Consensus 2021 Recap by AllianceBlock
Co-founder and CEO of AllianceBlock, Rachid Ajaja shared key details on #AllianceBlock’s partnerships and product launches that promise to change the game for the industry as a whole during Consensus 2021.
Consensus, the largest conference in the blockchain and cryptocurrency industry, took place virtually between May 24th and 27th, bringing over 10,000 professionals from across the globe. It focused on exploring the evolution of cryptocurrency and blockchain technology through a variety of educational panels, workshops, keynotes, fire-side chats, networking experiences, and other immersive activities.
🔹First Milestone: Partnership with Databricks
His first announcement was regarding data. He stated that centralized and decentralized data providers and users operate in silos and are unable to link their resources due to technical limitations. There is no doubt that centralized data providers are the main actors in this space, but the DeFi space is still young and is growing.
AllianceBlock recently launched its Data Tunnel product, sometimes referred to as the Netflix of data. The Data Tunnel aims to become the Oracle of Oracles in both the DeFi (decentralized) and TradFi (centralized) spaces.
🔹Second Milestone: Collaboration with GBC
During the Consensus panel, compliance was discussed at length, and it is accepted as a thorny subject that is undeniably necessary to first facilitate institutional interest in DeFi. It is also required for creating a more compliant and secure space for DeFi investors.
The issue faced by blockchain and DeFi players today is whether anonymity means less transparency or transparency means less anonymity. AllianceBlock has thought long and hard about this problem and Rachid was proud to introduce AllianceBlock’s trustless KYC/AML solution that solves this issue.
With this solution, you can be not only transparent and compliant but can also retain control of your data. AllianceBlock achieved this solution by partnering with GBG, one of the most established and leading ID verification companies in the world with access to 60% of the world’s population in over 70 countries.
🔹Third Milestone: AllianceDEX Launch
As part of AllianceBlock’s effort to build a decentralized capital market, the project has announced a decentralized exchange. The new DEX will have its own take on an automatic market maker (AMM) algorithm called SYNC. AMMs are decentralized exchange protocols that rely on algorithms to price assets. Usual DEXs are built upon Constant Function Market-Making or CFMM.
Uniswap is perhaps the most well-known AMM service, but one of the main issues faced by AMMs today is the issue of impermanent loss. This occurs when the underlying volatility of one of the pairs in a trading pool ends up creating major losses for the liquidity provider. AllianceBlock’s aim here was to create an AMM that minimized impermanent loss.
🔹Fourth Milestone: Decentralized Bridge Test
The last product to be announced by Rachid at the conference was AllianceBlock’s decentralized bridge that will further enhance blockchain interoperability and achieve AllianceBlock’s ambition of becoming blockchain agnostic.
The need to be the decentralized bridge of choice arose because most bridges today rely on relayers that are heavily centralized, and most bridges focus on linking only two blockchains. Furthermore, most link to the Ethereum blockchain. This means that we can easily find a bridge between, say, ETH and Aave or between Aave, ETH, and BSC, but to find a bridge that links Aave to BSC and DOT is quasi-impossible. Therefore, AllianceBlock wanted to create a more efficient bridge.
What is AllianceBlock?
AllianceBlock is building the first globally compliant decentralized capital market. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product.
Incubated by three of Europe’s most prestigious incubators: Station F, L39, and Kickstart Innovation in Zurich, and led by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, Goldman Sachs investment bankers, and quants, AllianceBlock is on the path to disrupt the $100 trillion securities market with its state-of-the-art and globally compliant decentralized capital market.
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