Decentralized Storage Network Filecoin to Launch Mainnet on Oct 15th; Raised $200M In 2017

https://bitcoinexchangeguide.com/decentralized-storage-network-filecoin-to-launch-mainnet-on-oct-15th-raised-200m-in-2017/

Three years following its successful initial coin offering (ICO) approximated at $205M, Filecoin has finally confirmed that its long awaited mainnet launch is set for mid next month.

In a blog post from the team, the decentralized storage platform stated that the mainnet will be rolled out on Oct.15. The firm also revealed that the network will go live at block 148,888.

The platform is designed as a blockchain rival to Amazon Web Service as well as Cloudflare. The platform conducted one of the most successful ICO’s in history raising $205 million.

Dubbed decentralized dropbox, Filecoin is seeking to end the overreliance on the third-party hosting services used by companies such as Microsoft or Amazon. This will be advantageous to users as their content will not be monitored, like is the case with Dropbox, all information within the Filecoin platform will be encrypted making monitoring impossible.

The upcoming launch will end speculation in regards to years of delay. The firm had forecasted that its testnet would be launched by the end of 2018 while the mainnet was set to go live by 2019. The team then revised its estimation saying that the testnet was to be launched in the spring of last year while the mainnet would be launched by end of last year.

Filecoin was finally able to release its testnet in December last year. At that moment, the firm explained that the mainnet was set to be launched in March this year. Now, almost an year after the launching of the testnet, the firm has announced the mainnet will be launched mid next month.

All signs show that Filecoin is set to meet the expectations. On Aug. 24, the team released an incentivized testnet which is a sign that the platform is at the final stages of its design and development.

However, the team is facing challenges as an infuriated group of miners as well as venture capitalists in China are threatening to fork the platform before it can be officially launched. The group are of the view that they might be underpaid if the mainnet goes live. Protocol Labs, the firm behind Filecoin, had earlier released a paper stating that about 80% of miners could be rendered unprofitable.

The post Decentralized Storage Network Filecoin to Launch Mainnet on Oct 15th; Raised 0M In 2017 first appeared on BitcoinExchangeGuide.

DeFi App, Aave, Releases Aavenomics Upgrade as It Prepares to Launch Its Governance Token

https://bitcoinexchangeguide.com/defi-app-aave-releases-aavenomics-upgrade-as-it-prepares-to-launch-its-governance-token/

Aave, the Ethereum based DeFi protocol, has released a tokenomics upgrade proposal dubbed ‘Aavenomics’ that will define its shift to a more decentralized governance ecosystem.

The firm announced this milestone on July 29 via a medium blog, noting that it is another exciting phase for Aave. Aave’s founder and CEO, Stani Kulechov, has since confirmed that the new governance tokens have been under development since we began the year.

The protocol is set to join the likes of Compound and Synthetic, which already launched its governance tokens. Notably, the debut of Compound’s token saw the DeFi market rally to new ATH’s as this protocol overtook Maker in terms of total value locked (TVL). This position, however, has not held given Maker regained its position as the leading DeFi protocol; over $1 billion are currently locked within its ecosystem.

Aave’s Governance Token

Currently, Aave’s DeFi platform uses LEND as its native token, but these are now set to be swapped for the upcoming governance token, AAVE. These governance tokens will supposedly introduce a financial services ecosystem that is pegged on a future proof framework and distributed governance to enhance safety and sustainability.

The LEND token supply, which is currently 1.3 billion, will be reduced to a bare 16 million AAVE tokens once the Aavenomics proposal is fully integrated. Thirteen million of these AAVE tokens will be redeemed by token holders, while the remaining 3 million will be allocated to Aave Ecosystem reserve. Going by these stats, Aave set the conversion rate for LEND against the new governance token at 100:1 to achieve the target numbers.

To initiate the swap, a governance vote will be conducted via the existing LEND token holders. Once approved, the underlying smart contracts will then facilitate the swap in a move that will see Aave achieve more decentralization in its governance.

