- Biconomy has launched a beta version of free transactions on the Ethereum blockchain.
- Synthetix, the second largest DeFi protocol, has introduced a new scaling solution in cooperation with Optimism, which should make the network significantly faster and more secure.
Biconomy is a ReLayer infrastructure network and transaction platform designed to enable developers to easily create decentralized applications (dApps) on the Ethereum blockchain to drive the adoption of dApps in the Ethereum ecosystem.
In a development update, Biconomy says that the MVP (Minimum Viable Product) launched last year on the Ethereum test networks Ropsen and Matic as well as the Alpha version, which was launched in the fourth quarter, have met with great demand. The blockchain-independent developer solution enables the creation of dApps with a simple login via user name and password.
The design is such that it is not necessary to deal with the technical interaction of smart contracts, gas prices, monitoring of the entire system or complex implementation. This should enable companies and developers with less experience in the technical area to create dApps and blockchain applications for their own processes.
After months of hard work & preparation, we are finally excited to launch our Beta mainnet today.
We will be announcing our 10 Launch Partners that will be integrating Biconomy every hour from this tweet!
There will be cool demos too, so stay tuned for this thread 🧵 pic.twitter.com/WE5gSTwxZx
— Biconomy (@biconomy) May 4, 2020
The release of the beta mainnet brings a whole range of versatile improvements in design and security updates to ensure a smooth and above all secure application and creation of dApps. However, the biggest innovation is the integration of meta-transactions within the platform, which can be processed without transaction fees, the gas.
Meanwhile, Biconomy has already announced ten partners who will use the protocol, confirming the demand described above. Initial customers include the Matic Network, Torus, Daostack, Sapien Network, Dapp Pocket, Zegi, Alethea.ai, Frontier Wallet, Fortmatic and Idle Finance.
New scaling solution for DeFi platforms introduced
Synthetix, the second largest DeFi protocol, in collaboration with the Ethereum research team Optimism, has introduced a scaling solution that is designed to give DeFi platforms a speed comparable to centralized systems. According to the first recent test results, a significant 37.5 times reduction in latency for Oracle applications and a 75 times faster transaction time were achieved while reducing gas charges. The demo implementation of Synthetix Exchange was started on the Optimistic Virtual Machine (OVM), a second layer scaling solution.
The Optimism team had already presented a demo together with Uniswap at the last DevCon V in October 2019, where a customer-specific OVM was used and tested. The new demo shows an alpha version of the OVM, but no longer requires custom code. Optimism plans to officially launch the new scaling solution by the end of the year.
Furthermore, Synthetix will run a competition in the next 2 weeks in which more than 15,000 SNX (tokens of the Synthetix trading platform) can be won and the new scaling solution can be tested in practice. The contest started yesterday and will run until May 19, 2020. Further information can be found here.
