Irys, a data provenance startup, has launched a new layer-1 blockchain. The platform aims to provide integrated data storage solutions for developers building onchain products. The new blockchain supports multiple networks. These include Ethereum, EVM-compatible chains, Solana, Aptos, and Avalanche. Josh Benaron, Irys founder and CEO, stressed the need for permanent data solutions. He said, "Data integrity should be based on technological guarantees — but it's not." Benaron highlighted the risks of centralized data infrastructure. He pointed out potential issues with digital bank accounts and social media. The new protocol uses a dual-ledger system. Data is first stored in a "submit ledger" before moving to an immutable "publish ledger". Irys combines proof-of-work with staking to incentivize miners. This approach aims to ensure correct data storage. The move challenges traditional IT systems. Currently, these systems are highly centralized. Amazon Web Services dominates the market. Visual Capitalist data shows 30% of internet users interact with AWS-hosted sites daily. This concentration gives AWS and similar platforms significant control. They can potentially censor content or delete user data. Onchain storage has been prohibitively expensive. A 2022 study found storing 500 kilobytes on Ethereum cost $20,000. Costs have decreased since Ethereum's Dencun upgrade. However, storing large files remains pricey. This situation has created opportunities for alternative solutions. Platforms like Arweave, Internet Computer, and InterPlanetary File System aim to reduce reliance on Big Tech. Irys's launch is a big deal in this space. It's another player trying to shake things up in the world of data storage. The startup is betting on blockchain tech to solve real-world problems. It's a gutsy move, but only time will tell if it pays off.

Blast, an Ethereum layer-2 solution, has cut its withdrawal times in half. The move comes after four months of monitoring. Withdrawals now take 7 days instead of 14. The network announced this on their new @blast account. It's a big shift from their old strategy. They used to have longer withdrawal times for Lido withdrawals. "Previously, bridging from Blast to Ethereum took 14 days," Blast tweeted. "This timeline was set in order to provide a buffer for Lido withdrawals, which Blast (currently) relies on for ETH yield." The team found most withdrawals can be handled faster. But some rare cases might still take over a week. Deposits from Ethereum to Blast are still quick. They typically take minutes. Blast's rebranding has raised eyebrows. They've changed their handle from @blast_l2 to @blast. They're now calling themselves a "full stack chain". This has got people talking. Jim, an ex-Aave contributor, reckons Blast might be moving away from being just an Ethereum layer-2. Founder Tieshun Roquerre, aka "Pacman", chimed in. In a video, he said Blast might evolve beyond layer-2 if it's better for users. Blast launched phase 1 of its token airdrop on June 26. The token price jumped 40% at first. But it's since dropped to $0.017, below its $0.02 launch price. These changes show Blast is trying to adapt. They're juggling user needs with potential shifts in their blockchain role.

The TON Application Chain (TAC) is teaming up with Polygon Labs. Their goal? To make the TON ecosystem play nice with the Ethereum Virtual Machine (EVM). It's a big deal. TAC is building a Layer-2 network for TON. This blockchain is known for its ties to Telegram, the messaging app. Why does TON need this Layer-2 integration? It's simple. They want to tap into Ethereum's massive developer community. The new Layer-2 chain will use Polygon's tech. It'll leverage Polygon CDK and Agglayer, an interoperability protocol. This combo will let EVM-compatible decentralized apps (DApps) run on TAC. Pavel Altukhov, TAC's CEO, spilled the beans to CoinDesk. "We're going with Polygon for a few reasons," he said. "EVM compatibility, easy liquidity access, solid support, and their EVM know-how." What's in it for developers? A lot, actually. They can port their Ethereum-based apps to TAC without breaking a sweat. And they'll get access to Telegram's huge user base. Altukhov's pretty stoked about recent developments. He pointed to USDT's integration on TON and the success of Notcoin, a popular Tap-to-Earn game. The numbers are looking good. TON's got 5.8 million monthly active on-chain wallets on Telegram. That's nothing to sneeze at. Here's a kicker: TON recently beat Ethereum in daily active addresses. On June 3, it hit 568,300 DAAs and it's worth noting that Ethereum - second most popular crypto in the world - hasn't seen those numbers since September 2023. The Layer-2 race is heating up. Coinbase launched Base last August. It's built on the OP Stack and has already locked in over $6 billion. Other players like Blast, Optimism, and Arbitrum are in the mix too. With TON joining the fray, things are bound to get interesting. It's a young man's game, and TON's playing to win.

