welcome back everybody to altcoin daily my name's austin i want to share this with you looking at
the state of the cryptocurrency market today we can see that bitcoin ethereum the market is in
much more of a cooldown phase we are dipping we are consolidating and this has been happening for
some time now obviously just an ebb and a flow of a healthy market yet despite this temporary
cooldown ethereum gas fees have almost never been higher there has to be a cryptocurrency
or cryptocurrencies aiming to solve this and in today's video that's exactly what i'm going to
share we're talking latest news involving xrp we're talking flow we're talking higher cap
altcoins as well as lower cap altcoins so check the timestamps down below in the video description
hit subscribe if you want to stay up to date on this crypto market and let's jump in i do
want to start off by saying though that i like ethereum i hold a lot of ethereum on bullish on
ethereum but is there such a thing as finding the next ethereum well let's talk about it the first
project aiming to solve this with nft creation at least turns out it's ripple ripple has launched
a 250 million dollar fund for nft creators here are the details ripple labs is launching a fund
for creators marketplaces and brands to explore new use cases for non-fungible tokens on its own
xrp ledger and the big question is why while the platform said it wanted to address concerns with
the minting of tokenized artwork including clunky user experiences high transaction fees and the
possible effects on the environment interesting so if you had to mint nfts either on the ethereum
network or the xrp network what would you choose i really would love to know your thoughts down
below in the comment section but in a direct quote from ripple as to why nfts we believe nfts
embody the promise of tokenization and represent a tipping point for its embrace by the mainstream
through this creator fund and the xrp ledger were excited to unleash a new utility for nfts
and accelerate the broader shift to tokenization so with 250 million dollars now at play
who gets access to that money first according to ripple it would be nft marketplaces including mint
nft and mintable and creative agencies would be among the first to have access to the fund with
the caveat that any proposed nft use case would be built on the xrp ledger giving creators an
opportunity to monetize their work so like i said give me your thoughts on this down below
but ripple and xrp are one of the cryptocurrencies aiming to be a better ethereum for the nft sector
nft marketplace at least next up an eth competitor that just scored a major partnership here comes
the nfl version of nba top shot nfts this is from dapper labs and of course the flow blockchain
flow cryptocurrency has partnered with the nfl and here are the details as to what the nfl
gets in return the nfl as well as the nfl players association will receive equity in dapper labs as
part of the deal and according to the sports business journal the digital licensing revenue
from these nfts on the flow blockchain generated for the players union by the deal will be second
only to what it makes from its partnership with ea sports maker of the popular madden video game wow
so this is a big deal great for flow great for the nfl and in a direct quote from dapper labs
commenting on their success they saw with the nba first they expect even more success with the nfl
and here's why when i think about the nba versus the nfl the nba really blaze the trail in a lot of
ways and they're willing to take some risks if you think about the nfl they don't always do it first
but they try and do it best so learning from the nba is very much in their playbook when we think
about the kind of products that we would build with other partners we think about customizing
it for those fan bases we can't just slap nfl players on nba top shot and make it work
i like that sentiment this will be very customizable and notice that the nba didn't choose
ethereum didn't choose polygon or cardano they chose dapper labs and that's very bullish for flow
next up let's talk about cryptocurrency energy a blockchain built to scale for a decentralized
future and we know they're a partner of the channel they also have energy swap which is
built to be a better unit swap which we did a walk through on a few months ago
i will link this down below for those of you looking for a cheaper alternative to uniswap
but what i want to talk about today and why they make this video is the underlying blockchain
how they're more scalable why they're more scalable and how they're built for mass
adoption and to do that i want to compare them to ethereum because we know for example ethereum's
tps transactions per second major room for improvement but tps is not the only issue as
more and more transactions are processed on chain the size of the chain data grows exponentially
this has resulted in a reduction of full nodes running the ethereum network in fact since the
peak of this most recent bulk run ethereum has seen a 60 reduction in nodes and that's
because of the terabytes on terabytes of data that these nodes have to sync as the blockchain grows
and these blockchains are only going to get bigger as mass adoption continues to happen now eth is
switching to sharding with eth2 sharding is an increasingly popular approach to solving this
scalability this is popular with polka dot and cosmos and other blockchains like this
as well sharding is breaking up the information on chain into smaller and smaller units to make
it more scalable but there are obvious trade-offs for example sharding breaks composability there's
also certain security risk trade-offs and we're not going to get too in the weeds today on these
