Blockchain

Polkadot Upgrades with “Agile Coretime”, Transforming Resource Allocation and Unlocking a New Era of Efficiency and Scalability for the Ecosystem

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    Zug, Switzerland., September 19th, 2024, Chainwire

    Agile Coretime Paves the Way for Polkadot 2.0 Improving the Network’s Scalability, Cost, Speed, and Flexibility

    The Polkadot community celebrates the release of its latest major product, “Agile Coretime”, as part of the ongoing Polkadot 2.0 upgrade. This new feature represents a significant advancement in how computational resources are allocated and managed within the Polkadot ecosystem, delivering unprecedented efficiency, scalability, and accessibility for projects of all sizes.

    Agile Coretime is not just a technical upgrade; it is the most important product launch this year for Polkadot as it evolves, through seamless on-chain governance, into a network ready to onboard the Web3 masses. It also serves as a primary catalyst for the rebirth of the entire ecosystem. By making it easier for projects to build and scale on Polkadot, this feature is designed to attract a new wave of innovative applications and use cases.

    As the second crucial component on the path to Polkadot 2.0, which previously saw Asynchronous Backing go live and will later allow for Elastic Scaling, Agile Coretime redefines how blockchain resources are allocated by offering a dynamic, on-demand blockspace model. This new approach replaces the previous auction system, in which single cores were leased for two years at a time. The new approach makes it easier and more cost-effective for projects to access the resources they need, when they need them.

    Eskimor, lead developer at Parity Technologies, Polkadot’s leading technical contributor, said: “Agile Coretime is a huge milestone in making the high quality blockspace Polkadot offers more accessible. With this and other features we have in the pipeline, I expect more experimentation and awesome projects to be launched on Polkadot, showcasing its amazing capabilities. Let’s wake our sleeping giant!”

    One of the key advantages of Agile Coretime is its ability to align resource availability with actual network demand. By dynamically allocating computational resources, Polkadot ensures that no resources are wasted during low activity periods, while also preventing congestion during peak times. This adaptability is crucial for projects with varying needs, enabling them to scale and operate more efficiently without the burden of high upfront costs.

    “Devs have historically faced a binary choice: deploy a smart contract and compete with other protocols for limited blockspace, or deploy a blockchain and pay for a large amount of dedicated blockspace,” says Derek Yoo, CEO of Moonsong Labs, “Agile Coretime addresses this challenge by offering a flexible approach. For projects starting out, you can harness the power and customizability of a blockchain while paying only for the blockspace you need. For mature projects with product-market fit, Agile Coretime allows scaling to meet high levels of demand without the need for sharding.”

    For new developers and smaller projects, Agile Coretime lowers the barrier of entry by providing access to Polkadot’s robust infrastructure without the need for significant DOT collateral. This democratizes access, fostering greater innovation and participation within the ecosystem.

    Projects can purchase coretime either on-demand or in bulk, providing flexibility or predictability depending on their specific needs. On-demand purchases are ideal for projects with fluctuating demands, while bulk purchases offer stable and reliable resource allocation for teams requiring a steady flow of blockspace.

    For media inquiries, please contact Jonathan Duran at Jonathan(at)Distractive(dot)xyz

    About Polkadot

    Polkadot is the powerful, secure core of Web3, providing a shared foundation that unites some of the world’s most transformative apps and blockchains. Polkadot offers advanced modular architecture that allows devs to easily design and build their own specialized blockchain projects, pooled security that ensures the same high standard for secure block production across all connected chains and apps connected to it, and robust governance that ensures a transparent system where everyone has say in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, you’re not just a participant, you’re a co-creator with the power to shape its future.

     

    Contact

    Marketing Communications Director
    Jen Wheatley
    Distractive
    jen@distractive.xyz

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    Fundbox Secures Warehouse Capacity from Cross River and Waterfall Asset Management

    2024-09-17T15:32:44Z

    SAN FRANCISCO, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Fundbox, a leading embedded capital platform for SMBs, announces a new credit facility with Cross River, a technology infrastructure provider that offers embedded financial solutions, and Waterfall Asset Management, a global alternative investment advisor. The agreement brings Fundbox’s total annual origination capacity to over $2B, including existing capacity.

    The financing facilities will support Fundbox’s mission to empower the SMB economy by meeting the working capital needs of small businesses, primarily through embedded experiences in the tools they use every day. Fundbox’s cross-platform data sharing and cutting-edge underwriting technology enable SMB platforms to offer capital to their customers right within their products. The backing of Cross River and Waterfall will further enable Fundbox to develop innovative products to help platform partners deliver the funding their small business customers need.

    “Small businesses need capital more than ever before. The number of US small businesses grew 3x the rate of the US consumer population in the last decade, while bank funding for SMBs has fallen 15% year-over-year,” said Renuka Nayani, Fundbox CFO. “Credit capacity from Cross River and Waterfall help ensure we are well-capitalized to meet this need. We are thrilled to work with these established institutions to help close the trillion-dollar gap in small business funding.”

    “Fundbox has steadfastly supported America’s small businesses while delivering through-the-cycle performance to its investors. We are proud to back the company’s next stage of growth with this credit facility,” said Drew Friedberg, Director of Principal Finance at Cross River. “This alliance furthers our mission to empower fintech companies and small businesses with access to credit.”

    "Fundbox has demonstrated exceptional commitment to enhancing the financial landscape for small businesses. We are excited to support their continued growth and innovation,” said Nate Huebscher, Director at Waterfall. “This agreement aligns with our dedication to supporting dynamic lending solutions and fostering opportunities for small businesses to thrive.”

    About Fundbox

    Fundbox is the pioneer of embedded working capital solutions for SMBs, leading the charge in best-in-class embedded finance offerings since 2015. Fundbox empowers the small business economy by offering fast, simple access to working capital through the digital tools businesses already use. Fundbox has partnered with leading SMB platforms to help over 125,000 customers unlock growth with fast, simple access to over $5B of capital.

    For press inquiries, please contact pr@fundbox.com.

    About Cross River Bank

    Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.


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