Coinbase CEO Brian Armstrong hints at Lightning integration

Coinbase CEO Brian Armstrong has hinted that the cryptocurrency exchange may integrate Lightning, a layer 2 scaling solution for Bitcoin. In a tweet, Armstrong responded to criticism for not integrating the Lightning network by saying, “Lightning is great and something we’ll integrate.” However, he did not provide any further details on what the integration would involve or when it could be expected.

The Lightning network enables faster and cheaper BTC transactions than the Bitcoin base network, but Coinbase, along with other exchanges such as Binance and FTX, has been criticized for not integrating the technology. If Armstrong follows through on his statement, Coinbase would join Bitfinex, Kraken, and OKX as the largest trading platforms to integrate Lightning.

David Coen, a Lightning enthusiast, had previously suggested that many trading platforms may be reluctant to integrate Lightning because it goes against their business plan of integrating as many altcoins as possible. However, Coinbase has lately been more active in the Ethereum ecosystem, launching “Base” in February 2021, an Ethereum layer 2 application-focused network powered by fellow layer 2 Optimism.

In addition to the potential Lightning integration, Armstrong recently offered a $100 prize for the “best” examples of how people are using crypto in Africa. However, the winner reported that he has not received the payment, prompting a Bitcoiner to suggest that Armstrong “needs a lesson on Lightning.”

It is interesting to note that Armstrong wrote an article in January 2016 expressing support for Bitcoin scaling solutions, saying, “We also did it to show our support for scaling Bitcoin, and encourage things to move forward, since we’d like to see a solution sooner rather than later.” Lightning was launched about two years later in March 2018, with last month marking the fifth anniversary of the network.

If Coinbase were to integrate Lightning, it would be a significant step towards making Bitcoin more accessible and practical for everyday transactions. With the rising popularity of altcoins and increasing demand for fast, low-cost transactions, integrating scaling solutions like Lightning is becoming increasingly important for cryptocurrency exchanges. However, it remains to be seen when and how Coinbase will integrate Lightning, and whether other major exchanges will follow suit.


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StarkWare partners with Chainlink

An impending agreement between the blockchain scaling technology firm StarkWare and Chainlink Labs will result in the addition of Oracle services, data feeds, and price feeds to the StarkNet ecosystem. This relationship will be established in the near future.

Because of the relationship, StarkWare will take part in Chainlink’s Scale programme, and the price feeds for StarkNet’s testnet will come from Chainlink. In addition, StarkNet tokens will be used to fund some operating expenditures for Chainlink oracle nodes. This access to Chainlink oracle services and data feeds will be provided to Starket developers via the usage of StarkNet tokens.

Chainlink is a decentralised oracle network that enables smart contracts to access off-chain data sources, application programming interfaces (APIs), and payment systems in a secure manner. It makes it possible for smart contracts to interact with data and events that take place in the real world, which in turn makes it possible for them to be triggered by data that originates from outside sources.

The network makes use of decentralised nodes, which are entrusted with the responsibility of delivering smart contracts with data that can be relied on and is secure. In exchange, these nodes are rewarded with payments in Chainlink’s native LINK currency. The data that is supplied to smart contracts by node operators has been checked and calculated by those node operators before being submitted to smart contracts. This verifies that the information is accurate and may be relied upon.

According to a statement that was released by StarWare, an economically feasible framework has been built between StarkNet and Chainlink. It is also hoped that the integration would provide developers working on StarkNet with the basic infrastructure needed to build “highly performant, more sophisticated, and secure smart contract applications.”

Oracles are an important part of the system, and their value can be seen in a wide range of applications because to the flexibility they provide. Knowledge about the current value of assets or NFTs is required for a significant number of applications. Oracles are often compared to extensive toolkits due to their breadth of functionality.


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The California DMV is set to digitize car titles and title transfers

The Department of Motor Vehicles (DMV) in the state of California is conducting experiments with the use of a private Tezos blockchain to facilitate the digitalization of vehicle titles and title transfers.

