such as Cardano. Our global team is continuously improving our automations and constantly monitoring our operations to ensure high availability and resilience.
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