• CrossFi launched an EVM-compatible mainnet for scalable web3 payments.
• The network supports 10,000 TPS and bridges Ethereum assets seamlessly.
• Governance uses MPX tokens, with fees averaging $0.02 per transaction.

Cross Finance, commonly known as CrossFi, a next-generation Layer 1 blockchain network, has announced the launch of its EVM-compatible mainnet, marking a significant step in the evolution of decentralized finance (DeFi) and web3 payment solutions.

The CrossFi blockchain aims to provide a scalable, decentralized ecosystem designed to support high-volume payments and everyday transactions, bridging traditional finance with the world of crypto.

The CrossFi mainnet’s launch comes on the heels of a successful testnet, conducted in collaboration with CoinList, which attracted over one million active wallets.

The CrossFi blockchain

The network’s infrastructure is built using the Cosmos SDK and Tendermint, enabling a modular design that supports up to 10,000 transactions per second (TPS).

This scalability makes CrossFi suitable for hosting payment applications that require high throughput, similar to Visa-level processing capabilities.

As an EVM-compatible network, CrossFi allows seamless integration with Ethereum-native assets, which can be bridged to its platform and utilized within its payment ecosystem.

Its security is reinforced by PCI DSS certification, a data protection standard recognized by major payment card companies, ensuring that the platform maintains industry-leading data transmission and storage practices.

The governance of the decentralized network is powered by the Mint Power (MPX) token, which is also used to facilitate transaction fees that average $0.02 per transaction.

In addition, the Cross Finance ecosystem features a variety of financial tools, including CrossFi App, which enables services like staking, lending, crypto-fiat exchange, and P2P payments. Users can also leverage CrossFi xAPP for token swaps, cross-chain asset bridging, and liquidity mining.

Further enhancing its ecosystem, CrossFi supports synthetic asset minting, over-collateralized stablecoins, and offers decentralized platforms for trading real-world assets.

By integrating multiple functionalities across its components, Cross Finance is set to democratize access to decentralized finance and facilitate the adoption of blockchain technology in global payments.

The network’s launch partners, including Alchemy and other validators, will play a key role in optimizing performance and maintaining decentralization.

With this mainnet launch, CrossFi is positioned to become a pivotal player in the evolving web3 financial landscape, empowering businesses and users to explore new possibilities in the digital payments space.

• 0G has transitioned into a Decentralized AI Operating System (dAIOS).
• Initially, OG was a leading modular AI blockchain.
• 0G aims to democratize AI as a public good, attracting interest across various sectors.

On October 1, 2024, 0G announced a groundbreaking shift in its identity, evolving from a leading modular AI blockchain to the world’s first Decentralized AI Operating System (dAIOS).

This transformation underscores 0G’s commitment to decentralizing artificial intelligence and providing users with complete control over their data while promoting transparency, monetization, and incentive alignment.

Decentralizing AI workflows

In today’s highly centralized AI landscape, data ownership and decision-making processes often lack clarity. 0G aims to change that by leveraging blockchain technology to coordinate distributed hardware resources such as storage, computation, and data availability.

This innovative approach enables scalable, transparent, and auditable AI infrastructures that integrate seamlessly into various workflows.

The architecture of 0G comprises modular components including 0G Storage, 0G Data Availability (DA), and 0G Serving. Each of these components is designed to cater to distinct aspects of AI workflows, facilitating efficient management of vast data loads and real-time interaction with decentralized AI applications.

For instance, 0G Storage utilizes erasure coding to secure data while maintaining accessibility, all managed by incentivized miners through a unique consensus mechanism known as Proof of Random Access (PoRA).

With throughput speeds of 50 GB/second, 0G is positioned to outperform competitors by a staggering 50,000 times at 100 times lower cost. This capability makes on-chain AI applications feasible, addressing critical issues such as ownership, transparency, monetization, and alignment that plague centralized AI systems.

0G’s mission is to democratize AI

Looking ahead, 0G’s mission is to democratize AI as a public good, fostering an extensive ecosystem that encompasses various sectors including gaming and decentralized finance (DeFi).

The platform’s rapid scalability and efficient data management solutions are already attracting significant interest from key players in the Web3 space.

As 0G continues to advance its dAIOS infrastructure, it stands at the forefront of the decentralized AI revolution, committed to reshaping the future of technology and data management.

Ripple president Monica Long talks about winning the US SEC v. Ripple Labs lawsuit, Ripple USD (RLUSD) stablecoin launch, strategy for XRP Ledger, and more in an interview. She opens up about the company’s developments and plans as the long-running lawsuit comes to an end, with XRP gaining clarity from the court that it’s not a security.

Ripple Gets Clear View As SEC Lawsuit Is Over – Monica Long

The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs has ended and the court ruled that XRP is not a security. Monica Long said the victory is significant for the entire crypto industry, setting a precedent and bringing more clarity on rules.

CEO Brad Garlinghouse and Long had earlier affirmed that the setback, stringent regulatory outlook and intense scrutiny led the firm to look offshore for growth. The company now records major growth outside the United States, with 40% activity in Asia.

Currently, the U.S. SEC is likely deliberating to file an appeal in the case, as per the former SEC lawyers Marc Fagel and James Farrell. Pro-crypto lawyers such as Fred Rispoli believe the SEC could file a last-minute appeal near October 7. An appeal on secondary market sales has higher odds.

RLUSD Stablecoin Launch This Year

Ripple president said the RLUSD stablecoin will launch this year and only awaits greenlight from the US regulator. She cleared that one of the main use cases for RLUSD is settlements, reported Coindesk. Developers using XRPL should be able to use Ripple USD for transactions.

Long cleared that the stablecoin will not impact XRP’s market share in payments. The payment service already uses both XRP and stablecoins for liquidity, which happens at the backend.

“We believe stablecoins and XRP have different use cases for payments and other transactions. For example, DEXs on XRPL will be able to use RippleUSD very efficiently, while XRP will continue to be used for transactions with long-tail, smaller market cap crypto assets.”

RLUSD will be for financial institutions and institutional investors. The stablecoin is backed by US dollars, short-term US Treasury bills, and other cash equivalents held in a reserve account. Standard Custody & Trust will ensure transparency and issue regular certificates.

As reported by CoinGape, Brad Garlinghouse sees RLUSD launch opportunity in Japan and countries with favorable regulations.

Ripple President on XRP Ledger Plans

The XRP Ledger (XRPL) is an enterprise-grade blockchain and has broader advantages. These include automated market makers (AMM), decentralized exchanges (DEX), and compliance features.

“We are also looking at ways to bring programmability to XRPL in a native way – for example, we think, and the community thinks so too, that there is a lot of potential in “Hooks” to bring smart contracts to XRPL.”

Ripple CEO Brad Garlinghouse talked about the successful relations with Japanese financial giant SBI Group since 2016. In addition, the partnerships will increase adoption of XRP and XRP ledger in Japan.

The company is also beta-testing RLUSD on both the XRPL and Ethereum network. Recently, Ripple issued two substantial batches of its stablecoin, each containing 485 RLUSD.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.