Ethereum Bulletin #25

Polygon ID is live, Vitalik's view on "The Merge", Coinbase rolls out Polygon support, Crypto Wallets Exposed, The staking pool distribution has been updated, Sandbox and TIME Magazine is set to buit Metaverse together, Harmony's Horizon Bridge hacked

Ethereum Bulletin #25


Polygon ID is live and its first ID integration has been announced: PolygonID x PolygonDAO

Polygon ID is a self-sovereign identity solution powered by ZK cryptography that brings huge potential for DAO governance.
PolygonID puts its users in complete control of their respective data.
This ID is built using ZK proofs so that you can prove who you are without giving any personal information.
PolygonID creates the possibility for fully-private and verifiable repuattion building. Anyone who is contributing to their DAO, can be rewarded.

To put in simple words, PolygonID enables:

  • Anonymous and credential voting
  • Private proof of personhood
  • Building your reputation privately

To know more about this, have a read at their blog here.

Vitalik's view on "The Merge"

During a recent interview with fortune, Vitalik said that he is worried about the centralization risks following The Merge.

Lido Finance which is the largest provider of staking services in Ethereum where around a third of staked ETH has been deposited, could disturb the Ethereum Network post-Merge.
In his words,

"I’m definitely worried. I think it is one of the bigger issues that we’re thinking about when trying to figure out how to change proof of stake in the long term. But I also think it’s important to not overly catastrophize the issue, because that is what a lot of people do." - Vitalik via the Fortune Interview

Coinbase rolls out Polygon support for transfers of ETH, USDC

Coinbase users will be able to send supported crypto assets on the Polygon sidechain network.
The company says the new feature simplifies the bridging process often required when sending tokens across different networks.
According to Thursday's announcement, eligible customers will be able to send and receive ether (ETH), polygon (MATIC), and USD Coin (USDC) on Polygon. Polygon becomes the first scaling network of its kind supported by the US exchange giant for transferring those crypto assets.

Crypto Wallets Exposed

Popular cryptocurrency wallet provider, Metamask and Phantom, disclosed that they recently patched a security error. If not patched, this error could allow an attacker to obtain Mnemonics, which is used for account verification, from an unencrypted hard drive.

This allows the attacker to control all the victim's assets.
MetaMask recommends that users consider transferring funds from these wallet accounts to ensure safety if they meet the above conditions.

It also provides guidelines for migrating account funds and states that third-party migration tools must be used at your own risk.

The staking pool distribution has been updated on beaconchain

Currently the largest three pools which are Lido, Coinbase and Kraken add upto greater than 50% of the Network share.

Sandbox and TIME Magazine is set to buit Metaverse together

Metaverse is the most innovative and creative idea of the decade. Many businesses have already collaborated with various projects to carry out projects in the Metaverse.
Ex: Nike, Adidas etc.

TIME magazine is the latest to follow this trend in The Sandbox Metaverse. On the TIME's property in the Metaverse, TIME Square will be constructed as a place for gathering, art, and commerce, with inspiration drawn from the distinctive character and vitality of the renowned New York City neighbourhood.

Players can create, control, and make money from their game experiences in the virtual environment known as The Sandbox, which is built on the Ethereum blockchain.

Harmony's Horizon Bridge hacked

Harmony is a layer-1 blockchain using proof-of-stake consensus. The layer-1 blockchain’s main bridge between Ethereum, Binance Chain, and Bitcoin has been exploited for $100M. They have been exploited in altcoins and are being swapped for Ether.

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