Canto, the decentralized music streaming platform, has announced its plans to migrate to Ethereum as a Layer 2 solution. This move will enable Canto to leverage the security, scalability and interoperability of the Ethereum network, while reducing gas fees and latency for its users and artists.
Canto is a platform that allows anyone to create, share and monetize music in a decentralized way. Canto aims to empower artists by giving them full control over their music rights, royalties and distribution. Canto also rewards listeners for discovering and curating new music, creating a vibrant and diverse musical ecosystem.
Canto currently operates on its own blockchain, which is based on the Cosmos SDK. However, as the platform grows and attracts more users and artists, Canto faces some challenges in terms of scalability, performance and compatibility. Canto’s blockchain has limited throughput and requires high gas fees for transactions, which can deter potential users and artists from joining the platform. Moreover, Canto’s blockchain is isolated from other blockchains, which limits its ability to interact with other decentralized applications and protocols.
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To overcome these challenges, Canto has decided to migrate to Ethereum as a Layer 2 solution. Layer 2 solutions are protocols that run on top of the Ethereum mainnet, but use different consensus mechanisms and data structures to achieve higher scalability and lower costs. Layer 2 solutions inherit the security and decentralization of the Ethereum mainnet, but also offer faster transactions and lower fees.
Canto has chosen to use Optimistic Rollups as its Layer 2 solution. Optimistic Rollups are a type of Layer 2 solution that uses optimistic assumptions to validate transactions off-chain, while periodically publishing proofs on-chain. Optimistic Rollups can achieve up to 100x scalability improvement over the Ethereum mainnet, while maintaining full compatibility with Ethereum smart contracts and tools.
By migrating to Ethereum as a Layer 2 solution, Canto will be able to offer its users and artists a better user experience and more opportunities. Canto will be able to process more transactions per second, reduce gas fees and latency, and enable instant withdrawals. Canto will also be able to integrate with other Ethereum-based decentralized applications and protocols, such as decentralized exchanges, stablecoins, NFTs, DAOs and more. This will create more value for Canto’s platform and community, as well as for the broader Ethereum ecosystem.
Canto’s migration to Ethereum as a Layer 2 solution is expected to take place in Q1 2024. Canto will provide more details on the migration process and timeline in the coming weeks. Canto encourages its users and artists to stay tuned for updates and announcements on its website, blog, social media channels and Discord server.
Balancer Frontend hit by DNS Attack
Balancer, a decentralized finance (DeFi) platform that allows users to swap tokens and provide liquidity, was hit by a DNS attack on October 21, 2023. The attackers managed to hijack the domain name balancer.fi and redirect it to a phishing site that mimicked the Balancer frontend. The phishing site asked users to connect their wallets and approve transactions that would drain their funds.
The Balancer team quickly detected the attack and alerted the community via Twitter and Discord. They advised users not to visit balancer.fi or interact with any Balancer contracts until the issue was resolved. They also contacted the domain registrar and the DNS provider to regain control of the domain and restore the legitimate frontend.
The attack lasted for about two hours, during which some users reported losing funds to the phishing site. The Balancer team is working with security experts and law enforcement to track down the attackers and recover the stolen funds. They also promised to compensate the affected users and conduct a thorough audit of their security protocols.
The Balancer team apologized for the inconvenience and thanked the community for their support and vigilance. They assured users that their funds are safe in the Balancer smart contracts, which were not compromised by the attack. They also urged users to always verify the URL and the SSL certificate of any site they visit, and to use hardware wallets or other secure methods to interact with DeFi platforms.