Also: SSV DAO Unveils “SSV 2.0”; Cardano Hard Fork
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. I'm Ben Schiller, CoinDesk’s Opinion and Features editor.Blockchain firm Movement Labs has deployed a developer mainnet to advance its goal of bringing Facebook 's Move Virtual Machine to Ethereum.
The developer mainnet's launch will begin the deployment of Movement's core infrastructure and allow selected partners to start implementing decentralized finance protocols, according to an emailed announcement on Tuesday. The release follows the initial mainnet launch of Movement in December and precedes the planned public mainnet beta release next month. Move was developed as a part of Facebook's ill-fated digital currency project Diem,a $38 million Series A funding round led by Polychain Capital , is extending the programming language to an Ethereum layer 2 for the first time. Coinciding with the public mainnet's deployment, Movement will also unveil a multi-asset liquidity program to provide the foundation for decentralized finance applications. Proof-of-stake blockchain Cardano was due to switch to decentralized governance Jan. 29 after the Plomin hard fork takes effect, Cardano Foundation, a non-profit organization backing the project, said on X. "The Plomin hard fork takes effect, marking the transition to full decentralized governance. ADA holders gain real voting power – on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future,". " A milestone in blockchain governance." Cardano's ADA token changed hands at 93 cents at press time, up 1.4% on the day, according to data from CoinDesk and TradingView. A hard fork is a non-backwards compatible change to the blockchain's programming. The Plomin hard fork needs Stake Pool Operators to upgrade their nodes and approve the upgrade with a 51% vote. As of last week, nearly 80% of nodes had elevated to the new version., unveiled a new framework, called “SSV 2.0,” allowing applications to make use of “based” technology by leveraging Ethereum validators. SSV 2.0 will be the most ambitious project for the SSV Network, according to a press release shared with CoinDesk, and will bring based applications to Ethereum. “Based” applications, especially “based rollups,” are a new type of technology attracting the attention of Ethereum developers as it allows for better interoperability while improving the security of networks on top of Ethereum. Based rollups specifically can be seen as a solution to the many layer-2 networks on Ethereum today, which have caused much fragmentation across the space. By leveraging “based” technology, those protocols or applications can “base” their security and execution operations off of Ethereum’s layer-1 validator set. Currently, layer-2 networks use “sequencers”and post those back to Ethereum. Sequencers are criticized for being single points of failure. By using layer-1 validators to do the execution and security work, networks can avoid the downfalls of using centralized sequencers. Ethereum developersover the last few weeks to find ways to solve this issue, and based rollups are seen as a major breakthrough for that. Now the SSV Network will also tackle these issues by bringing applications with based technology to Ethereum. in his role leading the new Department for Government Efficiency , Elon Musk suggested that using a digital ledger would be a cost-efficient way to track federal spending, secure data, make payments and manage buildings, according to people familiar with the matter. Several representatives of public blockchains have met with affiliates of D.O.G.E., the people said. The department was created in response to the federal government’s spending of $6.7 trillion in fiscal 2024, which Musk in October. He promised the department — whose acronym is a nod to Musk’s favorite cryptocurrency, dogecoin — would slash the figure to at most $2 trillion. Given the department’s name and Trump’s determination to establish crypto-friendly policies in the U.S., Musk’s plan to incorporate blockchain technology doesn’t come as a surprise. In addition to creating D.O.G.E. on Jan. 20, Trump signed an executive order toled by venture capitalist David Sacks with a mandate to identify all regulations that currently touch crypto within 30 days, among other things.about a putative national crypto reserve, saying “I believe it should be representative of the industry, not just one token ." Bitcoiners hope it will be a bitcoin-only reserve.Benjamin Schiller is CoinDesk's managing editor for features and opinion. Previously, he was editor-in-chief at BREAKER Magazine and a staff writer at Fast Company. He holds some ETH, BTC and LINK.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bell Labs marks 100th birthday as iconic N.J. company prepares for huge moveBell Labs — whose researchers pioneered everything from transistors to lasers — is moving out of its headquarters in Murray Hill.
Read more »
Mexican President: NY Times Story on Cartel Fentanyl Labs ‘Unbelievable’Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
iExec Partners with CV Labs and Foundations to Drive Innovation in Privacy-Preserving TechnologiesiExec, a Web3 platform, announces strategic collaborations to foster innovation in privacy-preserving technologies.
Read more »
DWF Labs, NEAR Protocol Inked Partnership, AI Agents in FocusDWF Labs, global Web3-focused market making and VC firm, shares details of its latest collaboration with veteran L1 NEAR Protocol
Read more »
Binance Labs Rebrands as YZi Labs with Ella Zhang Returning as HeadBinance Labs, the venture capital arm of Binance, has rebranded as YZi Labs. Ella Zhang, who played a key role in founding Binance Labs, is returning as the head of the new company. Changpeng Zhao (CZ), Binance's co-founder and former CEO, will take an active advisory role. The rebranding aims to emphasize its independence from Binance and expand its investment focus to Web3, AI, and biotech.
Read more »
Movement Labs Unveils Developer Mainnet Ahead of February's Public LaunchMovement will also unveil a multi-asset liquidity program to provide the foundation for DeFi applications
Read more »