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Crypto exchange Coinbase has launched a layer 2 network called Base to attract millions of new crypto users in the future years. In an effort to enter the decentralized ecosystem through its own chain and expand further into the developer space, Base is a secure, low-cost, developer-friendly Ethereum L2 built to bring the next billion users to Web3!
Apart from that, here are some of the top stories from the crypto industry this week.
Google’s cloud has announced to become a network validator on the Tezos blockchain as a new partnership as a part of its Web3 acceleration.
To create Web3 applications on the network, Google Cloud's business clients can set up Tezos nodes, a sort of computer that runs a blockchain's software to verify and keep the history of transactions.
Tezos is a blockchain-based smart contract platform used to power decentralized applications like Ethereum and Cardano.
The collaboration will also provide select Tezos incubator startups with Google Cloud credits and mentorship via the Google for Startups Cloud Program.
Layer 2 scaling system Arbitrum recorded daily transactions hitting 1.14 million on February 21st, outperforming Ethereum mainnet, which recorded 1.05 million transactions.
Arbitrum is the fourth largest blockchain overall in terms of total value locked and witnessed increased adoption in 2022. Several prominent centralized crypto exchanges have also integrated Arbitrum.
The increase in Arbitrum transactions comes at a time when Ethereum network transactions have risen significantly. Despite Arbitrum’s boost in transactions and addresses, Arbitrum still continues to be much lower than Ethereum in terms of network fees.
TrueUSD has announced that it will be using Chainlink (LINK) Proof of Reserve (PoR) to secure minting, thereby becoming the first stablecoin to programmatically control minting with real-time on-chain verification of off-chain reserves.
TUSD smart contract will use the Proof of Reserve data feed to automatically check whether the total supply of TUSD would exceed the total amount of US dollars held in reserve before a new stablecoin is minted.
TUSD is currently deployed on Arbitrum, Avalanche, Binance Chain, BNB Chain, Cronos, Ethereum, Fantom, HECO, Polygon, Aurora, Optimism and Tron.
The TUSD reserve data is aggregated by The Network Firm LLP (TNF), which is an independent industry-specialized accounting firm in the United States.
Payments giant, Mastercard, has partnered with Immersve, a Web3 payment protocol allowing its users to make crypto payments across the digital and Metaverse worlds. USDC tokens will be used to facilitate transactions on Mastercard’s network.
The Mastercard-Immersve alliance uses decentralized methods to settle real-time crypto transactions on outlets that accept Mastercard payments.
Users will not have to rely on a third party for collateral when making direct cryptocurrency payments using their current Web3 wallets.
Instead, Immersve will collaborate with a third-party settlement service and let users make all of their purchases using USDC.
Also, the APIs and smart contracts of Immersve can be integrated with Web3 wallets and decentralized financial protocols to enable transactions anywhere Mastercard is accepted.
Artifacts recovered from the famous Titanic wreckage are set to be tokenized using blockchain technology.
Select artifacts from the sunken Titanic will be preserved as nonfungible tokens (NFTs) to open up shared ownership to the general public. RMS Titanic (RMST) holds the exclusive rights to recover artifacts from the Titanic and its wider debris field from the bottom of the North Atlantic Ocean.
RMST, Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs will begin tokenizing precious artifacts from the Titanic to unlock countless Web3 functionalities.
Artifact Labs will create NFTs for 5,500 recovered artifacts from the sunken ship using its in-house NFT blockchain system. Future artifacts retrieved from the resting place of the Titanic are also set to be minted as NFTs.
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Disclaimer:This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.