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Optimism reaches ‘Stage 1’ decentralization, implementing fault proofs

The team has implemented fault proofs on Optimism mainnet, and users can now independently initiate withdrawals “without involvement from any trusted third parties.”

Ethereum layer-2 Optimism has implemented fault proofs into its smart contracts, according to its development team, OP Labs. According to the team, Optimism has now reached “Stage 1” of decentralization, referring to a list of milestones articulated by Ethereum co-founder Vitalik Buterin.

At least four other OP Stack networks will implement the fault proofs “soon,” including Base, Metal, Mode, and Zora.

On Optimism, users can now initiate withdrawals of Ether (ETH) and ERC-20 tokens “without involvement from any trusted third parties,” OP Labs said in a post. In addition, if the team’s sequencer attempts to process invalid withdrawals, they can be “challenged and removed” by any user who submits a fault-proof showing that the withdrawal is invalid.

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Hack of a single multisig wallet could drain 12 Ethereum L2s of $121M

One wallet has upgrade permissions for 12 Ethereum scaling networks, but Conduit founder Andrew Huang says it can’t transact without three signatures which would take a trio of physical attacks.

A single multisignature crypto wallet has permissions from 12 different blockchain networks, implying that if this single wallet is ever compromised — all 12 networks could be drained of their funds with a potential $121 million in losses.

The networks include Zora, Aevo, Hypr, Orderly, Ancient8, Lyra, Mode, Pgn, Parallel and Metal — all created using the Conduit rollup creation software, according to data shared to X on May 19 by L2Beat researcher Luca Donno.

However, the wallet can’t transact without three of five signatures from the team, Conduit founder Andrew Huang told Cointelegraph. The private keys to these signatures are stored on hardware wallets, making a compromise only possible by “physically compromising 3/5 individuals,” he said.

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Best Wallet Raises $5M in New Crypto Presale, Expert Predicts 10x Potential

Central Banks Continue to Show Strong Demand for Gold in 2023, Says World Gold Council Report

Central Banks Continue to Show Strong Demand for Gold in 2023, Says World Gold Council ReportCentral banks show continued demand for gold in 2023, as per a recent report from the World Gold Council (WGC), which noted that the world’s central banks accumulated 31 tons of the precious metal in January. Turkey was the largest gold buyer, adding 23 tons to its central bank’s stash, while the People’s Bank of […]

Best Wallet Raises $5M in New Crypto Presale, Expert Predicts 10x Potential

Gold Prices Expected to Soar in 2023: Experts Predict Record Highs for Precious Metal

Gold Prices Expected to Soar in 2023: Experts Predict Record Highs for Precious MetalGold is on the rise in 2023 and in the first week of the new year alone, the precious metal has jumped 2.36% against the U.S. dollar. Over the past 65 days, gold has soared 14.55% while silver has skyrocketed 22.31% against the greenback since Nov. 3, 2022. According to the head of metals strategy […]

Best Wallet Raises $5M in New Crypto Presale, Expert Predicts 10x Potential

Little-Known Ethereum Metaverse Altcoin Soars As Coinbase Launches Support for Low-Cap Crypto Projects

Little-Known Ethereum Metaverse Altcoin Soars As Coinbase Launches Support for Low-Cap Crypto Projects

A decentralized communications network is surging on the news that top US crypto exchange Coinbase will list its native token. In an announcement, Coinbase says Sylo (SYLO) and four other Ethereum (ETH)-built tokens will start trading paired with Tether (USDT) once appropriate liquidity conditions are met. According to the project website, Sylo’s priority is ensuring […]

The post Little-Known Ethereum Metaverse Altcoin Soars As Coinbase Launches Support for Low-Cap Crypto Projects appeared first on The Daily Hodl.

Best Wallet Raises $5M in New Crypto Presale, Expert Predicts 10x Potential

Crypto Exchange Coinbase Adds Two Ethereum-Based Altcoins and One Project Built on Solana to Listing Roadmap

Crypto Exchange Coinbase Adds Two Ethereum-Based Altcoins and One Project Built on Solana to Listing Roadmap

Top US-based crypto exchange platform Coinbase is adding three altcoin projects to its listing roadmap. Coinbase’s listing roadmap is a set of crypto projects that are on the path of possibly joining the exchange’s roster of supported assets. In a new announcement, Coinbase says it has updated its roadmap with the addition of Gnosis (GNO), […]

The post Crypto Exchange Coinbase Adds Two Ethereum-Based Altcoins and One Project Built on Solana to Listing Roadmap appeared first on The Daily Hodl.

Best Wallet Raises $5M in New Crypto Presale, Expert Predicts 10x Potential

Rammstein Vocalist in Conflict With Russian Museum Over Unauthorized NFT Sale

Rammstein Vocalist in Conflict With Russian Museum Over Unauthorized NFT SaleTill Lindemann, lead singer of the German metal band Rammstein, has angered Russia’s renowned Hermitage Museum with a crypto initiative. The musician seeks over a hundred thousand euros for an NFT collection containing footage and imagery shot in the cultural institution. The tokens have been created without its authorization. German Singer Till Lindemann Sells NFTs […]

Best Wallet Raises $5M in New Crypto Presale, Expert Predicts 10x Potential