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The OpenZeppelin Defender smart contract security platform has now integrated with Coinbases Base network, allowing Web3 app developers on Base to automate security tasks.

According to an April 19 announcement from blockchain cybersecurity firm OpenZeppelin, app developers on Base can now use the Defender software to create multi-signature admin contracts and timelocks, employ Relayers to store keys and sign transactions along with creating automated sentinels to monitor the blockchain and react when events occur.

These tools can be used for routine but sensitive admin tasks such as upgrading contracts, tweaking numerical parameters, or pausing a contract should an emergency occur according to the programs documentation.

The Defender app was available on Ethereum and most other networks in the past, but as it was not integrated with Base, developers could not use it on the new testnet until now.

OpenZeppelin's CTO Jonathan Alexander stated in the announcement that the integration will make smart contracts "more secure and expansive while Base lead Jesse Pollak signaled excitement at the team-up saying that security is key for a thriving onchain ecosystem."

Related: Unchained raises $60M to offer collaborative custody Bitcoin services

Coinbase announced the launch of the Base test network on Feb. 23. It plans to produce a mainnet version as a layer-2 of Ethereum once testing is complete.

Some Ethereum users have speculated that Coinbase wants to help onboard institutional investors to Web3 through the new network as it will feature Masa Finance identity verification tools.

OpenZeppelin is most known for its library of open-source smart contracts which are often modified by developers and used for their own purposes throughout the Ethereum ecosystem.

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Coinbases Base network gets OpenZeppelin security integration - Cointelegraph

Ethereum layer 2s, such as Optimism, Arbitrum and Polygon, increased in popularity in the first quarter of 2023, according to a report from Web3 development platform Alchemy. Over 635,000 Ethereum users bridged crypto assets to these networks from January to March, an increase of 44% over the fourth quarter of 2023 and 518% over the first quarter of 2022.

The report, titled simply Web3 Development Report, cited Dune Analytics as its source for this data. It showed that only 103,000 users made bridging transactions to layer 2s in the first quarter of 2022, whereas the same three months saw over 635,000 users perform these transactions.

Alchemy suggested that this increased activity may have been reinforced by successful airdrops from Optimism and Arbitrum in Q1, 2023.

In addition to increased asset bridging from users, layer 2s also showed greater activity from developers. Although the deployment of smart contracts related to layer 2s decreased by 30% relative to Q4 2022, it still increased by 160% when compared to Q1, 2022, the report said.

The crypto industry is coming off the back of a steep downturn in trading volume and crypto prices during 2022, with scandals like the UST depegging and FTX collapse causing many investors to shy away. But despite this negative sentiment, users still flocked to these new scalability solutions.

Related: 3 signs Arbitrum price is poised for a new record high in Q2

The Ethereum ecosystem as a whole also showed increased developer interest. Ethereum software development kits (SDKs) such as Ethers.js, Web3.js, Hardhat and Web3.py were downloaded 1.3 million times in Q1 2022. This became 1.9 million in the first quarter of 2023, an 8% increase. In addition, downloads of the MetaMask SDK, a tool used to develop apps that can interact with Ethereum wallet MetaMask, increased in each month of the first quarter.

Ethereum layer 2s have been offered as a solution to Ethereums scalability problem, which has been periodically causing high gas fees since as early as 2020. Some experts have argued that sharding the Ethereum network will also help to cut down on gas fees.

This story was updated on April 18 to clarify that the number of users bridging has increased by 518%, not the amount of assets bridged.

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Ethereum layer 2 bridging up sixfold year-on-year in Q1 Alchemy - Cointelegraph

The EVM is a computing machine that manages the network. However, the smart contracts on the Ethereum blockchain are accounted for by the environmental houses of Ethereum. Most of the smart contracts of Ethereum were written in the dominant programming language. A blockchain program contains a smart contract in the form of a line of code and an application executed under some mandatory conditions. However, smart contracts make it possible for users in an anonymous condition and permissionless to lead to greater trust and security on the network. For more information, you can visit the oil trader app.

