A breakdown of alternative projects in the ethereal ecology: a bridge to Web 3.0

Beyond the DeFi ecosystem, there are many other alternative projects in the Etherium that deserve attention.

A breakdown of alternative projects in the ethereal ecology: a bridge to Web 3.0

In recent times, public chains represented by BSC, Solana and Fontom have launched fierce challenges to Ether, especially in terms of application ecology, which is replicating the Ether ecology in all aspects in lending, trading, aggregators and other tracks, attracting a large number of users’ attention and usage through IDO and airdrop.

However, Ether is still bullish by the crypto market, which is directly reflected in the recent continuous surge of ETH. The moat of Ether lies in the decentralization and security of its network, and also in the richness and innovation of its ecology, which creates a more perfect experience environment for both developers and users.

In this article, we will focus on the less-known alternative ecological projects of Ether, which are not part of the traditional tracks such as trading, lending, gaming, NFT, scaling, etc. It is even difficult to classify them according to the traditional classification method, but many of them have the potential to become the important infrastructure of the Ether ecology, becoming middleware-like existence and meeting the segmented needs of different user groups, such as getting on-chain information notification, automatic appending The projects also reflect the potential of the ethereum ecosystem to become an important infrastructure.

At the same time, these projects also reflect the creativity of the ethereum ecosystem and continue to drive the growth and prosperity of the ethereum ecosystem. Below, Chain Catcher will introduce some unique alternative Ether projects in detail.

EPNS

EPNS is an ethereum message push service protocol that enables user wallets to receive DApp notifications, with the goal of becoming the middleware of the communication layer in the blockchain network. Currently, the project has received millions of dollars in funding from CoinLabs, IOSG, Balaji Srinivasan, former CTO of Coinbase, Scott Moore, co-founder of Gitcoin, and others.

Currently, Ether users can only get asset transfer out/in notifications through the wallet APP, but not more complex types of DApp information notifications, such as Gas fee plunge notifications, important on-chain governance voting notifications, lottery DApp winning notifications, lending DApp liquidation warnings, etc. Many of these information are time-sensitive, but users can only get these information through active queries or news reports, etc. channels to obtain such information, which will undoubtedly have a bad impact on user experience.

EPNS aims to solve this problem by working with the DeFi protocol and building in the necessary communication middleware APIs and SDKs so that protocol developers can send messages to service subscribers based on their wallet addresses, thus allowing these subscribers to get important on-chain notifications as fast as possible to maximize their own benefits.

EPNS is currently in beta and has partnered with Gitcoin, PoolTogether, Ceramic, bZx, Frontier, and other projects.

Gelato Network

Gelato Network is an ethereum smart contract auto-execution tool that allows developers/bots to automatically execute transactions based on user pre-defined conditions without running any underlying server infrastructure.

For example, the project can help users execute trades at a specific price, transfer tokens at a specific time, and automatically transfer funds when a MakerDAO position is about to be liquidated, or automatically stop loss when Uniswap LP’s erratic losses exceed a specific range.

It is understood that the first product launched by Gelato Network is Sorbet Finance, which is an order thin DEX based on Uniswap that supports users to set a target price and execute buy/sell orders when the Uniswap market price reaches the target price, but currently requires an additional fee of nearly a hundred dollars per transaction.

The project had received $1.2 million in funding led by IOSG Ventures and Galaxy Digital late last year. Recently, Gelato Network announced that it will issue release GEL tokens and support running on the Polygon network.

Swarm

Swarm is the official storage and communication system from Ether, designed to provide decentralized and redundant storage for DApp code, user data, blockchain and state data, as well as an underlying construct for untraceable communication, with a built-in incentive system implemented through smart contracts on the Ether blockchain.

Ethernet developers can accomplish the task of decentralized storage of data through Swarm, instead of relying directly on external ecosystems like IPFS and Filecoin. Compared with Filecoin, the biggest difference between the two is the technical details and incentive mechanism. filecoin does not penalize storage, while Swarm penalizes storage, the former leads to the proliferation of spam content because there is no penalty mechanism for storage, while the latter improves file availability and security through storage penalty.

Currently, Swarm is in the test network phase, and the main network is expected to go live in the second quarter of this year.