technical terms but i will link this down below for you to continue your own research
the question we have to answer is how does energy do it how does energy process all that data on
the base chain and keep the scalability well to do that let's compare it in one sense to solana
finally there are some blockchains such as solana which conduct all activity on a single layer
network energy has a similar approach of having a network of extremely powerful servers processing
transactions but rather than functioning solely on layer 1 energy has a similar system within
our layer 2 masternodes these will enable energy to also achieve tens of thousands of transactions
per second but with several major benefits versus single-layer blockchains so what are
these benefits dual layer architecture allows energies layer 1 to remain highly decentralized
with many more nodes as the requirements for running a layer 1 node are much lower
than the layer 2 supercomputers so the aim is to keep layer 1 as decentralized as possible
and energy is then able to keep our masternode layer master nodes lighter weight since they don't
have to contain all blockchain data our layer 1 is responsible for storing all data while layer 2
enables near-instant confirmations and capacity to handle high volume so scalability is key
and of course they are compatible with ethereum which cannot be said for many other blockchains
a final critical point is that energy is evm compatible ethereum virtual machine compatible
energy's unique approach is that we are fully compatible with ethereum based technology
benefiting from nearly all improvements in applications built on ethereum while also
enabling a very high level of scalability and again just to drive this home as to how
all transactions can be processed almost instantly by energy's layer 2 network of masternodes
and then at every block the masternodes will then dump all the transactions to our layer 1 network
where all data is then ultimately stored so what do you think give me your thoughts down below in
the comment section the last thing i want to touch on is where does ethereum go from here
because ethereum's archive data chain is now over eight terabytes in size and while ethereum's chain
size is not yet at a critical point it will be soon that is a whole lot of data i will point
out that energy is solving this in a very unique way to solve this issue we are implementing a very
unique approach to archiving which will allow our active chain to maintain a manageable size while
ensuring that the archive data is maintained properly and remains accessible this approach
is snapshotting so in a sense i would say sort of like mina protocol taking a snapshot of the data
and then storing that snapshot each time our main chain energy's main chain reaches a maximum size
anywhere between 5 and 10 terabytes we will create a snapshot of the chain at that time
this snapshot will become a separate archive chain that is connected to the active chain via a
running hashed record of snapshots and in essence the big thing this solves is this will prevent
the centralization of the chain to a few large validators that have a disproportionate control
over the network a snapshot solves this so i will link this down below in the video description
check it out but in general energy the blockchain definitely a crypto to keep on the radar
and next up big news for eth competitor al grand al grant has just launched a virtual machine
to increase smart contract capabilities the upgrade promises to deliver negative carbon output
across the platform so they're saying that they plan to compete with eth be a better dapp platform
by offering smart contract capabilities that are better for the environment negative carbon output
blockchain platform algrand has today announced the launch of the algorand virtual machine or avm
a layer 1 protocol upgrade designed to enhance decentralized app scalability for developers
and organizations enable instant transaction finality and sustain a negative carbon output
also they are specifically making a play at developers in addition to these advancements
the avm will also give developers program tools to write smart contracts in either python or reach
a format similar to the multi-paradigm web page language javascript in a direct quote from elgrand
this avm upgrade allows for the development of complex smart contract based applications in d5
the nft marketplace web 3 and more we're already getting great feedback within the
al grand ecosystem and look forward to continuing this momentum so give me your thoughts down below
but generally speaking cool to see these upgrades cool to see this progress and we will have to keep
tabs to see which dapps are being developed on which platform and then where the users flock to
and next up although i don't have news specifically today to bring you in this video
we cover cardano all the time the ecosystem as well as the dapps being built definitely
a main contender in this smart contract space we know they just partnered with boost mobile dish
network ethiopia so the excitement for cardano is undeniable i would go even further on that list
and mention polygon and meter protocol two depth platforms that are clearly dominating
they've recently integrated together eth inner operators competitors to keep on the radar
and i guess let's wrap this up by you letting me know which death platform stood out to you down
below in the comments section like i said i am bullish on eath eth is not going away
but what eath quote unquote fails at or could do better at we are seeing these other platforms step
up and it's gonna be very interesting to see which one prevails and like always see you tomorrow