Jeremy Epstein, RDX Works: On the ‘practically unlimited scalability’ of Radix

Radix claims it will offer “practically unlimited scalability” with its novel consensus algorithm, Cerberus.

In 2019, Radix set a record for decentralised ledgers when it demonstrated the ability to process over one million transactions per second. For the demonstration, Radix replayed 10 years of Bitcoin’s transaction history in under 30 minutes. That demonstration used Cerberus’ predecessor, Tempo.

Despite the record-breaking demonstration, it was...

‘Most of crypto is going to go away’ says JPMorgan blockchain lead

Trash

JPMorgan head of blockchain and digital assets, Umar Farooq, has stated that the majority of crypto assets on the market today are “junk” and that it will take time for real crypto use cases to emerge.

During a panel at the Monetary Authority of Singapore’s Green Shoots Seminar on 30 August, Farooq also said that regulation in the digital asset space was not keeping up with the industry’s advances.

In his view, this is holding bacl many traditional finance...

Alex Reinhardt, PLC Ultima: On building a crypto ecosystem for ‘daily life’

PLC Ultima aims to spread opportunity with an ecosystem that anyone can use in their daily lives.

The Block caught up with Alex Reinhardt, Founder of PLC Ultima, to learn more about the project and get the crypto expert’s views on the uncertain regulatory environment.

The Block: How is PLC Ultima bridging the gap between traditional business and crypto? 

Alex Reinhardt: I originally conceived PLC Ultima as a universal financial instrument that can be...

Aave bans Justin Sun for receiving funds from Tornado Cash

DeFi protocol Aave has banned Tron founder Justin Sun for receiving funds from sanctioned crypto mixer Tornado Cash.

Tornado Cash enables criminals to launder cryptocurrency. Differing reports by crypto analytics platform Elliptic and the US Treasury estimate the mixer has been used to launder anywhere between $1.5 billion and $7 billion worth of digital assets, including by North Korean hacker group Lazarus.

While that’s no small figure, it’s a drop in the ocean...

Ripple: Most financial institutions plan to use crypto within three years

A report by Ripple suggests that most financial institutions plan to start using crypto within the next three years.

Despite the bear market, financial institutions remain interested in the cryptocurrency space. Just this week, $10 trillion asset manager BlackRock launched a spot Bitcoin trust while saying that it’s also exploring “permissioned blockchains, stablecoins, cryptoassets, and tokenization.”

While BlackRock is exploring the potential financial benefits...

‘Free-for-all’ Nomad exploit drains $190M of crypto

Cross-chain bridge Nomad has fallen victim to a “free-for-all” exploit that drained around $190 million in crypto.

Just last week, Nomad announced that it had secured $22.4 million in seed funding from high-profile backers including Coinbase Ventures, Crypto.com Capital, and OpenSea. The company emphasised its focus on security following a spate of bridge hacks.

“With $1.5B in bridge hacks happening within the last 12 months, many people, protocols, and DAOs are...

Nomad raises £18.4m for secure cross-chain DeFi protocol

Bridge

DeFi cross-chain interoperability protocol Nomad has secured a $22.4 million (£18.4m) seed round from leading investors in the crypto industry.

Crypto investment firm Polychain led the round, with Coinbase Ventures, Crypto.com Capital, OpenSea, Wintermute, Gnosis, Algaé and Polygon all participating too.

This financing round will be used to expand Nomad to other blockchains, helping it create a more secure cross-chain bridge encryption ecosystem, where different...

Millicent Labs demos full-reserve digital currency for UK government

Blockchain fintech company Millicent Labs has completed a sandbox test for a full-reserve digital currency (FRDC) with co-funding from the UK government’s Research and Innovation branch.

An FRDC is a privately issued digital currency pegged to a fiat currency, according to Millicent. The company believes it avoids the pitfalls of central bank digital currency and stablecoins while bridging blockchain technology with traditional finance.

Millicent plans to introduce a...

Aave proposes over-collateralised stablecoin GHO to its community

Liquid

Decentralised finance (DeFi) and liquidity giant Aave plans to launch a new kind of over-collateralised stablecoin called GHO despite confidence in stablecoins being at a lull.

With GHO, users could borrow the stablecoin whilst still earning yields on any assets they have locked with Aave. However, the proposal remains in a feedback stage and will ultimately be subject to the community DAO’s approval.

Aave tweeted the news on 7 July, stating: “We have created an ARC...

Tether CTO responds to reports of hedge funds shorting USDT

Tether CTO Paolo Ardoino has responded to reports of hedge funds shorting its USDT stablecoin.

A “short” is a bet against the value of an asset. In contrast, a “long” position is a bet that an asset will appreciate in value.

On Monday, the Wall Street Journal reported that various traditional hedge funds had open USDT short positions worth hundreds of millions of dollars.

“There has been a real spike in the interest from traditional hedge funds who...