Kategorie: Ethereum News

• Deutsche Telekom has joined Polygon as a network validator.
• The telecommunications giant’s subsidiary Deutsche Telekom MMS will offer staking services to Polygon POS and Supernets.
• Deutsche Telekom MMS provides validation and staking services on Ethereum, Flow and Chainlink among other chains.

Deutsche Telekom, the Germany telecommunications giant that has recently been actively expanding its footprint in the blockchain technology space, has partnered with Polygon, the leading Layer-2 scaling platform for Ethereum.

On Wednesday, Deutsche Telekom announced its subsidiary Deutsche Telekom MMS, had joined Polygon as a validator – one of only 100 validators on Polygon’s POS network.

In this case, Deutsche Telekom MMS will participate in the Polygon ecosystem by providing staking services for both Polygon’s PoS sidechain and Supernets. This will be achieved through deployment of a full node and producing blocks as part of contributing to the network’s security, governance, and decentralization. 

As a validator, the company will also help strengthen the Ethereum network.

Deutsche Telekom supports Ethereum and other POS networks

The collaboration is a key step in Deutsche Telekom’s commitment to aid the blockchain adoption process, with Polygon the latest POS chain to add the company as a validator.

Deutsche Telekom MMS already provides validation services for multiple POS networks. As CoinJournal highlighted, the telco giant launched an Ethereum validator in September last year, with this coming after the “Merge”. Other blockchains it supports are Chainlink, Q, Flow, and Celo.

“The collaboration with Polygon is an important step for Deutsche Telekom MMS to fully exploit the potential of blockchain technology and enable applications suitable for mass deployment. Deutsche Telekom MMS also supports Polygon staking, contributing to the security and decentralization of the blockchain,” said Dirk Röder, the Head of the Blockchain Solutions Center at Deutsche Telekom.

Michael Blank, the Chief Operating Officer at Polygon Labs, said in a statement that the collaboration will see many more businesses tap into the benefits of Web3 and blockchain technology, with these businesses leveraging Polygon’s network to empower consumers.

As a leading scaling solution for Ethereum, Polygon’s suite of protocols include zero-knowledge rollups, sidechains, and app-specific chains.

The blockchain platform currently hosts tens of thousands of dApps, accounts for over three million daily transactions, and has $1.2 billion worth of assets in Total Value Locked (TVL). Some of crypto industry’s biggest projects, such as Uniswap, Aave, and OpenSea are live on Polygon.

The post Deutsche Telekom partners with Polygon, becomes POS validator appeared first on CoinJournal.

• TORN price was down 3% and traded near $4.09.
• Binance had on Monday announced it would be resuming TORN deposits.
• The Tornado Cash DAO suffered a security breach as an attacker leveraged a malicious proposal to drain the treasury.

The price of Tornado Cash (TORN) was down more than 3% on Tuesday morning and traded around $4.09 over the 24-hour period. TORN’s price had lost more than 11% over the past week, with the value of the Ethereum-based mixing service’s native token having traded lower since May 20.

Binance’s resumption of TORN deposits

Tornado Cash price fell more than 50% (from highs of $7.16 to under $3.60 within 24 hours) on May 20 as the decentralized privacy solution’s DAO suffered a governance breach that saw an attacker drain it of millions of dollars’ worth of crypto.

As reported, the attacker used a malicious proposal to gain control over the Tornado Cash DAO and withdrew over 483,000 TORN tokens. They proceeded to swap the tokens into Ether (ETH), laundering 472 ETH.

The incident saw Binance halt TORN deposits on the Ethereum and BNB Smart Chain blockchains, citing the security breach. On Monday, the world’s leading crypto exchange announced it would be resuming deposits for TORN on both Ethereum and BNB Chain networks.

“As the proposal to restore the state of governance in the Tornado Cash (TORN) DAO has been passed and executed, Binance has resumed deposits for TORN via the Ethereum (ERC20) network and BNB Smart Chain (BEP20). Previously, TORN deposits via the Ethereum (ERC20) network and BNB Smart Chain (BEP20) were suspended at 2023-05-21 01:48:40 (UTC) due to the recent incident in the TORN DAO,” the exchange wrote in a blog announcement.

However, the exchange noted that it would be moving TORN into its Innovation Zone. Moving TORN into the Innovation Zone means Binance believes it still needs to closely monitor the token as further developments unfold.

The price of Tornado Cash fell more than double digits around the news release and despite some upside to $4.35, it remains weak. TORN/USD is down 36% over the past two weeks and almost 50% this past month.

The post Tornado Cash price: no TORN boost even as deposits resume on major exchange appeared first on CoinJournal.

• ConsenSys says allegations about MetaMask as false
• The section in its terms referred to in allegations that MetaMask collects taxes on crypto only applies to given products and paid plans that the company offers, not MetaMask.
• The particular products and plans are also those that involve sales tax only.

ConsenSys, the company behind the popular MetaMask crypto wallet, has denied claims that it collects taxes on crypto transactions. 

The Ethereum blockchain software firm says that the allegations are “false” and that it has not made any changes to its terms of service to reflect this.

ConsenSys says allegations about MetaMask are false

The uproar appears to have stemmed from a section of MetaMask’s terms of service that states that the wallet retains “the right to withhold taxes as necessary.”

However, in a Twitter thread clarifying the T&Cs, ConsenSys says that the section only applies to specific products and paid plans that the company offers. It does not apply to MetaMask.

📢 We are aware of tweets circulating with inaccurate information about ConsenSys‘ terms of service.

Let’s clarify one thing upfront: MetaMask does NOT collect taxes on crypto transactions and we have not made any changes to our terms to do so.

This claim is false.

— ConsenSys (@ConsenSys) May 21, 2023

“The tax section in our terms of service falls under the “fees and payment” section, and it exclusively pertains to products and paid plans offered by ConsenSys. For example, Infura has credit card developer subscriptions which include sales tax,” the statement noted.

Adding that it believed in transparency and accuracy of information shared with users, the company added:

“Legal terminology can be complex, but it’s crucial to emphasize that this section DOES NOT apply to MetaMask or any other products that don’t involve sales tax.”

According to ConsenSys, no user assets are withheld on the premise that the user failed to pay taxes. Compliance with all applicable tax laws when it comes to customer’s assets is that user’s responsibility, the firm clarified.

User privacy and secutiry among users’ priority

Questions about MetaMask’s tax policies began to swirl as some Twitter users voiced concerns that the wallet service was working with law enforcement. 

The claims have been that the wallet is helping tax authorities to track down those deemed not to have paid taxes on their crypto holdings.

In 2022, ConsenSys came under criticism over its collection of the IP addresses and other details of users’ personal data. But pointing to its privacy policy, ConsenSys said the issue only affected those using its API-based tool Infura.

Using the tool as the default remote procedure call (RPC) in MetaMask would see it collect the user’s IP address as well as their Ethereum wallet address. However, using another RPC provider or Ethereum node in MetaMask meant no such data collection.

The post MetaMask does not collect taxes on crypto transactions- ConsenSys appeared first on CoinJournal.