Happy 5th Birthday Ethereum: This is Your Life
“In 2009, game developer Blizzard released an update for the massively-multiplayer online role-playing game World of Warcraft. Among the patch notes was a statement informing players that the spell ‘Siphon Life’ would no longer cause damage. The link between this seemingly innocuous event and the birth of one of the decade’s most important tech breakthroughs? A man called Vitalik Buterin—the founder of Ethereum.
Half a decade on from Ethereum’s 2015 launch, we take a look back at one of the most important crypto developments in history.“
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“Iran has announced that it will now allow industrial-scale power plants in the country to operate as Bitcoin miners —- provided they don’t use subsidized fuel.
14 crypto miners in Iran had requested more than 300 megawatt (MW) of power — equivalent to the usage across three provinces in the country.”
“Dharma wants to do for DeFi what Robinhood did for stock trading: make it stupid easy. For the sector to realize its potential of unseating legacy lending systems (think student loans rather than crypto “arb opps”) a user-friendly gateway is sorely needed.
In addition to earning “interest” on Ethereum stablecoins, Dharma users will now be able to trade any ERC-20 token for another.”
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“Audius has now raised a total of $8.6 million as the platform prepares for prime time, having grown in less than a year to over 250,000 monthly users and 40,000 artists. EDM artists seem to be the site’s burgeoning specialty with notables including RAC, deadmau5, Lido, 3LAU, Zeds Dead, Mr. Carmack and REZZ all signed on.
The Audius P2P network allows artists to be paid in full by their fans, directly and instantly for every stream with the ability to cash out daily or hourly.
Payments will be done with a kind of stablecoin mechanism. From the user’s perspective, they don’t even know this is happening. They just put in a credit card and top up that account and see a balance.”
“The BoE will ensure its redesigned real-time gross settlement service (RTGS), the payments network used by U.K. financial institutions, can be forwards compatible with CBDCs, such as a digital pound.
The BoE announced Thursday it had chosen Irish tech consultancy firm Accenture for a £150 million ($195 million) contract to redesign the payments network. The new RTGS system is expected to go live in 2022.”
“Chinese regulators and major banks have been rushing to curb precious metal trading by domestic investors to temper speculation that could send prices explosively higher.
That directive was in response to “violent price volatility” and “the need to control risks.” It’s odd how investors are never “protected” when stock prices soar… but only when gold and silver do.
The reality? It is neither in China’s, nor any other government’s interest, to see gold prices soaring as they likely would if tens of millions of Chinese speculators rushed to bid up the precious metal.”
“YFII was announced via a Medium post, written by a pseudonymous person named “White Noise.” By issuing more tokens and halving, the YFII creators want to attract even more new capital.
It turns out that YFII runs a vibrant community on WeChat, where they turn all anti-YFII rhetoric into anti-China sentiment. Anger, fueled by nationalistic sentiment, prompted many to join the movement.
Even the project’s poster is a classic pink color, representing a generation of young, angry and extremely nationalistic, Maoist Chinese known as “Little Pink.””
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“The upgrade will utilize the Ouroboros consensus algorithm – a proof-of-stake (PoS) protocol leveraging cryptography, combinatorics and mathematical game theory.
By implementing Shelley on Cardano’s mainnet, staking pools will now be able to register on the chain visible to token holders, enabling them to delegate to pools.
Cardano will reach consensus equilibrium once 1,000 stake pools have been established, 485 of which are currently live.”
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“The U.S. Securities and Exchange Commission (SEC) appears to be gearing up for a closer look at Binance coin (BNB) and other tokens on cryptocurrency exchange giant Binance’s eponymous blockchain.
CipherTrace CEO Dave Jevans said regulators ‘demand better transparency,’ while Binance Chief Compliance Officer Samuel Lim said the partnership put Binance in line ‘with global regulatory standards.'”
“In the report, the BAC clarified China’s legal stance on cryptocurrencies like Bitcoin.
According to the BAC, China prohibits token funding and trading platforms from engaging in exchanges between the legal tender and virtual currency or tokens. The commission then states that the same law that bans cryptocurrency as money, recognizes it as a virtual commodity.
In summary, the state does not prohibit Bitcoin’s activities as virtual commodities, except for the activities that Bitcoin is engaged in as legal tender.“
“Blockchain statistics indicate that the total number of ETH addresses in the green is 31.86 million, whereas the total number with a Bitcoin balance at all is 30.83 million. The number of Ethereum ‘hodlers’, or those holding the asset for over a year, has also increased by 10 million over the past twelve months.
The last time Ethereum was priced above $300 was a year ago, and on-chain metrics have improved vastly since then.”
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“We are hurtling toward a hyperconnected economy, and blockchain will provide the way to make it happen.
HFS believes that blockchain has six features that are responsible for its success and future adoption. These features include its ability to drive distributed data sharing, consensus-driven trust cuts, immutability, security ensured by data hashing, smart contracts and the flexibility of being able to use permissioned (managed) or permissionless (open) systems.”