Arbitrum Launches Nitro, Vitalik Buterin Launches Book, Crypto Winter vs Bear Market

Since the launch of Bitcoin in 2008, Crypto has presented an endless amount of white space with conceivable and unimaginable market opportunities, often with mobile at the center of Art in Gaming. S3622

The amount of data on blockchains

The amount of data on public blockchains is growing exponentially. Developers and data analysts need to query this data at scale for a range of use cases: investment, development platforms, games, trading, lending, fraud detection, and more. But no vendor makes it easy to accurately query blockchain data on a large scale. Luabase, which spans the entire blockchain data stack, allowing developers and data analysts to configure, query, and build chain data an order of magnitude faster than internally, all through a single, easy-to-use API. The unique and easy-to-use API has already handled more than 5 million API calls, the startup has successfully closed a $4.5 million fundraising round.

Source

Ethereum miners generated approximately $756 million in revenue in August.

An increase of 37% from revenue of $545 million in July. Just over $30 million of that was transaction fees – that is, ETH paid for transactions to be included in the blocks. August was the last full month of Ethereum mining. Between September 10 and 20, as part of The Merge, the blockchain will transition from a proof-of-work (PoW) block creation mechanism to a proof-of-stake (PoS) system, after which PoW mining on Ethereum will not work. longer play out. August earnings figures were likely supported by ETH price growth from June and July performance.

Source

What is proof of reserves? (HbR)

Today, digital assets are on the rise, with billions of dollars being traded on crypto exchanges daily. As with all financial markets, there is also a need for trust and transparency in the cryptocurrency market. By doing this, regulators and crypto investors or traders can be confident that their assets are fully reserved and not mismanaged.

Providing proof of reserve is very important for widespread adoption in the cryptocurrency space. Until recently, however, there was no clear path or method to verify or provide these reports.

It is an independent audit conducted by a third party whose purpose is to ensure that a custodian holds the assets it claims on behalf of its clients. This auditor takes an anonymized snapshot of all held balances and aggregates it into a Merkle tree, a privacy-friendly data structure that encapsulates all customer balances. From there, the auditor is given a Merkle root: a cryptographic fingerprint that uniquely identifies the combination of these balances at the time the snapshot was taken. The auditor then collects digital signatures produced by the wallet, proving ownership of on-chain addresses with publicly verifiable balances. Finally, the auditor compares and verifies whether these balances exceed or match the customer balances shown in the Merkle tree, and therefore that the customer balances are held in full reserve.

Each customer can independently verify that their balance is included in the proof of reserves audit by comparing selected data elements to the Merkle root. Any changes to the rest of the data, no matter how small, will affect the root, making the tampering obvious.

Arbitrum launches Nitro

Arbitrum a blockchain protocol launched its biggest network upgrade yet this week! Arbitrum One now runs on Nitro – increased throughput, lower costs, a next-gen implementation architecture is underway, and it’s all now live on the Arbitrum One mainnet.

Source

Vitalik launches a book

Ring Book Title Proof of 9/27 – Collected from his essays before and during the rise of Ethereum, these writings reveal Vitalik to be a vibrant and imaginative writer. While many around him were focused on increasing the value of their tokens, he worked on the problems and possibilities of creating an internet-native world. To get the book you can donate and have an NFT, pre-order a physical copy!

Cryptobank Sygnum opens hub in Decentraland

Swiss crypto bank and asset manager Sygnum will open a hub in metaverse platform Decentraland at the end of September. The hub will feature a CryptoPunk receptionist, NFT gallery and event space. It will also showcase the bank’s Web3 product innovations and provide investors with an entry point into the metaverse economy.

Source

Babylon Finance Closes Its Decentralized Wealth Management Service

Babylon Finance plans to shut down its decentralized wealth management service in November due to a lack of funds for operations following the $3.4 million loss in April’s Rari hack. Babylon Finance is described as a decentralized wealth management protocol in which a community of users can make collective investment decisions. However, Babylon’s operations depended on another decentralized financing platform (DeFi), called Rari Capital. Babylon used Rari Capital’s infrastructure to create loan marketplaces called Fuse.

