Blockchain
Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility
Sei Foundation, the overseeing entity of the Sei blockchain operating at Layer 1, has taken a significant stride towards version 2 of its network, as revealed in an announcement made on Monday. Spearheaded by Sei Labs, this upgrade aims to elevate the blockchain’s performance by introducing a high-performance instance of parallelized Ethereum Virtual Machine (EVM).
Following the necessary approval of the governance proposal, the network upgrade is scheduled to take place one week later. This swift timeline underscores the Sei team’s dedication to continually enhancing the efficiency of their network.
The introduction of Sei’s parallelized EVM marks a notable technological advancement in the company’s operations. This innovation enables Ethereum-based contracts to be seamlessly deployed on the Sei platform, resulting in near-instantaneous execution. Such a feature drastically reduces transaction validation times, significantly elevating existing efficiency and effectiveness standards.
Version 2 of Sei’s blockchain, slated for release, will support Ethereum and parallel execution, akin to other high-performance blockchains like Solana. This development further solidifies Sei’s standing as a formidable player in the industry. The upcoming Sei v2 update will also compete with other parallelized EVMs, including popular ones like Monad and Neon, in the fiercely competitive blockchain landscape.
Sei Labs has already indicated that the current upgrade is poised to attract significant interest, given the applications available on Ethereum. Notable investors and partners such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph are currently in discussions with Sei to access v2. The anticipated adoption of Sei v2 is a significant testament to the platform’s potential to emerge as a leading hub for blockchain collaboration.
Since its beta launch on the mainnet within Cosmos in August 2023, Sei has primarily focused on applications developed with Rust that run on Cosmos. However, with the introduction of Sei v2, the team intends to expand its reach by engaging both new and existing users and optimizing network compatibility. This strategic pivot aims to foster inclusivity and adaptability for development.
Having secured substantial funding in April 2023, Sei Labs is now prioritizing the transition to Sei v2. The successful funding round, which raised $30 million across two rounds from investors such as Jump and Multicoin Capital, underscores Sei Labs’ commitment to supporting the Sei blockchain ecosystem financially and technologically.
The recent developments at Sei exemplify a strategic direction aimed at enhancing the blockchain’s efficiency and competitiveness. By embracing cutting-edge technological innovations and bolstering support for Ethereum-based applications, Sei positions itself as a potential catalyst for its services and a significant player in the blockchain industry. Investors and the broader tech community are closely observing how this substantial change could shape the future of blockchain.
Source: cryptonewsz.com
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Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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