Welcome back everybody to altcoin daily my name'saustin i want to share this with you looking at the state of the cryptocurrency market today wecan see that bitcoin ethereum the market is in much more of a cooldown phase we are dipping weare consolidating and this has been happening for some time now obviously just an ebb and a flowof a healthy market yet despite this temporary cooldown ethereum gas fees have almost neverbeen higher there has to be a cryptocurrency or cryptocurrencies aiming to solve this and intoday's video that's exactly what i'm going to share we're talking latest news involving xrpwe're talking flow we're talking higher cap altcoins as well as lower cap altcoins so checkthe timestamps down below in the video description hit subscribe if you want to stay up to dateon this crypto market and let's jump in i do.
Want to start off by saying though that i likeethereum i hold a lot of ethereum on bullish on ethereum but is there such a thing as finding thenext ethereum well let's talk about it the first project aiming to solve this with nft creation atleast turns out it's ripple ripple has launched a 250 million dollar fund for nft creators hereare the details ripple labs is launching a fund for creators marketplaces and brands to explorenew use cases for non-fungible tokens on its own xrp ledger and the big question is why while theplatform said it wanted to address concerns with the minting of tokenized artwork including clunkyuser experiences high transaction fees and the possible effects on the environment interestingso if you had to mint nfts either on the ethereum network or the xrp network what would you choosei really would love to know your thoughts down.
Below in the comment section but in a directquote from ripple as to why nfts we believe nfts embody the promise of tokenization and representa tipping point for its embrace by the mainstream through this creator fund and the xrp ledgerwere excited to unleash a new utility for nfts and accelerate the broader shift to tokenizationso with 250 million dollars now at play who gets access to that money first according toripple it would be nft marketplaces including mint nft and mintable and creative agencies would beamong the first to have access to the fund with the caveat that any proposed nft use case wouldbe built on the xrp ledger giving creators an opportunity to monetize their work so like isaid give me your thoughts on this down below but ripple and xrp are one of the cryptocurrenciesaiming to be a better ethereum for the nft sector.
Nft marketplace at least next up an eth competitorthat just scored a major partnership here comes the nfl version of nba top shot nfts this is fromdapper labs and of course the flow blockchain flow cryptocurrency has partnered with the nfland here are the details as to what the nfl gets in return the nfl as well as the nfl playersassociation will receive equity in dapper labs as part of the deal and according to the sportsbusiness journal the digital licensing revenue from these nfts on the flow blockchain generatedfor the players union by the deal will be second only to what it makes from its partnership with easports maker of the popular madden video game wow so this is a big deal great for flow great forthe nfl and in a direct quote from dapper labs commenting on their success they saw with the nbafirst they expect even more success with the nfl.
And here's why when i think about the nba versusthe nfl the nba really blaze the trail in a lot of ways and they're willing to take some risks if youthink about the nfl they don't always do it first but they try and do it best so learning from thenba is very much in their playbook when we think about the kind of products that we would buildwith other partners we think about customizing it for those fan bases we can't just slapnfl players on nba top shot and make it work i like that sentiment this will be verycustomizable and notice that the nba didn't choose ethereum didn't choose polygon or cardano theychose dapper labs and that's very bullish for flow next up let's talk about cryptocurrency energya blockchain built to scale for a decentralized future and we know they're a partner of thechannel they also have energy swap which is.
Built to be a better unit swap which wedid a walk through on a few months ago i will link this down below for those of youlooking for a cheaper alternative to uniswap but what i want to talk about today and why theymake this video is the underlying blockchain how they're more scalable why they're morescalable and how they're built for mass adoption and to do that i want to compare them toethereum because we know for example ethereum's tps transactions per second major room forimprovement but tps is not the only issue as more and more transactions are processed on chainthe size of the chain data grows exponentially this has resulted in a reduction of full nodesrunning the ethereum network in fact since the peak of this most recent bulk run ethereumhas seen a 60 reduction in nodes and that's.
