The following are some of the developments in the crypto space over the past few days.
The crypto world saw several developments over the weekend, including the launch of a music album in the metaverse, Tether’s (USDT) launch on the Polkadot (DOT) blockchain, and Harmony (ONE) ruled out hard fork or minting of tokens on the blockchain.
Armada Music, one of the world’s biggest independent dance music labels co-founded by DJs Armin van Buuren, Maykel Piron, and David Lewis, has partnered up with the blockchain company Ripple and music integration platform Styngr to record an exclusive music album in the Maladroids in-game radio, a video game built on the Ripple (XRP) blockchain.
Kaj Leory, CEO, XRP blockchain, said in a release “Working alongside Styngr and Ripple to bring music to the in-game radio for Maladroids has been such a fantastic experience. It’s not everyday that independent games studios are able to launch new music from well-known artists and to do so from the release of level one is an accomplishment for our brand.”
Tether (USDT) is the world’s largest crypto stablecoin and they recently announced the launch of its tokens on the Polkadot (DOT) blockchain.
Polkadot (DOT) is a blockchain ecosystem which works on the multichain functionality principles meaning it has various other blockchain applications like cross-chain registries, cross-chain computations, others integrated in its ecosystem. Apart from these activities, Polkadot also facilitates independent blockchains to exchange information and transactions in a trustless manner with help of Polkadot’s Relay Chain.
During last week’s 2022 Blockchain Mainnet event, Vitalik Buterin, said that as the crypto consensus mechanisms like Proof of Stake matures in its lifecycle he expects its legitimate use cases to increase and that existing proof of work consensus mechanism using blockchains like Dogecoin and Zcash makes the switch soon.
"I'd say should ... as PoS matures I would expect it to increase in legitimacy over time. I hope @zcash moves over and I am hopeful @dogecoin moves to PoS soon," said Vitalik Buterin.
Harmony has updated its plan of action after its June hacking incident to now include two new clauses. The Harmony team in a Medium post said that they will “not mint additional ONE tokens” and neither will there be a hard fork event with their blockchain.
When the hacking incident occured Harmony developers said that they will hard fork their blockchain to mint one billion ONE tokens but hearing this made the community revolt and ultimately Harmony developers listened to their concerns and decided to change the original recovery plan.
“We propose not minting more ONE tokens nor changing our
tokenomics with a hard fork of the protocol. Instead, we propose deploying our treasury towards both recovery and development,” read a para from Harmony’s Medium post.
Harmony (ONE) is a blockchain which facilitates the creation and use of various decentralised applications (DApps) and they do this by using a technology called Verifiable Random Function (VRF). This technology allows the Harmony blockchain to focus on random state sharding and hence create a new block in mere seconds