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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.
Quick weekly news
Ethereum’s zkSync Era introduces Boojum proof system for consumer-grade GPUs
The zkSync Era, a prominent Ethereum layer-2 scaling solution, has unveiled Boojum, a new Scalable Transparent Argument of Knowledge (STARK)-based proof system. Boojum is designed to revolutionize network performance by running on everyday consumer-grade general processing units (GPUs), allowing regular users to participate in network activity.
zkSync, known for its zero-knowledge rollups (ZK-rollups), aims to enhance Ethereum’s capacity and speed while reducing transaction fees. Boojum brings a significant upgrade to the protocol, enabling it to process more transactions per second compared to its previous version which relied on zk-SNARKs.
With Boojum, users can now actively engage in the network’s activities using computers with just 16 gigabytes (GB) of GPU random-access memory (RAM). This democratizes participation, as it no longer requires powerful hardware or servers like the previous cluster of 100 GPUs with 80 GB of RAM.
The implementation of Boojum marks a significant step towards making Ethereum’s zkSync Era more efficient, transparent, and accessible to a broader range of users. The continuous advancement of layer-2 solutions plays a vital role in scaling the Ethereum network and improving its overall user experience.
Chainlink launches cross-chain protocol for enhanced blockchain interoperability
The team behind Chainlink protocol and its native token has rolled out their cross-chain protocol, aiming to boost interoperability between traditional financial firms and public/private blockchains.
In a recent blog post on July 17, Chainlink Labs’ Chief Product Officer Kemal El Moujahid announced the launch of their Cross-Chain Interoperability Protocol (CCIP) under early access on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism.
Developers on these platforms can access CCIP on their respective testnets starting July 20.
CCIP facilitates seamless data and value transfer between public and private blockchain environments from backend systems, utilizing Swift’s messaging infrastructure, trusted by 11,000+ banks worldwide for international payments and settlement.
Oasis unveils Sapphire blockchain for enhanced privacy in DApps
Oasis has unveiled Sapphire, a confidential Ethereum Virtual Machine-compatible blockchain, empowering decentralized applications (DApps) with improved privacy features.
With Sapphire and the Oasis Privacy Layer (OPL) now live, existing EVM network DApps can seamlessly utilize the privacy-first capabilities without cross-chain swaps. Cointelegraph discusses the core components of Sapphire and its potential in driving cross-chain Web3 development focused on privacy features for smart contracts.
Oasis Foundation director Jernej Kos highlights how OPL enables developers to integrate Sapphire’s features without migrating to the Oasis blockchain, enhancing user data control and privacy.
Binance integrates Bitcoin Lightning Network for faster BTC transactions
Binance has completed the integration of the Bitcoin Lightning Network onto its platform for BTC withdrawals and deposits. In a blog post on July 17, Binance confirmed the rollout of the layer-2 scaling solution, allowing users to experience faster and more efficient Bitcoin transactions.
With the addition of the Lightning Network, Binance users can now choose “LIGHTNING” as an option when withdrawing or depositing Bitcoin. This enhancement aims to alleviate the impact of high gas fees and congestion on the BTC network, providing traders with a seamless and cost-effective experience.
The decision to integrate the Lightning Network came after Binance temporarily halted BTC withdrawals due to a surge in pending transactions, which led to elevated network fees. Implementing the Lightning Network is expected to improve transaction speed and scalability, enhancing the overall user experience on the platform.
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