IlluMyFi

Matter Labs, a pioneering firm in engineering and cryptography focused on zkSync's development, collaborates with Chainlink Labs, the main developer behind Chainlink, to join the Chainlink SCALE program. This move aims to boost the adoption of zkSync Era, the advanced zkEVM zkSync's inclusion in the SCALE program is poised to escalate its ecosystem's success. This initiative enhances access to top-tier oracle data and services for developers while also reducing the gas costs incurred by Chainlink nodes in oracle report submissions on zkSync Era. The synergy between zkSync and Chainlink is expected to uphold Web3's decentralization ethos, simultaneously aiding Marco Cora, Senior Vice President of Business and Operations at Matter Labs, expressed excitement about zkSync's integration with Chainlink SCALE. He emphasized the profound impact of Chainlink Price Feeds, combined with zkSync's new prover, Boojum, and unique state differences design, in making zkSync an economical rollup for Oracle updates. This integration heralds a new wave of innovation and diverse use cases. Chainlink SCALE is an innovative program aimed at sustainably fostering the expansion of blockchain and layer-2 ecosystems. Its core mission is to enhance these platforms' access to high-quality, low-cost oracle services. The program covers operational costs, like transaction gas fees, for Chainlink oracle networks, allowing blockchain/L2 ecosystems to grow while gradually transitioning to being self-sustaining through dApp user fees. Johann Eid, Chief Business Officer at Chainlink Labs, lauded zkSync's participation in the Chainlink SCALE program. He highlighted the potential for zkSync to provide projects with essential services for developing scalable, feature-rich, and secure applications, thanks to reduced operational costs for Chainlink oracle nodes. Chainlink Price Feeds' deployment on zkSync allows developers to craft advanced applications with the necessary reliability and security, attracting user funds and scaling with their TVL growth. This boosts zkSync's DeFi ecosystem liquidity and network development. The native integration of Chainlink Price Feeds into zkSync leverages zkSync's advanced zk-rollup technology on

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Bearish/Bullish

03.01.24 03:45

by blockchainreporter.net

IT Services Payments Blockchain Breakthrough with Ripple

The global IT services sector, poised to hit a staggering $1.5 trillion in 2024, faces a critical challenge in managing cross-border payments. Traditional payment systems, characterized by slow and costly transactions, are a significant hurdle for businesses looking to harness a worldwide workforce. This article delves into how blockchain technology, particularly Ripple's solutions, is transforming these payment processes, offering speed, efficiency, and transparency. Historically, international payments have been fraught with delays, high costs, and a lack of transparency, largely due to the dwindling network of correspondent banks. Traditional banking systems, with 2-5 days of settlement time, transaction fees up to $100, and error rates of 4-6%, have long hampered efficient global business operations. Moreover, businesses often suffer from obscured payment statuses and the need to maintain pre-funded accounts for liquidity, tying up essential capital. Ripple's enterprise payment solution, Ripple Payments, redefines cross-border transactions. It empowers IT service providers to execute real-time payments globally without the need for pre-funding accounts. This flexibility allows for the investment of previously immobilized funds into other business areas, enhancing operational efficiency and financial health. In contrast to the sluggish pace of traditional payment networks, Ripple Payments boasts a transaction settlement time of merely 3-5 seconds. This rapid processing enables businesses to address urgent demands, capitalize on potential discounts, and streamline payment reconciliation. Ripple Payments stands out by providing unparalleled transparency in every transaction. Its upfront pricing and FX quotes, coupled with comprehensive visibility and detailed payment data, offer businesses a competitive edge by improving partner and customer experiences and reducing overhead costs. Businesses utilizing Ripple Payments can significantly expand their global reach. This solution aids in diversifying supply chains, offering local currency payouts, accessing a global workforce, and penetrating new markets. Moreover, Ripple's ease of integration through a simple API enables companies to enhance their existing payment infrastructures effortlessly. For IT services companies, adopting Ripple Payments is a strategic move to surpass the constraints of traditional payment systems. By leveraging Ripple's blockchain technology, businesses can accelerate growth, optimize operations, and tap into a dynamic, ever-available liquidity pool.