Tornado.cash

Tornado.cash is an ethereum privacy transaction tool that enhances the privacy of user addresses and assets, compensating for the lack of privacy features in ethereum. Since all the transaction records and address balances of Ether are public, outsiders can easily access the privacy information such as asset balances and transfer records of specific individuals through the associated transaction transfer records.

Through Tornado.cash, users can use their own address to transfer assets to the product’s smart contract address, mixed with other users’ assets, and then another address can take out the money, based on zero-knowledge proof, no one else can put a judgment on who the two sides of the transaction are. Moreover, there is no escrow in this process and the user is in control of his assets at all times.

To avoid being exploited for money laundering, Tornado Cash has also added compliance tools that allow users to prove the legitimacy of the source of their funds.

ENS

ENS is an ethernet domain name service project designed to provide users with short and easy-to-read domain names. ENS can assign a human-readable domain name ending in “.eth” to machine-readable data such as hexadecimal ethernet addresses in a secure and decentralized manner, while resolving simple human-readable domain names into on-chain address resources, making it easier for users to remember and use.

For example, V-God can register and associate “vitalik.eth” with his Ether address through ENS, so that his friends can use vitalik.eth as the destination address to send him Ether assets, reducing the possibility of entering the wrong address.

The service is now supported by most major wallet apps and is used by many prominent crypto industry players. In a recent interview, V-God publicly stated that ENS is the most successful non-financial application in the ethereum ecosystem right now.

InstaDApp

InstaDApp is a DeFi aggregation protocol whose main feature is the use of a smart wallet with a bridge protocol to integrate the main DeFi protocols. Users need to mobilize MateMask on the site to register a smart wallet and transfer funds before they can use it, and all user wallets are unified and controlled by Instadapp smart contracts, and users do not own private keys and helper words.

Currently, InstaDApp integrates with DeFi protocols including Maker, Aave, Compound and Uniswap, where users can trade their crypto assets and manage their trading pairs LPs in Uniswap, while collateralized LPs barrow financing in lending agreements supported by the platform.

Thanks to the use of a smart wallet, InstaDApp also provides users with one-click access to all collateral, collateral swaps, debt swaps, and automatic refinancing of debt, as well as support for users to migrate collateral between agreements.

The project received $2.4 million in funding from Coinbase Ventures, Pantera Capital and others in December ’19, and the site currently has about 20,000 smart wallet users.

Kleros

Kleros is an ethereum-based decentralized arbitration protocol that provides arbitration for subjective conflicts that cannot be resolved by smart contracts. After a DApp that follows the project’s smart contract standards initiates arbitration, the protocol draws a random set of jurors for each dispute and allows them to vote to ensure that the decision is made correctly based on the evidentiary material submitted by the parties.

Any user can become a Kleros juror by pledging tokens and earn token rewards through arbitration. Currently, Kleros’ representative arbitration cases include the prediction marketplace Omen’s arbitration against the result of the 2020 US presidential election, and the decentralized exchange Ethfinex’s up-currency arbitration against Baer token, with a cumulative total of nearly 700 arbitrations.

Mask Network

Mask Network is a Web3 privacy tool built on the ethereum ecosystem, aiming to become a portal to help users transition from Web 2.0 to Web 3.0. The project seeks to develop tools on the platforms of traditional social giants such as Twitter and Facebook to support users to seamlessly send crypto messages, cryptocurrencies and even build decentralized applications The project seeks to develop tools on traditional social giants such as Twitter and Facebook to support users to seamlessly send cryptographic messages, cryptocurrencies and even build decentralized applications.

Currently, Mask Network has developed a series of tools on the Twitter platform, enabling Twitter users who install its plug-in to directly buy cryptocurrencies on DEX, donate to Gitcoin, etc. without jumping to the page, lowering the threshold for traditional social platforms to enter the crypto world.

The above are just some representatives of the alternative projects in the ethereum ecology, which help ethereum significantly optimize the user experience, reduce the cost and threshold of use, and at the same time enhance the privacy, fairness and timeliness of on-chain behavior, accelerating the arrival of the Web 3.0 era.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-breakdown-of-alternative-projects-in-the-ethereal-ecology-a-bridge-to-web-3-0/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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