The 3 million tokens allocated to Aave’s Ecosystem reserve will be used to incentivize development, hence safety and economic incentives in the rewards pool. Their allocation will be heavily dependent on Aave’s community, a decision they can now voice via a governance token.

Aave’s DeFi Footprint

At the moment, Aave is the fourth DeFi in terms of TVL with a significant $445 million in locked digital assets, up 14.6% in the last 24 hours. The project launched in 2017, and went by ‘EthLend‘ at the time; this name was, however, changed in September 2018 to what is now ‘Aave.’

Some highlights by this ETH financial service protocol include its $18 million ICO funding. This was later topped up by other funding rounds that have seen Aave gather over $3 million from the sale of LEND tokens after 2017.

Decentralized Derivatives Exchange Injective Protocol Raises $2.6M In Fresh Funding for Upcoming Mainnet

https://bitcoinexchangeguide.com/decentralized-derivatives-exchange-injective-protocol-raises-2-6m-in-fresh-funding-for-upcoming-mainnet/

Injective Protocol, a front-running resistant layer-2 decentralized exchange protocol has raised $2.6 million in seed funding round led by Pantera Capital and many other prominent firms such as QCP’s investment arm QCP Soteria, Axia8 Ventures, and OK’s strategic investment partner K42.

The Injective Protocol was also a part of the Binance incubation program of 2018. The protocol itself aims to solve the scalability and liquidity issues faced by exchanges. Solving these issues would not only offer working capital but also liquidity solutions for decentralized exchanges.

Commenting on their new partners, and what led to lead the funding round, was Paul Veradittakit, Partner at Pantera Capital stating:

“Injective Protocol scalably brings advanced derivatives capabilities to Defi while being uncompromisingly decentralized.

We see Injective as a strong contender to expand Defi beyond just Ethereum power users and to serve as an integral layer ushering the new dawn of decentralized derivatives.”

Injective protocol promises to boost the decentralized exchange market by improving liquidity and also promise to help in building different products to cater to the needs of the consumers.

Polkadot (DOT) Is Now Fully Decentralized After Community Governance Removes Web3 Foundation Admin Rights

https://bitcoinexchangeguide.com/polkadot-dot-is-now-fully-decentralized-after-community-governance-removes-web3-foundation-admin-rights/

Polkadot (DOT), a blockchain aiming at scalability, security, and connecting other blockchains, is now fully decentralized following a successful vote through community governance. The majority sees the blockchain drop admin rights by Web3 Foundation to introduce a token governance system on the platform.

A tweet sent out at 8.03 AM GMT, Gavin Wood, co-founder of Parity Technologies, lead developer of Polkadot, confirmed the transition to a permissionless network at block #799,302 opening up a new governance future for the community.

The enacted governance proposal introduces an improved “community governance system,” which allows DOT holders to vote and influence decisions on the development of the Polkadot blockchain directly. The governance system also enables the community to vote on changes on the DOT token, such as the recent redenomination proposal of the genesis tokens.

The permissionless blockchain also dropped the admin rights held by Web3 Foundation, making the blockchain fully decentralized. To fully release the blockchain to the community, the vote also struck off the “Chain Candidate 1 (CC1)” tag for its mainnet network.

From Permissioned to Permissionless

After being in the works for the past three years, the Polkadot mainnet finally launched in May, limiting some features to agents and the admin. This permissioned proof of stake (PoS) blockchain allowed Web3 Foundation to take charge of the blockchain in case of a problem or maintenance issue on a newly launched mainnet.

Over the weeks, the community governance has gained more power from the admins through the proof of stake, with nearly 200 validators currently controlling half the DOT supply.

In 2020, the developers and Web3 Foundation have taken massive strides in ensuring the blockchain becomes decentralized. Chainlink selecting to build on Polkadot (only after Ethereum), the development of a Bitcoin Parachain that brings BTC and BTC-backed assets on Polkadot and the launch of staking services – supported by Coinbase and Bison Trails – shows a bright future for the blockchain, Gavin said.