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Home»Blockchain»LayerZero Labs Launches Colortrace, Onchain Attribution Solution
Blockchain

LayerZero Labs Launches Colortrace, Onchain Attribution Solution

2023-11-17No Comments3 Mins Read
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ColorTrace is LayerZero’s solution to colored coin problems, including the amount of storage space required to color digital assets.

Cross-chain communications protocol LayerZero has launched ColorTrace, a value attribution solution that enables fair tracking. The solution simply awards tokens to the entity that minted the token, making it easy to verify the token’s provenance and perform associated revenue collection seamlessly. In addition to revenue distribution, ColorTrace can also help track alliance programs, referral links, and other real-world uses.

Colored coins is a method of distinguishing between a group of digital assets by assigning colors to specific coins. While each colored coin still functions the same way and is just as useful or redeemable as non-colored coins, the coins bear markings that indicate details about their history, including former holders and original minters.

ColorTrace solves a primary problem with the original Colored Coin algorithm. This algorithm used a lossless layer of metadata function on top of the Bitcoin ledger. This equates to a continuously growing ledger list of every address that has ever colored a token. This list is essentially infinitely large and increases with each colorization performed on the network. Unsurprisingly, this solution is not sustainable due to the storage and compute requirements required to maintain the list. This also makes it difficult to accurately attribute the value of the onchain.

LayerZero’s ColorTrace solutions for colored coins

LayerZero’s ColorTrace solution offers a number of solutions that simplify the problem of identifying tokens and indicating provenance. First, it promotes single-chain coloring, where tokens are atomically burned and minted to ensure that a wallet only contains tokens of one color. Another elegant solution is the transfer of colored tokens between blockchains. ColorTrace enables secure token transfers between networks and ensures there is no confusion during the transfer process. The ColorTrace design also promotes efficiency, making it easy to identify a colored token without having to sort through a complicated tracking system. Furthermore, it ensures that the total number and value of tokens remains consistent across all networks and transactions.

See also  STP launches AWNS Web3 identity solution using NFT-owned wallet

ColorTrace already functions as a solution that ensures fair distribution of the value of USDV, a new community-driven stablecoin launched by the Verified USD Foundation. Through ColorTrace, USDV facilitates transparent reward distribution among verified minters. In this way, the possibility of disputes arising from this distribution is eliminated.

LayerZero wstETH Cross-Chain Transfers

Last month, LayerZero announced a new feature that will allow users to transfer wrapped staked Ethereum (wstETH) across multiple blockchains. Now available on the Ethereum, BNB Chain, Scroll, and Avalanche chains, wstETH transfers will increase the accessibility of staked tokens. This opens up wstETH to more unique opportunities on other blockchains and improves decentralized finance (DeFi).

wstETH is a wrapped token representing Ethereum (stETH) in the Lido Finance protocol. Users on Lido stake ETH and receive sETH in return, which represents the value of the staked assets.

In April, LayerZero Labs raised $120 million in a Series B funding round at a valuation of $3 billion. This tripled the company’s valuation from its $1 billion valuation in March 2022, when it raised $135 million in a Series A extension round.

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Attribution Colortrace Labs Launches LayerZero OnChain solution
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