Smart contracts are typically able to function by following simple statements such as when/ifthen, which are written as code on a blockchain. Other than this, elements that influence activities are executed by a network of computers when foreordained conditions are met and checked.

Such actions may include such things as registering a vehicle, sending notices to the appropriate parties, releasing funds, or issuing tickets when the transaction is finished; the blockchain is then updated. As a result, transactions cannot be changed by anyone, and results can only be viewed by those parties that are granted permission.

In addition, within a smart contract, there may be prerequisites that enable participants to satisfy that the task will be performed satisfactorily. If participants wish to establish these conditions, they must first determine how the data and their transactions are represented on the blockchain.

Those transactions if sorting out every single imaginable special case and system a structure for settling debates. A designer may then have the option to program the shrewd contracts notwithstanding, associations that inexorably use blockchain for business give web points of interaction, layouts, and other internet-based devices to improve on brilliant contracts.

At the point when the condition is successfully met, the contract is executed rapidly, starting there. Smart contracts are completely digital and automated, as a result of which there is no paperwork of any kind for the process, and at the same time, there is no time to fix errors which usually, manual forms for filing documents occur as a result.

The records of blockchain transactions cannot be hacked because they are completely encrypted. Also, when hackers attempt to hack it, they are more likely to change a single record rather than the entire chain because each record has a distributed ledger that is closely linked to the prior and following records.

It doesnt involve any third parties and because encrypted records of transactions are usually shared between participants, therefore, there is no need to ever give any thought to whether the purpose of changing this information is to gain personal advantage.

Smart contracts rely heavily on handling transactions without intermediaries and, by extension, their associated delay and time fees.

Explore how business can be poured over from smart contracts in dynamic blockchain solutions.

IBM Supply Chain and Sonoko are helping to reduce problems in the transportation of life-saving drugs by increasing transparency. Discussing the Pharma Entrance ends up being a blockchain-based stage fuelled by IBM Blockchain Straightforward Stockpile. It tracks temperature-controlled drugs through the inventory network to give exact information and keep up with dependability across various gatherings.

Businesses are looking to build an ecosystem of trust in global trade by joining We Trade, the trade finance network hosted by IBM Blockchain. It uses simplified trading options and standardized rules to simplify the trading process and eliminate friction and risk while expanding trading opportunities for banks and participating companies.

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What Are Smart Contracts on the Blockchain? - Techgenyz

The Lightning Network is a revolutionary technology that has been developed as a second-layer network for Bitcoin. This network enables smart-contract functionality for the primary blockchain, which has been a significant limitation for Bitcoins adoption as a mainstream payment system.

The Lightning Network is a decentralized network of payment channels that allows users to make instant and low-cost transactions without the need for confirmation on the primary blockchain. This network is built on top of the Bitcoin blockchain and uses its security features to ensure the safety of transactions.

The Lightning Network was first proposed by Joseph Poon and Thaddeus Dryja in a white paper published in 2015. The network was designed to solve the scalability issues of the Bitcoin blockchain, which has a limited capacity of around seven transactions per second. This limitation has been a significant obstacle for Bitcoins adoption as a mainstream payment system.

The Lightning Network works by creating a network of payment channels between users. These channels are like virtual pipes that allow users to send and receive Bitcoin instantly and without any fees. The channels are funded by locking up some Bitcoin in a multi-signature address, which requires the approval of both parties to spend.

Once the channel is established, users can send and receive Bitcoin instantly and without any fees. The transactions are not recorded on the primary blockchain but are instead recorded on the payment channels ledger. This means that the transactions are not subject to confirmation times or fees on the primary blockchain.

The Lightning Network also enables smart-contract functionality for Bitcoin. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on a decentralized network, which means that they are not controlled by any central authority.

Smart contracts have many potential use cases, including escrow services, micropayments, and automated payments. The Lightning Network enables these use cases by allowing users to create smart contracts on the payment channels.

The Lightning Network has the potential to revolutionize the way we use Bitcoin. It enables instant and low-cost transactions, which makes it ideal for micropayments and other small transactions. It also enables smart-contract functionality, which opens up a whole new world of possibilities for Bitcoin.

