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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

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    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

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    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

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    Pudgy Penguins Joins Lufthansa for Real Travel Rewards

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    How ‘MapleStory N’ Is Fighting Back Against Thousands of Hackers

    How ‘MapleStory N’ Is Fighting Back Against Thousands of Hackers

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    Civitas Migrates to Immutable zkEVM to Power Low-Cost, Scalable Web3 Gaming & Web3 Network Growth

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    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

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    Crypto Casinos Made Over $80 Billion in 2024

    A16z-backed Spekter Games founder shares Telegram gaming ethos

    A16z-backed Spekter Games founder shares Telegram gaming ethos

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    Location-Based Gaming NFTs: How GPS and Blockchain Are Changing the Way We Play

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
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    A Step-by-Step Guide for Beginners

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    Long and Short Positions in Crypto Explained for Beginners

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    What Is Fully Diluted Valuation (FDV) in Crypto?

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    NFT sales plunge 18% to $116.9m, Polygon beats Ethereum

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    Matt Furie NFTs Crater 97% After Mint Exploit

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    FC Barcelona unveils Barca Pass crypto wallet, NFT avatars

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    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

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    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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  • Guides
    What Does DCA Mean in Crypto? A Simple Breakdown – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    A Step-by-Step Guide for Beginners

    Long and Short Positions in Crypto Explained for Beginners

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    What Is Crypto Staking? How to Earn Crypto by Holding It

    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Are Liquidity Pools? A Guide to DeFi Explained Simply

    What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

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    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Blockchain

LayerZero Labs Launches Colortrace, Onchain Attribution Solution 

November 17, 2023
in Blockchain
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LayerZero Labs Launches Colortrace, Onchain Attribution Solution 
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ColorTrace is LayerZero’s solution to problems with Colored Coins, including the amount of storage required to color digital assets.

Cross-chain communication protocol LayerZero has launched ColorTrace, a value attribution solution that facilitates fair tracking. The solution easily attributes tokens to the entity that minted the token, allowing for easy verification of the token’s origin and making related yield collection seamless. In addition to revenue distribution, ColorTrace can also help with tracking in alliance programs, referral links, and other real-world uses.

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Colored Coins is a method of creating distinctions among a group of digital assets by attributing colors to specific coins. Although each colored coin still functions the same way and is as usable or redeemable as non-colored coins, the coins carry markings that indicate details of 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 atop the Bitcoin ledger. This is equivalent to a continuously growing ledger list of every address that has ever colored a token. This list is essentially infinitely sized, increasing with every coloring done on the network. Unsurprisingly, this solution is not sustainable because of the storage and computation demands required to maintain the list. This also makes accurate onchain value attribution difficult.

LayerZero’s ColorTrace Solutions for Colored Coins

The ColorTrace solution from LayerZero provides a few solutions that simplify the problem of identifying tokens and indicating provenance. Firstly, it promotes single-chain coloring, which atomically burns and mints tokens to ensure that a wallet only holds tokens of a single color. Another elegant solution is the transfer of colored tokens between blockchains. ColorTrace facilitates safe token transfers across networks, ensuring that there is no mixup during the transfer process. The ColorTrace design also promotes efficiency, making it easy to identify a colored token without combing through a complicated tracking system. Furthermore, it ensures that the total amount and value of tokens remain consistent across all networks and transactions.

See also  Animoca Brands to Enhance Web3 Gaming Experience with LayerZero Interoperability Solutions

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

LayerZero wstETH Cross-Chain Transfers

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

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

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

Tags: AttributionColortraceLabsLaunchesLayerZeroOnChainSolution

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