Consensys has unveiled a new product. The MetaMask Delegation Toolkit aims to simplify decentralized app development. It also seeks to improve Web3 user engagement. The toolkit will be available on Ethereum Virtual Machine chains. These include Arbitrum, Avalanche, Base, Linea, Optimism and Polygon. Dan Finlay, MetaMask co-founder, spoke about the toolkit's potential. "Parts of it can very easily be made chain agnostic," he told Cointelegraph. This suggests possible future expansion beyond Ethereum. A Consensys study highlighted the need for such tools. Only 8% of 15,000 respondents felt very familiar with Web3. Many find crypto overly complex. The toolkit aims to address this issue. It eliminates repetitive user actions. It also reduces direct interactions with Web3 infrastructure. Finlay explained the toolkit's flexibility. "You can invite a person to an experience and give them an allowance," he said. "The enforcement system is totally open-ended." The toolkit offers several key features. It enables instant user onboarding without extensions or downloads. It removes the need for seed phrase management. Gas fee management is also improved. The toolkit allows for gasless transactions. It can also postpone or reassign gas costs. Consensys recently acquired Wallet Guard. This security tool protects digital assets from fraud and theft. It will be integrated into MetaMask. Patrick Berarducci, Consensys' MetaMask lead, commented on the acquisition. He said it would protect users from "malicious DApps and scams."

Cryptocurrency scams on Ethereum Virtual Machine (EVM) chains caused whopping $314 million in losses during the first half of 2024. This is a substantial and pretty worrying 6.44% increase from the same period last year. This data comes from a new report by blockchain research firm Scam Sniffer and it is truly scary. For example, the report reveals that $58 million was lost by just 20 victims, with the largest single attack resulted in an $11 million loss for one unlucky individual. Researchers noted that scammers used common phishing techniques to gain control of victims' funds, and these methods are very old and still efficient despite the fact that security researchers keep telling people about them for ages. These techniques included Permit, IncreaseAllowance, and Uniswap Permit2 signatures. They allowed scammers to access funds without additional permissions. The most significant thefts targeted assets in staking, restaking, Aave collateral, and Pendle tokens. Social media played a role in these scams. Phishing comments from fake accounts on platforms like X led victims to fraudulent websites. These sites tricked users into making seemingly legitimate transactions from non-custodial wallets. SlowMist, Scam Sniffer's parent company, reported some success in combating these crimes. They froze approximately $20.66 million in stolen funds across 13 platforms during Q2 2024. Bitget, a cryptocurrency exchange, highlighted another growing threat. They reported a surge in deepfake-related crypto fraud. Losses from these scams have exceeded $79.1 billion since 2022. There has been a 245% increase in deepfake scams in 2024 alone. Bitget warns that quarterly losses from deepfake use could reach $10 billion by 2025. The rise in crypto scams highlights the need for increased security measures and underscores the importance of user education in the crypto space. The more advanced technologies still require us, mere mortals, to use caution, especially when it comes to saving and transferring huge funds with those new tech. Ethereum Virtual Machine (EVM) is a crucial component of the Ethereum blockchain. It executes smart contracts and processes transactions. The EVM also allows developers to create decentralized applications (dApps) on the Ethereum network, and thus is has become a substantial driving force for web3. Its compatibility across multiple blockchains has made it a target for scammers seeking to exploit vulnerabilities across various platforms.