Because of the terabytes on terabytes of data thatthese nodes have to sync as the blockchain grows and these blockchains are only going to get biggeras mass adoption continues to happen now eth is switching to sharding with eth2 sharding is anincreasingly popular approach to solving this scalability this is popular with polka dotand cosmos and other blockchains like this as well sharding is breaking up the informationon chain into smaller and smaller units to make it more scalable but there are obvious trade-offsfor example sharding breaks composability there's also certain security risk trade-offs and we'renot going to get too in the weeds today on these technical terms but i will link this downbelow for you to continue your own research the question we have to answer is how does energydo it how does energy process all that data on.
The base chain and keep the scalability well todo that let's compare it in one sense to solana finally there are some blockchains such as solanawhich conduct all activity on a single layer network energy has a similar approach of having anetwork of extremely powerful servers processing transactions but rather than functioning solelyon layer 1 energy has a similar system within our layer 2 masternodes these will enable energyto also achieve tens of thousands of transactions per second but with several major benefitsversus single-layer blockchains so what are these benefits dual layer architecture allowsenergies layer 1 to remain highly decentralized with many more nodes as the requirementsfor running a layer 1 node are much lower than the layer 2 supercomputers so the aim isto keep layer 1 as decentralized as possible.
And energy is then able to keep our masternodelayer master nodes lighter weight since they don't have to contain all blockchain data our layer 1is responsible for storing all data while layer 2 enables near-instant confirmations and capacityto handle high volume so scalability is key and of course they are compatible with ethereumwhich cannot be said for many other blockchains a final critical point is that energy is evmcompatible ethereum virtual machine compatible energy's unique approach is that we are fullycompatible with ethereum based technology benefiting from nearly all improvements inapplications built on ethereum while also enabling a very high level of scalabilityand again just to drive this home as to how all transactions can be processed almost instantlyby energy's layer 2 network of masternodes.
And then at every block the masternodes will thendump all the transactions to our layer 1 network where all data is then ultimately stored so whatdo you think give me your thoughts down below in the comment section the last thing i want totouch on is where does ethereum go from here because ethereum's archive data chain is now overeight terabytes in size and while ethereum's chain size is not yet at a critical point it will besoon that is a whole lot of data i will point out that energy is solving this in a very uniqueway to solve this issue we are implementing a very unique approach to archiving which will allow ouractive chain to maintain a manageable size while ensuring that the archive data is maintainedproperly and remains accessible this approach is snapshotting so in a sense i would say sort oflike mina protocol taking a snapshot of the data.
And then storing that snapshot each time our mainchain energy's main chain reaches a maximum size anywhere between 5 and 10 terabytes we willcreate a snapshot of the chain at that time this snapshot will become a separate archivechain that is connected to the active chain via a running hashed record of snapshots and in essencethe big thing this solves is this will prevent the centralization of the chain to a few largevalidators that have a disproportionate control over the network a snapshot solves this so i willlink this down below in the video description check it out but in general energy the blockchaindefinitely a crypto to keep on the radar and next up big news for eth competitor al grandal grant has just launched a virtual machine to increase smart contract capabilities theupgrade promises to deliver negative carbon output.
The nft marketplace web 3 and more we'realready getting great feedback within the al grand ecosystem and look forward to continuingthis momentum so give me your thoughts down below but generally speaking cool to see these upgradescool to see this progress and we will have to keep tabs to see which dapps are being developed onwhich platform and then where the users flock to and next up although i don't have newsspecifically today to bring you in this video we cover cardano all the time the ecosystemas well as the dapps being built definitely a main contender in this smart contract space weknow they just partnered with boost mobile dish network ethiopia so the excitement for cardano isundeniable i would go even further on that list and mention polygon and meter protocol twodepth platforms that are clearly dominating.
They've recently integrated together eth inneroperators competitors to keep on the radar and i guess let's wrap this up by you letting meknow which death platform stood out to you down below in the comments section like i saidi am bullish on eath eth is not going away but what eath quote unquote fails at or could dobetter at we are seeing these other platforms step up and it's gonna be very interesting to see whichone prevails and like always see you tomorrow