Crypto News | Russia and Iran explore launch of joint cryptocurrency backed by gold + more

Russia and Iran explore launch of joint cryptocurrency backed by gold

Russia and Iran explore launch of joint cryptocurrency backed by gold

Russia and Iran are exploring the development of a joint stablecoin that would be backed by gold. The Central Bank of Iran is considering creating the stablecoin with Russia to be used as a means of payment in international trade. The coin's value would be tied to gold, and it would be usable in a free-trade zone where Russia has started accepting Iranian merchandise. The stablecoin will be discussed at the state level after crypto regulations in Russia are complete, which is expected to happen in 2023. The Russian Central Bank does not support the use of cryptocurrencies like Bitcoin or Ethereum as a method of payment within the nation, but it allows for their use in business dealings, including international trade. Notably, following Russia's invasion of Ukraine, the European Union banned European firms from offering any services related to cryptocurrencies to residents of Russia.

Polygon Announces Proposed Hardfork To Improve Chain Performance

Polygon, a leading Ethereum scaling solution, has announced plans to implement a hardfork on its PoS chain on January 17, 2023. The proposed hardfork aims to improve network performance by reducing the occurrence of gas spikes and eliminating reorgs, which are anomalies in blockchain operations that can cause duplicate or lost transactions and make the network more vulnerable to attack. The hardfork will double the “BaseFeeChangeDenominator” from 8 to 16, reducing the change rate for the base gas fee from 12.5% to 6.25%, and reduce the sprint length from 64 blocks to 16 blocks, allowing for faster block production. The proposed hardfork is still awaiting approval by the Polygon community, and existing infrastructure providers will need to upgrade their nodes ahead of the hardfork. The team also assured that the operations of dApps will not be affected by the network changes and that MATIC holders and network delegators do not need to take any action.

Cardano Primed For Explosive Growth As IOG Announces Toolkit for Developing Sidechains On The Blockchain

Input Output Global (IOG), the developer of the blockchain platform Cardano, is working on a toolkit for building customized sidechains to scale the blockchain while maintaining its security. The toolkit allows for interoperability within Cardano and enables the building of decentralized apps (DApps) on top of the blockchain. As a proof of concept, IOG has created an Ethereum Virtual Machine (EVM)-compatible sidechain that will be released as a public testnet before the end of the month. The toolkit includes the main chain, Plutus scripts for cross-chain transactions and asset transfers, and a chain follower for tracking main-chain data and events on the sidechain. The sidechain will operate its consensus and deploy its features, all connected to the main chain through a bridge that allows for the inter-chain transfer of tokens, giving benefits such as scalability, testability, interoperability and compatibility.