Vitalik Buterin outlines the path to ETH 2.0, Visa launches encryption consulting services, and Biden’s Comptroller’s anti-crypto nominee exit: Hodler’s Digest, December 5-11
Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph of the week on one link.
Headlines this week
As the long-awaited transition to Eth2 is approaching, Ethereum co-founder Vitalik Buterin outlined the “Endgame” roadmap on Monday to finally achieve a landmark upgrade.
Although Buterin did not solve the centralization problem of block production as the network developed towards scalability, the 27-year-old man basically solved all other problems related to block verification.
He suggested implementing a “second-layer mortgage with low resource requirements” for distributed block verification; introducing “fraud proof or ZK-SNARKS, allowing users to directly (and cheaply) check the validity of blocks;” and introducing “data availability” Sampling, allowing users to check block availability [and] Add secondary transaction channels to prevent censorship. “
“We got a chain where block production is still centralized, but block verification is trustless and highly decentralized, and special anti-censorship magic prevents block producers from censoring,” Buterin explained.
Speaking of Eth2, the major cryptocurrency exchange Coinbase has added a mirrored version of the native Ethereum token. Ethereum, Marked as Eth2, the crypto price index to Tuesday. There is no trading activity for the new listing, but the pricing is the same as ETH.
Although the launch of Eth2 is expected to be at least mid-2022, Coinbase listed a token named after it a few days before the “Arrow Glacier” upgrade of the smart contract network, which will give developers more time Do basic work for Ethereum 2.0.
On Thursday, Coinbase also announced that it would extend support for the platform to Encrypted hardware wallet Start with Ledger’s model. It will be gradually rolled out from early 2022.
According to local media reports, India’s leading private bank Kotak Mahindra Bank became the first bank to cooperate with a cryptocurrency company after a deal with the top cryptocurrency exchange WazirX.
This transaction enables traders to liquidate their digital assets through Kotak’s banking services, which marks an important milestone for the local crypto industry, which is in trouble due to numerous issues raised by the banking industry and the Indian government.
“WazirX has opened an account in Kotak that can be used to collect and make payments to investors who trade on the exchange. The account is not yet operational. Paperwork, KYC and some tests are ongoing,” said a person familiar with the matter.
President Joe Biden withdrew her candidacy to Saule Omarova, a cryptocurrency skeptic in the Office of the Comptroller of Currency.
Omarova is a divisive figure. He basically called on the banks and the crypto industry to be destroyed many times. This often triggered widespread opposition from Republican politicians who held opposition and secretly accused the professor of Marxist sympathy. .
Commenting on her withdrawal from the candidacy, Biden said, “Sol has suffered an improper personal attack that is far beyond the normal range.”
On Wednesday, global payment giant Visa launched a new consulting and advisory service for crypto-curious companies, financial institutions, and retailers that want to get involved in the industry.
Visa stated that its crypto-focused advisory services can provide advice on everything from cryptographic functions and services to NFTs and CBDC-focused digital wallets.
According to Visa, the company’s interest in cryptocurrencies is driven by the need to remain competitive and meet consumer needs. Citing a recent internal study, Visa stated that “40% of cryptocurrency owners surveyed reported that they may or are likely to switch their primary bank to a bank that provides crypto-related products within the next 12 months. “
Winners and losers
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are the NEAR protocol (near) at 6.44%, Huobi Token (HT) 5.11% and BitTorrent (BTT) 4.61%.
The top three altcoin losers this week are THETA (?) -32.53%, the universe (atom) -32.04% and Qtum (quantum) -31.65%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“If DeFi becomes widespread, its fragility may undermine financial stability. Due to high leverage, liquidity mismatches, internal interconnections, and lack of shock absorbers such as banks, these situations may be serious.”
“I do think that once the regulation takes effect, we will see a new investor enter this field. I think this is what we see in other jurisdictions, such as Singapore.”