The Lightning Network is still in its early stages of development, and there are still some challenges that need to be overcome. One of the biggest challenges is the liquidity problem. In order to use the Lightning Network, users need to have a payment channel open with another user. This means that there needs to be enough liquidity in the network to support all the transactions.

Another challenge is the user experience. The Lightning Network is still a complex technology that requires some technical knowledge to use. This means that it may not be accessible to the average user, which could limit its adoption.

Despite these challenges, the Lightning Network has already made significant progress. There are now over 20,000 nodes on the network, and the number is growing every day. The network has also processed over 10 million transactions, with a total value of over $1 billion.

The Lightning Network has the potential to transform Bitcoin into a mainstream payment system. It enables instant and low-cost transactions, which makes it ideal for everyday use. It also enables smart-contract functionality, which opens up a whole new world of possibilities for Bitcoin.

In conclusion, the Lightning Network is a revolutionary technology that has the potential to transform Bitcoin into a mainstream payment system. It enables instant and low-cost transactions and smart-contract functionality, which opens up a whole new world of possibilities for Bitcoin. While there are still some challenges that need to be overcome, the Lightning Network has already made significant progress and is poised to become an essential part of the Bitcoin ecosystem.

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Lightning Network: Overview and Functionality - GVS United ... - Global Village space

The internet has connected the world in more ways than any other technology. With people getting more concerned about their data and privacy, however, the internet in its current state seems inadequate. There are serious concerns over how big companies handle and monetize user data, creating the need for a better or alternative internet. Web 3.0 is an alternative that is becoming popular because it puts the internet's power back into the hands of end users. Weve answered common questions around Web 3.0 investments in this guide, in a way any beginner investor can understand.

Web 3.0 offers investors different investment vehicles that can cater to different risk appetites. Nevertheless, just like every form of investment, investing in Web3 is risky and should only be done with adequate research and a good strategy.

The most common Web3 investment options are stocks, cryptos, and NFTs. However, there are also less popular investment methods you can consider, such as angel investing or buying into the IDO (Initial DEX Offering) or ICO (Initial Coin Offering) of a crypto company. In both methods, you invest in a company by participating in a seed round or buying its coin before launch.

One thing to note is that most of Web3 investing is based on narratives: investors spreading the word on what a company is doing to grow the Web3 ecosystem. However, you shouldnt depend on narratives when making decisions.Thats because some Web3 influencers push a good narrative about a project to get people to buy into the project, and then they end up dumping the project. Instead, focus on investments with a reasonable historic performance, like these three options.

Stocks are one of the easiest ways to get into Web3, especially as they give you some level of Web3 exposure. Several companies actively involved in Web3 are Web2 companies with multiple sources of income, and so might not be affected by a Web3 downturn like these Web3 stocks:

NFTs are unique digital assets on a blockchain. They show ownership and cannot be copied. You can buy an NFT from a secondary marketplace such as OpenSea or Magic Eden or choose to mint them and hold for a profit.

NFTs are important Web3 investments because they can be used to unlock special privileges or as an investment in a Web3 company.

Cryptocurrencies are digital currencies operated by a decentralized entity on the blockchain. Like regular money, crypto can be used to pay for goods and services and as an investment option. Crypto allows direct exposure into the space and is a good fit for people who want to aggressively invest in Web 3.0

Crypto is highly volatile. So, if youre a risk-averse trader, you might want to consider other lower-risk options like crypto ETFs and fractional shares. These options provide you with direct exposure but cushion you from the market's daily volatility.

Web 3.0 investments, like any other investment, poses some risk to investors. The biggest risks are volatility, security, and reliability on existing Web3 investment processes and infrastructures.

The foundation of Web3 is built on emerging technologies such as blockchain tech, smart contracts, and AI. An investment into Web3 positions gives you the chance to be an early adopter of these disruptive technologies.

Web3 has the potential to overturn how we do almost everything, from shopping to payments to the way we consume content. As an investment class, Web3 will shape how companies will raise startup capital and generate money from their funding rounds.

