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Why Solana, Polygon and Aptos expect the enterprise to drive mass adoption

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Also: Is a multichain world the answer to some of web3’s biggest problems?

There are a number of blockchains out there competing for market share. Some chains are generalists with a focus on growing the greater ecosystem, while others focus on scaling or changing the financial landscape.

Even as a handful of the big ones compete for the top slot, some think that working together toward a multichain world could be the answer to the bigger problems in the space.

“A multichain world makes it much easier for us to start moving the technology forward,” Grace Torrellas, VP of product and product lead at Polygon zkEVM, said during a panel at TechCrunch Disrupt 2023. Polygon is a layer-2 blockchain, which means it’s focused on scaling, in this case, the layer-1 blockchain Ethereum. “We are building an ecosystem of multichains that will be interoperable.”

Mo Shaikh, co-founder and CEO of layer-1 blockchain Aptos Labs, agreed. “I do think it’s a multichain world for sure. I think we’re starting to see the deep work that all of us have done really come to fruition.”

While that may be a view some blockchains have, others don’t feel the same.

“To keep things spicy, I’ll say there’s going to be a single chain,” said Anatoly Yakovenko, co-founder and CEO of layer-1 blockchain Solana, explaining that there’s going to be a single execution environment, so it won’t really matter how many other settlement environments there are. “It doesn’t matter which bank USDC actually settles in, but what matters is where all the peer-to-peer or merchant-to-consumer transactions occur.”

Stressing that he’s not saying so only to be a contrarian, Yakovenko added it’s a real possibility because the main purpose for blockchains today is to move all crypto transactions, and a large portion of financial transactions, into one “single unified layer-1” chain.

“Within 20 years, we are going to see 1,000x improvement in hardware, so we’re gonna see 1,000x more capacity on a layer-1 that’s a single giant atomics state machine,” Yakovenko added. “So you can imagine that you can fit everything into one place, and usually, things are cheaper and faster and kind of more composable when they’re in one place.”

While having everything in one place sounds nice, I think it could be a bit too . . . unified. Let’s take Google as an example: Sure, we use Google’s search engine, email, cloud storage and other services, but I don’t want it to be my banking app, too. We look to Google for a number of things and use other companies’ products for others . . . and that’s okay.



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Where Did Earth’s Oceans Come From? Scientists Say They Originated From Comets

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Scientists have long debated how Earth became rich in liquid water after the planet formed about 4.5 billion years ago. Now a new research published in Science Advances suggests that comets, particularly those from the Jupiter family, may have played a significant role in delivering water to Earth.

The study focused on Comet 67P/Churyumov-Gerasimenko, a celestial body that belongs to the Jupiter family of comets.

Using data from the European Space Agency‘s (ESA) Rosetta mission, researchers analysed the molecular structure of water on the comet and found striking similarities to the water in Earth’s oceans. This discovery strengthens the theory that icy comets and asteroids crashing into Earth contributed to the formation of its oceans.

The ratio of deuterium to regular hydrogen in the water is a key signature which is the basis of the study. Deuterium is a heavier isotope of hydrogen and it forms heavy water.

Previous studies had shown that the levels of deuterium in the water vapour of many Jupiter-family comets closely matched those found in Earth’s water. To explore this connection further, NASA planetary scientist Kathleen Mandt and her team used advanced statistical techniques to analyse data from Comet 67P.

The findings revealed that deuterium-rich water was more closely associated with dust grains around the comet than previously understood. Because water with deuterium is more likely to form in cold environments, there’s a higher concentration of the isotope on objects that formed far from the Sun, such as comets, than in objects that formed closer to the Sun, like asteroids.

Measurements within the last couple of decades of deuterium in the water vapor of several other Jupiter-family comets showed similar levels to Earth’s water.

This discovery not only strengthens the idea that comets helped deliver water to Earth but also provides valuable insight into how the early solar system formed. By studying the molecular makeup of comets like 67P, scientists can better understand the processes that shaped our planet and its oceans billions of years ago.

Mandt expressed her excitement about the results, saying, “This is just one of those very rare cases where you propose a hypothesis and actually find it happening.” The research also shows how studying comets can help unravel mysteries about the building blocks of the solar system.

ALSO SEE: Uranus Is Hiding 8000-Km Deep Ocean? New Study Presents Thrilling Hints

ALSO SEE: Webb Telescope Sees World That Could Reek Of Burnt Matches And Rotten Eggs

(Image: NASA)





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Chainalysis permanently parts ways with its founding CEO

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Michael Gronager, the co-founder and longtime CEO of Chainalysis, has agreed to leave the company permanently, two months after taking a temporary personal leave of absence.

Chainalysis, a buzzy 10-year-old, New York-based blockchain data platform, will now be led by co-founder Jonathan Levin, as Levin told TechCrunch, explaining that on Tuesday, its board of directors gave him Gronager’s job. But Levin, who has long served as the outfit’s chief strategy officer, will do more than run the company as CEO; he will also maintain his other roles.

“I’ve been running R&D, and I think the CEO should be the chief product officer, so I’m making no changes to our R&D leadership team; it will continue to report directly to me,” he said in an interview on Wednesday.

Levin declined to provide more information about Gronager other than to say that Gronager is also no longer on the Chainalysis board but retains his equity in the company.

A message to Gronager on Wednesday from TechCrunch went unreturned.

Asked about Chainalysis’ financial health, Levin said the startup is “continuing to invest in our growth,” and that “we don’t need to raise capital. We raised $175 million in 2022 and [still] feel strong about the cash position of company.” He added that his focus will be on “executing, the expansion of our risk platform, and going deeper with our government clients across the world to ensure they can deal with the increased demand of crypto.”

Chainalysis, whose early investors include Benchmark, was valued by investors at $8.6 billion during that 2022 funding round. Crypto investor Katie Haun, who first discovered Chainalysis in her capacity as federal prosecutor, reportedly began buying up secondary shares of the company at a valuation of $2.5 billion this past April.

Considered a “crypto detective,” one whose clients include the U.S. government and a wide range of corporations, Chainalysis in late 2023 laid off slightly more than 15% of its staff of 900, with plans to focus more squarely on government contracting, according to The Block.

The entire crypto industry has been in bounce-back mode in more recent weeks, as the incoming Trump administration signals a far friendlier stance toward digital currencies. The most obvious proof point: The price of bitcoin reached a record high of $100,000 on Wednesday.

Above: Levin at a StrictlyVC event hosted by TechCrunch in November 2024.



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Zopa, the UK neobank, snaps up $87M at a $1B+ valuation, eschewing the IPO route

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Some believe Klarna’s planned IPO in 2025 could set the stage for other fintech startups to go public. But with the tech IPO market still sluggish, one of the candidates hotly tipped to follow suit has instead just announced a fundraise, and its CEO says going public is “not a priority.” Zopa, the U.K. neobank […]

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