Adrian Puzerozny, Independent Reserve Chief Executive Officer
“US$100,000 by the end of the year is a difficult forecast to make. […] I think the target for 2022 may be 100,000 US dollars, but this year, I am not sure. “
Matt Hogan, Chief Investment Officer, Bitwise
“Because we have access to sensitive information and upcoming policies, I don’t think members of Congress should own/trade individual stocks. I choose not to own any stocks so that I can maintain fairness in policy making. […] I also extended it to digital assets/currencies (especially because I am a member of the Financial Services Commission). “
Alexander Ocasio-Cortez (AOC), Member of the Financial Services Committee of the U.S. House of Representatives
“We don’t want banks to directly participate in digital asset transactions, because banks are [responsible] This is risky for customer deposits and the public. “
Jayawadi Chai Annan, Senior Director, Bank of Thailand
“In a world where money has become the core feature of the Internet, the United States should actively promote the US dollar as the main currency of the Internet and use it as a source of national economic competitiveness, security and major upgrades. More efficient and inclusive financial services.”
Jeremy Allaire, CEO and co-founder of Circle
“We don’t need legislators to subconsciously react to supervise out of fear of the unknown rather than seeking understanding.”
Patrick McHenry, The representative of the United States
“The focus of encryption is true decentralization, and successful projects will be the ones that achieve this goal.”
Brian Brooks, Bitfury CEO
Forecast this week
in the past According to reports, Bitcoin has experienced several downward price actions in the past few weeks, falling to a low of $41,614 on December 3. Cointelegraph’s Bitcoin Price IndexSince then, the price of BTC has fluctuated between US$46,000 and US$52,000.
On Monday, cryptocurrency trader and podcaster Scott Melker, also known as the “wolf of the street” on Twitter, expressed his views on the Bitcoin market.
Melk wrote on Twitter that the top cryptocurrency assets may fluctuate between US$42,000 and US$53,000 within a few months. Broadly speaking, traders pointed out that $53,000 is a barrier to break through in order to continue on the path of BTC’s price increase.
“Now everything between these two numbers is oscillating, which will drive traders into panic,” Melk added. “If it reaches 53K, people will be very bullish on 53K and bearish on 42K.”
FUD this week
After the Ethereum and Binance smart chain vulnerabilities were exploited, Bitmart was hacked for $200 million
The cryptocurrency exchange BitMart was the victim of a hot wallet hack, which resulted in the loss of digital assets worth nearly 200 million U.S. dollars.
Blockchain security and data analysis company PeckShield first highlighted the hacking attack on Sunday after it discovered two malicious transfers worth $100 million on Ethereum and $96 million worth of transfers on Binance Smart Chain. . According to the company, the hacker attack was a simple case of transfer, exchange and cleaning.
The hackers mixed more than 20 tokens, including Binance Coin, Safemoon, BSC-USD and BNBPay, as well as a large number of meme coins such as BabyDoge and Floki Inu.
India will impose a maximum fine of 2.7 million U.S. dollars or 1.5 years in prison for violating cryptocurrency regulations
According to a report by BloombergQuint, the Indian branch of Bloomberg, the local government may soon outline penalties for non-compliance with its upcoming cryptocurrency policy. The publication states that penalties may range from a fine of up to 200 million rupees (US$2.7 million) or 1.5 years in prison.
Although the current regulatory environment in India is not transparent, there have been reports that Indian investors may soon have to transfer their cryptocurrency assets to exchanges regulated by the Securities and Exchange Commission of India.
Authorities expect that Indian Prime Minister Narendra Modi (Narendra Modi) will give cryptocurrency investors a deadline to comply with the new rules and declare their assets before cracking down on any misconduct.
After the gaming giant Ubisoft announced its new NFT project called “Quartz” on Wednesday, it encountered major resistance from the gaming community this week. Fans of the company seem to be annoyed by what they think are fast cash grabs, and thousands of people threaten to boycott the company.
The Assassin’s Creed developer’s YouTube video introduced the new project and launched an available in-game NFT called “Digitz”, which received a 96% dislike rate. In fact, comments criticizing the project received more likes than the video itself. The user “OperatorDrewski” commented:
“To me, this is an obvious signal that you are just squeezing every penny of the “Ghost Recon” series while putting the least effort into the actual game itself. If the team is degraded to this degree, in the future I won’t be able to play GR games.”
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