Most importantly, investment in Web3 is largely profitable and can provide impressive returns over shorter time frames.

To get the most out of any Web3 investment, you must:

Investing in Web3 can be challenging, especially if you dont have a clear plan or failed to do your research. Its essential you consider these factors before you make a Web3 investment:

After you have clearly designed and mapped out your investment goals and the investment timeline, you need to know the founders behind the Web3 project of interest. Choose projects with publicly known founders. You can easily reach out in case the project goes south. Assess your risk tolerance level and go for a project allowed in your country to avoid legal issues with your investment.

Web 3.0 (or Web3) is a general name for the new, user-centric version of the internet that integrates new concepts like decentralization, blockchain tech, artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) into everyday internet use. It is a decentralized version of the internet that promises to help users better control their data usage and sharing while enhancing monetization and reducing exposure to data manipulation.

The concept of Web3 is not to make our current internet obsolete; its to integrate these technologies into the existing infrastructure, allowing everyone to freely use the internet. For example, if you make a Facebook or Instagram post that goes against Metas community standards, the social media giant could take the post down or ban your account. This would likely be impossible in Web 3.0 since most platforms will be decentralized.

Although it is still a work in progress, many individuals, companies, and even governments have started to position themselves adequately for web3. The Hong Kong government is preparing to adopt a framework for integrating this technology into many of its city's processes.

Since Gavin Wood coined the term in 2014, Web3 has grown to offer potential for diverse opportunities. In recent years, there have been lots of conversations around Web3 and the opportunities it offers investors. While Web3 investment opportunities have become an industry buzzword, many have yet to realize its importance and how they can invest before it officially launches.

No. You cannot invest directly in Web 3.0, but you can choose to be an active or passive investor through a variety of investment options. Active investment options include cryptocurrency and NFTs, while passive investment options involve buying stocks in companies actively engaged in Web 3.0.

Web 2.0 is the current internet, which has birthed innovations like social media, e-commerce stores, and search engines. These innovations have made content king and provided a way to create content, unlike in Web 1.0, where internet users could only access limited information. Although beneficial, these Web 2.0 innovations introduced data and privacy issues, giving tech giants access to tons of user data.

Web 3.0 is an upgrade to Web 2.0 and offers a way for internet users to control their data, use decentralized technologies to store and share information, and voluntarily conceal their digital identities. In Web 3.0, users will make faster and cheaper payments for goods and services using cryptocurrencies. With Metaverse development currently underway, Web3 could change how we experience the world around us, opening us to more immersive experiences e.g the Metaverse.

Web 3.0 investment options are more volatile than regular investment options. Although not completely unsafe, there is a big risk of ending up on the wrong side of the volatility. This is why its critical to have a good level of knowledge, do your research, and come up with a robust investment plan.

Another issue of concern is in regards to the current state of regulations. This new technology is still very much unregulated, and governments and regulating bodies could institute policies unfavorable to investors.

Web 3.0 investing is not for all types of investors, especially those with a low-risk appetite or who are looking to get into investing gradually. It is a fast-moving investment class that requires some level of industry knowledge, patience, and timing. The nature of Web 3 investments makes them a good fit for investors who fall into any of the categories below.

Investing in Web 3.0 is highly risky. As a Web3 investor, you should have a huge risk appetite and only put in money you can afford to lose. The volatility of many Web 3 assets makes it a highly unpredictable asset class.

For example, between February 20, 2023, and March 10, 2023, Bitcoin rose to $24,500 and plummeted to $19,500 before touching $30k. Without a huge risk appetite, you could prematurely sell your investments and make constant losses.

To make tangible returns on your Web 3.0 investment, you need to put in a significant sum of money. Since it is recommended that you use not more than 10% of your entire portfolio to make Web3 investments, you need to have a diversified portfolio that is not fully reliant on this investment class. A higher capital investment would yield more returns but could also translate into more losses. Consider investing in leveraged assets and futures trading if you have a big risk appetite but limited capital.

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How to Invest in Web 3.0 in 2023 - Investopedia