Bluzelle’s September Summary
Hello everyone! Berry Brains here, a blockchain enthusiast and digital content creator with several years of experience in the blockchain space. I am a Bluzelle ambassador. This article is one of the monthly summary of Bluzelle I’ll be writing consistently. I’ll bring to you all events that occur every month within the Bluzelle ecosystem in my monthly review.
Bluzelle decentralized database keeps gaining momentum as numerous applauding innovations are being unleashed concurrently with more partnerships with amazing projects and many more incredible news and updates. To help everyone in the Bluzelle ecosystem stay informed without missing any vital information, I’m publishing a summarized recap of all noteworthy events which took place and partnerships signed in the month of September.
March to Mainnet progress update
Phase 1 soft mainnet was launched on the 20th of August. Later on, Bluzelle published an update on the progress of the mainnet launch in September.
Bluzelle is the FIRST to build a fully functional Ethereum-Cosmos relayer and launch it live. This relayer provides seamless conversion between the ERC20 BLZ and the native tokens. All participants of soft mainnet enjoyed 25% APY.
There have been a whole lot of amazing feedback from the community regarding new features, better user experience and third party support. More features will be added to the staking dashboard which will make participants earn rewards even much more higher than 25% APY for staking BLZ. Plans have also been updated to incorporate some of the feedback. Below is an update on what comes up next.
At that time, members converted BLZ to BNT tokens through the staking dashboard with relayer run manually by the team, which causes participants to wait a few hours for their native tokens to get into the Bluzelle wallet. Soon, the relayer will become autonomous, that is, once the Ethereum transaction is successful, the relayer will run automatically and the native tokens will appear in the Bluzelle wallet without any delay.
The production Mainnet will be a hard fork from the soft Mainnet. Participants of soft Mainnet will have to get back their tokens including the rewards earned, in order to re-stake on the production Mainnet. There will be enough time for everyone to prepare for the transition period. In this phase, those who participated in the soft mainnet will be required to carry out two important steps on different dates;
- Participants will unbound their tokens from soft mainnet and go through the 21 days unbounding period. Participants will keep earning rewards daily, based on participation before unbounding during the unbounding period.
- After unbounding tokens, soft mainnet tokens can be converted back to ERC20 BLZ. Similar to what was experienced to acquire native from BLZ, The relayer from native to ERC20 token will run manually by the team at first, so it could take couple of hours for the ERC20 BLZ to arrive in the Ethereum wallet.
It is advised that all members follow all announcements as vital information on mainnet progress will be passed across via Bluzelle’s various platforms.
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Release of Bluzelle Bridge
Earlier this month, Bluzelle announced the release of Bluzelle Bridge which is the first automated ETH to Cosmos Relayer ever used in a live productiin environment. The relayer was said to be fully compatible with the latest version of Tendermint/Cosmos. And it was been deployed to the Bluzelle soft mainnet to allow the conversion from ERC20 to Bluzelle’s native tokens in few minutes with full automation.
Importance of Bluzelle Bridge
Bluzelle has a dual-token System. It is required that the ERC20 BLZ tokens be maintained to be exchanged with others even as the Bluzelle chain based on Cosmos is acquired. A connector that allows secure, stable and automatic conversion of tokens between both networks is required. Which is why the Bluzelle Bridge was invented to support millions of transactions across Ethereum and the Bluzelle chain.
How Bluzelle Bridge works
From BLZ to BNT
From BNT to BLZ
Features of Bluzelle Bridge
- Bi-directional: The Bluzelle bridge is capable of performing exchanges between ERC20 BLZ to the BNT native token(based on cosmos), and vice versa. Meaning, Bluzelle network can be retained in both Ethereum and Cosmos ecosystems, thereby permitting transactions to cross both networks. Users can convert tokens anytime.
- Fully Automated : The Bluzelle Bridge does not rely on any manual support. Once the user submits a request to convert, the whole process is fully automated and users will receive their tokens in minutes.
- Stable and Secure: The relayer is set for production use. It has been deployed to the Bluzelle Soft Mainnet and now handling the growing number of staking transactions in the system successfully.
