11 July

“At the Unitize conference, Vitalik Buterin provided an up-to-date picture on the latest progress for the stateless client transition.

Stateless clients rely on cryptographic techniques to only compute state changes and verify them without having to hold the state itself in memory. But the cryptography involved is still imperfect.

Merkle proofs are easy to partially update due to their tree-like structure, but Polynomial Commitments require a complete change of the entire curve, which would make calculating witnesses expensive.

There are a variety of potential solutions to this problem, involving for example a hybrid model of “Verkle trees,” which combines polynomial commitments into a tree-like structure.

Currently, Ethereum’s transactional capacity is being purposefully capped due to concerns of making the blockchain too heavy for average devices. For the average user, this means that gas prices are likely to remain high for the foreseeable future, unless layer two solutions pick up the slack.”

“Bitcoin’s one-month correlation to the S&P reached a multi-year high of 0.79 on Wednesday. The closer a correlation coefficient is to 1.0, the more likely two things are to move in the same direction.

Bitcoin has historically exhibited little to no correlation to traditional asset classes. But more consistent correlations are likely as the cryptocurrency space matures.”

“Tether (USDT) has blacklisted 39 Ethereum addresses worth $46 million in USDT. This revelation comes on the back of Centre’s first blacklisting of an Ethereum address holding $100,000 USDC.

Tether addresses that receive a blacklisting function are no longer able to transact with Tether, freezing any existing coins held in the address.

Tether routinely assists law enforcement in their investigations.

Kyber KNC Staking Tutorial

“In order to support Lightning transactions, the developers actually wrote an entirely new implementation of the Lightning protocol ‘from scratch’.

[We] decided to adopt Lightning because we see it as the way forward for Bitcoin. Lightning is quite complicated and not without its issues but ultimately it is the most promising currently known way of scaling Bitcoin.”

See Also: Bitcoin App Bottlepay Is Back From the Dead With a New Lightning App

The Macro Picture (Good Watch)

“Now here’s a clever way of funding your artwork. The QR code allows anyone who scans it to donate Bitcoin directly to Boyart without any sort of intermediary.

And it’s working. Boyart tweeted today that he has thus far received 0.0514 BTC since first revealing the artwork five days ago, or just less than $500 to date.

Furthermore, Boyart has tokenized his own artwork as non-fungible tokens (NFTs), selling several pieces—some with added animation—split into collectible fragments via OpenSea.”

“Chris Larsen, paid over $4 million to install 1,000 high-definition cameras on the streets of San Francisco. He claims his goal is to combat crime, specifically theft. Ripple’s executive chairman stated that he sees this as an alternative urban security system.

Larsen – who recently recovered from COVID-19 – decided to take up this project after a group of unknown men climbed into his garden in 2011 and cut the wires to his home security.”