March 24

Proposed legislation meant to shore up the U.S. economy during the coronavirus pandemic includes a recommendation to create a digital dollar.

Under the draft bills shared last week, the Federal Reserve could use a “digital dollar” and digital wallets to send payments to “qualified individuals,” consisting of $1,000 for minors and $2,000 to legal adults. The Fed would likewise be in charge of the digital wallets, maintaining them for recipients.

The term ‘digital dollar’ shall mean a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve bank.

Neither bill indicates that the program would use a decentralized ledger or any sort of cryptocurrency project. However, digitizing the dollar in general is seen by many influential figures as a necessity for the U.S.

In the long term, the card infrastructure should be converted into a permanent, Treasury-administered digital public currency wallet system, to serve as a privacy-respecting ‘eCash’ complement to universal Fed Accounts and/or Postal Bank Accounts for All.”

See Also: IMF Weighs the Pros and Cons of a Central Bank Digital Currency

The Federal Reserve pledged Monday to buy bonds in an unlimited quantity while allocating at least $300 billion to new emergency-lending programs.

The expanded liquidity injections signaled the Fed’s willingness to go beyond even the already-dramatic steps taken in recent weeks to keep traditional Wall Street stock and bond markets from convulsing.

Yet, even with the latest pledge of support from the Fed, the S&P 500 was down about 2.8 percent in early trading on Monday. Bitcoin (BTC), viewed by some cryptocurrency investors as a hedge against the inflationary pressures from central bank money-printing, climbed 7.3 percent to a price of $6,272 as of 13:31 UTC.

See Also: Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package
See Also: Cardano Chief Compares US Dollar to OneCoin Scam as Fed Keeps Printing

A new political action committee (PAC) is hoping to push crypto-friendly public policy by providing financial support to Congressional candidates. The PAC’s founding donors include a who’s who of crypto notables.

HODLpac seeks to advocate for blockchain legislation by directing funds to different congressional candidates – but with a decentralized twist. Donors may ultimately use Ethereum-based tokens to vote for which candidates should get their support. The group will [also] use quadratic voting in the actual implementation.

Getting the public policy right for crypto is critical to the success of the industry and the technology going forward.”

“On March 19, the DHS’ Cybersecurity and Infrastructure Security Agency (CISA) published a memo emphasizing the special responsibility of workers within a critical infrastructure industry to maintain normal working schedules amid the intensifying coronavirus lockdown.

The document names blockchain managers alongside healthcare, pharmaceuticals, and food supply as critical infrastructure industries.

The inclusion of blockchain managers on CISA’s list may indicate the DHS’s recognition of the potential for distributed ledger technologies (DLT) to be employed in coronavirus relief efforts.”

“The community largely remains optimistic about Maker’s handling of the situation, as many took the opportunity to scrutinize and fix other potential issues.

The Maker team has been working flat-out since Black Thursday. I was doing 16-18 hour days for over a week. We all love what we do and are committed to Maker’s success. I think that we’ve weathered this storm and have come out stronger on the other side.”

“Komgo was launched in 2018 in partnership with ConsenSys, and seeks to streamline trade financing in the commodities markets. Komgo’s platform allows equities traders, financial institutions, and trade service providers to communicate across blockchain technology.

In addition to increasing its equity stake in Komgo, Citi has begun integrating its trade engine with the startup’s blockchain.

“The Eth 2.0 research team is now leaning into a new concept called “polynomial commitments” to reduce the data used per computation on the network.

We suggest replacing Merkle trees by magic math called “polynomial commitments” to accumulate blockchain state. Benefits include reducing the size of stateless client witnesses to near zero.

The current Merkle tree setup takes about 0.5 MB per transaction. Ryan estimates polynomial commitment schemes would reduce the weight of state proofs to between 0.001 and 0.01 MB.”

“Google search results for BTC in the United States had a 30-day high on March 13. Baidu has seen a considerable jump in searches for “Bitcoin” (BTC). The number of search results regarding buying the cryptocurrency are markedly higher than those seeking to sell it.

The interest may be related to the theory that a global economic meltdown may lead to a growing value for the cryptocurrency as a hedge against the banks.”

“In January 2018, several plaintiffs accusing Tezos of issuing unlicensed securities moved to consolidate their cases against Tezos. By settling, Tezos avoids the risk of having a court rule that its ICO was a securities offering.

It was decided that the one-time financial cost of a settlement was preferable to the distractions and legal costs associated with continuing to fight in the courts.”

“Ethereum-based virtual-reality (VR) platform Somnium Space has moved from scalability solution Loom Network to Matic to enhance scaling.

Due to the fact that Loom has decided to shut down their customer facing solution we were forced to search for a new reliable partner for a second layer scalability.

See Also: Ethereum-Based SkyWeaver Game Launches Season 0