Daily Crypto NewsEDITION #364, 11 August 2022

Gem City is moving all blockchains to Proof-of-Gem

Hey Moni Maker 👾

Gem City is rolling out a new update today. The city's blockchains are now moving to a new consensus called "Proof-Of-Gem." The transition is scheduled to take place in September of this year.

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– Symbiosis testnet     

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What have we got today? Today we have a project that wants to solve a few pressing DeFi problems. Let's go!

Espresso Systems is developing the L-1 blockchain with the eponymous name Espresso. Espresso has also developed Configurable Asset Privacy for Ethereum (CAPE), an application that can run on any EVM blockchain (and eventually run on Espresso). The trick to the project is a combination of Proof-of-Stake and ZK-Rollup to achieve high throughput and low fees. 

CAPE can be used to create new assets or to wrap existing assets, giving them privacy properties. Wrapping locks an asset in an ERC-20 contract and creates a corresponding CAPE asset of the specified type while unwrapping burns the CAPE asset and releases the lock.

Also worth replacing is that the project has raised $32,000,000 from funds like Greylock Partners, Electric Capital, Sequoia Capital, Polychain Capital, Alameda Research, Coinbase Ventures, and Gemini Frontier Fund... So if such a bunch decided to put some money into the project, you might as well go ahead and do it on your own.

Here comes the testnet - check it out.

Did you miss this column? Yeah, we've collected some projects that raised some money. Let's pay some attention to them. :) 

All eyes are on the infographic! 

1.  FairXyz - this project promises to solve the problem of gazwars in NFT, and in general to make life easier for both creators and degens. They are aiming for an analogue of Amazon Marketplace among Web3. Dudes from Meta, Instagram and Goldman Sachs are working on the project.

2.  Cashmere - we know, we know what you needed to be happy! A new Solana wallet! The project is sawing a wallet for businesses. So they will have to try a little harder with security...you know business people are not degens cause they don't know so much about REKT

3.  MetaverseGo - P2E hub! Well, that's what they promise—games, guilds, NFT and dapps in one place for crypto gamers.  

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