04 Oct 2021 · 3 min read

First Graphene Layer 1 Cross-Chain Swap Project Obtains DAO Funding

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

With a landmark stake weighted vote, the Hive community approves DAO funding for the execution of a Layer 1 solution that aims to bring about the first-ever decentralised Graphene to Graphene cross-chain token swaps. The funding also clears the way for creating an incentivised, distributed Peer to Peer, IPFS content storage, content delivery, and video encoding layer. All will operate within the Hive, SPK Network, and Peerplays ecosystems.

The project employs the Peerplays SONs technology, IPFS storage, and ceramic accounts system to create a cutting-edge web 3.0 network that empowers content creators to own their accounts, follower lists, and decentralised communities while empowering community ownership of social token economies and content storage, delivery, and censorship.

Peerplays SONs are specialized at employing oracles which enable them to act as token wrapping funnels between any chain and off-chain data. Currently, wrapping is possible between BTC and ETH onto the Graphene based Peerplays chain, an internal DEX. The funding provided by the Hive community will now open the way for the creation of Hive and SPK SONs, which will enable cross-chain swaps between the 3 ecosystems.

Additionally, the funding will allow the SPK Network to create an incentivised content node system that will transform the content world from a centralized web 2.0 model into a decentralized, P2P Web 3.0 one.

Some Dapps being built on the SPK Network are 3Speak.tv, a decentralised video platform; NFT Hub, a place to trade memefied NFTs and create decentralised communities and DBuzz, a short-form blogging alternative to Twitter. They are all integrating the SPK Network and Peerplays’ SONs technology, choosing Graphene as their feeless, super-fast transaction time and near feeless NFT, and decentralised community creation protocols.

This development puts Graphene technology at the forefront of the race to provide truly decentralised, community-driven, high-performance Web 3.0 alternatives to anything else that currently exists in the market.

About Peerplays SONs Technology

SONs are democratically elected, decentralized token swap gateways. The gateways are not just decentralized; they can also support other chains from various base technologies such as Hive (Graphene), EOS (Graphene), Ethereum (POW / POS), BTC (POW), etc.

About SPK Network

"The SPK Network on the Hive blockchain is a decentralised, shared open-source social media protocol not owned by any centralized entity. This means that the content creator owns their account and community outright such that no centralised entity can block or censor either. Any developer worldwide can help develop the protocol or the open-source content platforms built upon it. Contrary to current mainstream social media platforms, SPK Network provides transparency to the Web 3.0 social media content world, allowing anyone to see how the Network functions. Trusting a centralised entity is no longer required.

The Protocol’s LARYNX Miner Token claim drop to Hive holders will be in the next few months. Announcements to be made shortly.

About Hive

Hive is a decentralized information-sharing network with an accompanying blockchain-based financial ledger built on the Delegated Proof of Stake (DPoS) protocol. Hive supports many different types of information-sharing applications. A myriad of dapps, APIs, and front-ends contribute to the accessibility of data on the Hive blockchain. Hive is developed to store vast amounts of content and to make it easily available for time-based monetization. Examples of use cases include social media with monetized rewards for content producers, interactive games, identity management, polling systems, and micro-loans. The performance of the blockchain is designed to scale with widespread adoption of the currency and platforms in mind. By combining the lightning-fast processing times and fee-less transactions, Hive is positioned to become one of the leading blockchain technologies used by people worldwide. Learn more about Hive and sign up today a https://hive.io/.

For media inquiries, contact [email protected]