Source

Bitcoin as a long-term store of value

Long-term Bitcoin investors continue to limit the supply available. The cyclical recurrence of bitcoin price movements is theorized to indicate successive new classes of investors are being introduced into bitcoin. Then, once they have gone through a full cycle and entered a bear market, these investors typically resist the urge to sell their token below its purchase price for at least one full cycle period. So they limit supply and create downside support by holding bitcoin during its price decline, until finally finding gains at the next rally where many start selling. Their success encourages them and a new generation of long-term holders who are thus brought to bitcoin – for example, by halving the supply. These new investors then experience roughly the same sequence of events and the cycle repeats.

In the shorter term, there seems to be a fair amount of evidence that users’ driving behavior continues over time, and furthermore, there is an ongoing trend among users to increasingly use bitcoin as a long-term store of value rather than a shorter term. object of speculation.

Sell ​​all your bitcoins now

Ethereum [upgrade] is not just about ethereum,” Kyle McDonald told Coindesk. “I think investors and regulators will realize that proof of work after the merger [du bitcoin] was never really necessary and we are slowly going to see a huge crash in the price of bitcoin. The price of bitcoin hit an all-time high of nearly $70,000 late last year, but crashed along with technology stocks that had surged during the era of historically low interest rates and monetary stimulus.

“Bitcoin will never reach $69,000 again; now is the perfect time to sell all your bitcoin,” McDonald added, pointing to the “climate crisis” that may be exacerbated by bitcoin’s massive energy demand. “Bitcoin doesn’t have the coordination like Ethereum for proof-of-work.

Source

The adoption of crypto in commerce

According to Fortune Business Insights’ Blockchain in Retail Market report, the pandemic has helped accelerate the growth of the blockchain retail market, despite supply chain disruptions and global economic challenges. 62% of merchants plan to introduce cryptocurrency, tokens or NFTs as part of their loyalty programs. But will the demand boost the use of crypto for purchases on mainstream shopping platforms? Tesla stopped accepting bitcoin payments earlier this year. Yet retailers such as Home Depot, Whole Foods, Starbucks, and Microsoft still accept Bitcoin.

The X factor that will drive even more mass adoption is ease of use. Thousands of companies are working to create crypto wallets, apps and payment systems that eliminate technological confusion for an average consumer. So you will soon be using it like Venmo or PayPal. Maurice Glissman, founder and CEO of AMZSCALE, which supports more than 800 Amazon sellers, conducted a test with NFT Sales, a crowdfunding solution for brands that allows them to connect with 1,000 top brand-loving customers. He said he was optimistic about blockchain as a growth area for traditional retailers. AMZSCALE recently launched a security token that allows investors to invest in retail brands from their platform.

The largest bitcoin mining facility in the world

Riot Blockchain is the operator of the largest bitcoin mining facility in the US in the Lone Star State. The Rockdale facility has a total power requirement of 750 megawatts. That’s little compared to a 1-gigawatt facility the company is building in Navarro County. That’s enough to power 300,000 to 1 million American homes. When fully online, the Navarro County operation will be the largest bitcoin mining facility in the world.

That’s an extra burden on the Texas power grid and the local water supply!

Source

Singapore’s approach to cryptocurrency control

The central bank is considering stricter rules to deter investment in “very dangerous” cryptocurrencies, but also wants to grow the digital asset ecosystem. The head of Singapore’s central bank said on Monday that the country’s approach to considering tougher regulations for cryptocurrency players while remaining optimistic about the sector was “not contradictory”, dismissing previous reports suggesting a reversal in its policy. . Innovation and regulation cannot coexist. We make no difference by being less strict in our regulations or by facilitating innovation less.

Source

News

Leave a Comment