Bitcoin News and Finance

Solana Unleashes Token Extensions to Enhance SPL Token Standard

On Wednesday, Solana Labs unveiled the launch of token extensions, marking a noteworthy advancement in the SPL Token standard. The blockchain network’s token extensions aim to provide a suite of solutions for businesses transitioning to distributed ledger technology, emphasizing security, compliance, and ease of use.

Solana’s New Token Extensions Set to Boost Blockchain Adoption

According to the announcement, Solana-based token extensions are designed to cater to a wide range of industries, including stablecoins, real-world assets (RWAs), and payments. These extensions offer features like transfer hooks, transfer fees, confidential transfers, permanent delegate authority, and non-transferability. Each of these features serves a specific purpose, from providing control over token interactions to ensuring compliance with regulatory frameworks.

Anatoly Yakovenko, co-founder and CEO of Solana Labs, highlighted the significance of this development. “Token extensions build on the characteristics that make Solana the ideal destination for developers,” Yakovenko stated. “Solana is the first network to offer this level of integrated developer and user experience in a single token program. We’re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto.”

According to the press release, companies such as Paxos and GMO-Z.com Trust Company Inc. are early adopters of these new token extensions. In late December 2023, Bitcoin.com News covered Paxos’s expansion of its stablecoin offerings onto the Solana blockchain. Additionally, Circle disclosed the introduction of its EURC stablecoin on Solana during the same month. Furthermore, GMO Trust declared the launch of the first regulated Japanese yen stablecoin, alongside a U.S. dollar stablecoin, on the Solana platform.

“The Solana network is the blockchain of choice for enterprise-grade companies looking to enter the Web3 space,” Sheraz Shere, the head of payments at the Solana Foundation remarked. “Companies like Visa, Worldpay, Stripe, Google, and Shopify have already seen the performance advantages inherent to the Solana network and have launched solutions and applications that are only possible on Solana.”

Shere added:

With token extensions, we are expanding what is possible for enterprise adoption of blockchain by natively enabling features that matter to large regulated enterprises.

Solana (SOL), the native cryptocurrency of the layer one (L1) blockchain, has experienced a 3.3% increase in the past 24 hours. However, SOL’s performance over the past week shows a decline of over 10%. In the last month, SOL has seen a 22% decrease in value compared to the U.S. dollar.

Despite this recent downturn, six-month data reveals a significant upswing for SOL, with a 246% surge during this period. Having slipped from the top ten rankings during the crypto winter, SOL has reclaimed its spot among the leading ten, now standing as the fifth-largest cryptocurrency by market capitalization.

What do you think about Solana’s token extension announcement? Let us know what you think about this subject in the comments section below.

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Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r

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