Lemonade partners with blockchain bigwigs to combat climate change

Lemonade partners with blockchain bigwigs to combat climate change

The coalition will release a decentralized application to help farmers make or receive payments using crypto.

Insurance company Lemonade has partnered with prominent blockchain companies to form the Lemonade Crypto Climate Coalition (L3C) decentralized autonomous organization (DAO) to protect farmers from climate change by offering blockchain-based insurance. 

The insurance firm founded Lemonade Foundation, a nonprofit focused on creating social and environmental change with the use of blockchain-enabled technologies. The foundation will work closely with members of the L3C including Chainlink, Avalance, DAOstack, Etherisc, Hannover Re, Pula and Tomorrow.io.

The climate insurance will take the form of a decentralized application (DApp) on the Avalanche platform. The DApp will also enable farmers to make and receive payments using crypto or with their local currencies. According to the announcement, the DApp will be rolled out to Africa in 2022.

Daniel Schreiber, director at the Lemonade Foundation, said that the foundation was created to build technologies that are exponentially impactful. With this, they “expect to harness the communal and decentralized aspects of web3 and real-time weather data to deliver affordable and instantaneous climate insurance to the people who need it most,” said Schreiber.

The move is expected to impact around 300 million farmers in Africa. Rose Goslinga, co-founder of Pula, a Kenya-based insurance tech firm says that “the majority face real climate risks to their livelihoods, as traditional, indemnity-based insurance is often unaffordable or unavailable to them.” Goslinga notes that an on-chain solution will have a scalable positive impact on the region.

Related: SushiSwap community proposes Swiss legal structure to limit DAO liability

Chainlink, a founding member of L3C, also plans to contribute its team and tech to the cause. “We plan to make the Chainlink team and platform available to L3C in an effort to protect the millions of farmers who depend on what they grow from the devastation of climate change,” said Sergey Nazarov, co-founder of Chainlink.

Meanwhile, a report shows that crypto users in Africa increased by 2,500 percent in 2021. Data shown by KuCoin exchange notes that crypto transactions based on the region grew significantly in 2021. Because of this, the region holds around 2.8% of the global trading volume.

Read More

Value Locked in Defi Rebounds — Smart Contract Tokens CPH, LUNA, XCP Lead the Pack

Value Locked in Defi Rebounds — Smart Contract Tokens CPH, LUNA, XCP Lead the PackThe total value locked in decentralized finance (defi) has managed to jump above the $200 billion zone, as crypto markets have rebounded from the market downturn last week. A number of native assets from the $611 billion worth of smart contract protocols have seen double-digit gains with cypherium (CPH), counterparty (XCP), and terra (LUNA) leading […]
Read More
Chainlink Verifiable Random Function v2 goes live on mainnet

Chainlink Verifiable Random Function v2 goes live on mainnet

Chainlink VRF v1 had previously crossed 3 million request transactions from NFT projects and blockchain games.

On Wednesday, blockchain oracle solution Chainlink (LINK) announced the release of Chainlink Verifiable Random Function, or VRF, v2. As told by its developers, the new, improved version of the random number generator can reduce transaction fees by 60% compared to v1. Randomness is a core component of making nonfungible tokens, or NFTs, and gaming applications fair and secure. On their own, blockchains and smart contracts cannot guarantee randomness, but rather require an oracle network to deliver such solutions on-chain.

Since its launch, Chainlink VRF (v1) has become the most widely adopted random number generator solution in the blockchain industry, fulfilling more than 3 million request transactions and currently providing verifiable randomness to more than 2,200 unique smart contracts across multiple blockchain networks. Popular projects like Bored Ape Yacht Club, Axie Infinity, Ethercards, and more rely on Chainlink VRF for randomness. “It is only with verifiable, tamper-proof randomness that it becomes possible to securely mint NFTs and their attributes or ensure fair outcomes in blockchain-based games,” said Sergey Nazarov, co-founder of Chainlink.

Chainlink VRF generates a random number and cryptographic proof of how that number was determined using a combination of unpredictable block data and an oracle’s private key with every new request. The cryptographic proof is then published and verified on the blockchain to prevent vulnerability and exploitation.

In addition to being live on the Ethereum Mainnet, Chainlink Network plans for deployment onto additional blockchains such as Polygon and BNB. Major upgrades in v2 include enhanced subscription management, the ability to adjust gas limits, expanded block confirmations, and being able to request multiple random numbers in a single on-chain transaction.

Aleksander Leonard Larsen, chief operating officer of Axie Infinity, commented:

“Verifiable randomness solutions like Chainlink VRF v2 are essential for developers introducing entropy into on-chain gaming and NFT experiences, empowering them to create fair and tamper-proof play-to-earn games.”

The Chainlink Network comprises independent oracle nodes and data providers such as Deutsche Telekom’s T-Systems, Swisscom, the Associated Press, and others. According to its developers, the network secured more than $75 billion worth of value across hundreds of applications and a dozen different blockchains at the end of 2021.

Read More