The move is being made as part of a cooperation between the California Department of Motor Vehicles (DMV), the blockchain software company Tezos, and the blockchain software company Oxhead Alpha. Oxhead Alpha announced a successful proof-of-concept on January 25.

Oxhead Alpha has been contracted by the California Department of Motor Vehicles to build on a private Tezos testnet that the DMV has nicknamed a “shadow ledger.” Its primary purpose is to serve as a blockchain-based copy of the agency’s existing database, which has been its primary focus since its inception.

Ajay Gupta, the chief digital officer of the California Department of Motor Vehicles, told Fortune on January 26 that the department hopes to have the kinks worked out of the shadow ledger within the next three months.

After that, it intends to roll out apps such as digital wallets to keep and transfer nonfungible token vehicle titles, with the DMV serving as a mediator to monitor such processes. In addition to that, it is planning to roll out applications similar to the one described above.

According to an interview that Gupta gave to Forbes, “The DMV’s reputation of falling behind should surely alter.”

Andrew Smith, president of Oxhead Alpha, said that the California Department of Motor Vehicles’ (DMV) blockchain programme would serve a broad variety of use cases for the department, notably addressing the agency’s present paper-based systems and their eventual upgrade.

Smith gave many instances of fraudulent transactions, such as when automobile salesmen conceal essential information about the vehicle’s condition in order to sell a defective or “lemon” vehicle to purchasers who are not paying attention.

Smith pointed out that even while problematic autos in California have a special designation on their titles, dealers may easily relocate the vehicle to another state and conceal the faulty designations by doing so.

Smith said that it would be much simpler to monitor the true history of automobiles digitally if blockchain-based record keeping were used, in addition to the possibility that other DMVs might embrace the technology.

According to him, “this is a pretty apparent use case” for having a permanent digital title, which is one of the benefits of having such a title.

Smith explained in the company’s release on January 25 why Tezos was a good match for the DMV by stating that the blockchain “solves some of the very hard challenges in blockchain in an elegant manner.” Smith was commenting on why Tezos was a good fit for the DMV.

“The combination of responsible consensus, on-chain governance, and institutional grade security makes Tezos a perfect platform for providing production-ready solutions,” he added. “On Tezos, governance happens directly on the blockchain.”

The decision made by the California Department of Motor Vehicles is likely to be replicated by other governmental agencies in the state going ahead. In May of 2022, Governor Gavin Newsom of California issued an executive order to direct and investigate potential prospects for the integration of blockchain technology with state government institutions.

The governor said that “California is a worldwide powerhouse of innovation, and we’re setting up the state for success with this new technology.” This includes encouraging responsible innovation, safeguarding consumers, and harnessing this technology for the benefit of the public.


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​​Cream Finance will integrate with Polkadot blockchain using Moonbeam

Decentralized finance project ​​Cream Finance will bring its lending and borrowing services to Moonbeam, a smart contract platform on Polkadot. 

In a Thursday announcement, the Moonbeam network said Cream Finance would be integrating with its ecosystem starting with its parachain on Kusama, Moonriver, and then on Polkadot. Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out.

“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem,” said Moonbeam founder Derek Yoo. “The integration not only provides a critical capability to the growing DeFi ecosystem on Moonbeam, it also provides builders on Moonbeam with a critical building block for creating new Polkadot-based DeFi applications.”

Related: Equilibrium’s Polkadot-native stablecoin will integrate with Moonbeam

The number of options for decentralized finance, or DeFi, projects building on Moonbeam through Kusama or Polkadot have grown in recent months as many protocols announced integrations with the platform. Projects include cross-chain lending protocol Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX, and others.

Cream Finance was recently the target of a major hack, in which an attacker used a flash loan exploit to steal $18.8 million. According to the project, it has more than $1 billion in total value locked on the platform.