- Compatible with the latest version of Tendermint/Cosmos: This means a lot as Bluzelle is the first chain to make use of their latest version.
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Bluzelle expands its reach to Polkadot Ecosystem
Bluzelle announced its collaboration with Polkadot ecosystem earlier this month. It was the first partnership signed in the month of September. So far it has been a great ordeal as both parties benefit richly from each other.
Polkadot is the flagship project of Web3 Foundation (W3F) that is building a scalable, inteporable and secure network protocol for cross-chain applications. Polkadot aims to deploy storage capabilities to projects building on Pollack’s substrate framework as they advance Bluzelle’s goal of becoming the de facto data layer for Web3.
By entering the Polkadot ecosystem, Bluzelle provides a backbone to support innovation as it position itself at the heart of the Web3 movement.
Polkadot’s scalable sharded blockchain, designed to support cross-chain composability, is ideally suited to launching decentralized applications (dApps). Bluzelle’s data delivery network enables dApps to realize this potential by eliminating the need for them to depend on centralized data centers.
Being a blockchain-agnostic dApp storage solution, Bluzelle’s architecture aligns with that of Polkadot, making developers free to launch new parachains even as they retain access to a reliable data network. Again, Bluzelle Oracles, which helps projects store dApp data in a decentralized manner while storing and referencing historical prices, can be employed in powering a wave of Polkadot apps.
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Bluzelle & Reef Finance Brings DeFi Mainstream Adoption with Polkadot
Bluzelle and Reef Finance strategically partnered and Reef Finance became the first adopter of the Bluzelle Oracles. The integration of Bluzelle Oracles price feeds enables Reef to capture real-time price information to power the next generation of DeFi applications.
Bluzelle’s decentralized oracles capture off-chain data from numerous data input sources and makes them available on-chain for any smart-contract-enabled blockchain including Polkadot. This ability allows Reef to leverage a decentralized network of independent Oracles to obtain market data that is reliable. Bluzelle’s decentralized DB also made historical data available, which improves the decision making of Reef’s AI engine.
Also, decentralized storage allows data from the Reef Finance platform to be stored on different hosts by distributing the files across the entire network without any restrictions by any centralized entity.
The Bluzelle team is working closely with Reef regarding the integration. With Reef being the first adopter of Bluzelle Oracles, Their feedback is extremely valuable to help Bluzelle accelerate as the best Oracles in blockchain. Also, with Bluzelle, Reef Finance can bring DeFi mainstream adoption faster to capacious audience.
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TomoChain Integrates with Bluzelle Decentralized Oracles.
Bluzelle formed partnership with TomoChain-The efficient blockchain powered by proof of stake voting consensus. They integrated Bluzelle Oracles to enable reliable real-time price feeds and enhance their defi offerings to developers.
Bluzelle and TomoChain collaboration provides TomoDEX the most reliable real-time price data feeds and also offer more comprehensive set of data solutions to developers building on TomoChain.
Both Bluzelle & TomoChain share the same vision to provide greater privacy, scalability and security to dApps, especially for Defi.
With a wide range of products and protocols built by TomoChain, both teams are working closely and exploring more areas in collaboration to drive mass adoption in dApps & Defi.
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Bluzelle empowers Stafi to Unlock Liquidity of Staked Assets
Bluzelle integrates with Stafi protocol. Stafi Protocol is the first DeFi protocol to unlock liquidity of staked assets and a project built on Polkadot. Being able to bridge off-chain and on-chain data with Bluzelle’s decentralized database and oracles, Bluzelle offers support to data for Stafi’s staking contract, such as pledge, redemption, transaction, and including mapping information between rTokens & Staked tokens.
Bluzelle’s partnership with Stafi is a great example of how Bluzelle’s decentralized oracles bridges external data on-chain for smart-contract enabled platforms Polkadot inclusive. Bluzelle database also enables Stafi to scale along with their increasing staking transactions.
As Bluzelle is also a proof-of-stake chain, besides supporting Stafi’s infrastructure, rBluzelle may be introduced into the mainnet to support liquid staking of BLZ tokens with help from Stafi. Bluzelle aims to explore more in-depth collaboration with Stafi.
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