21 August

“The European Commission, the legislative body of the European Union, is in the final stages of a proposal for the region’s first cryptocurrency and digital finance framework.

The new legislation will provide legal certainty, which is needed both for crypto-assets that are not covered by existing EU financial services legislation and for the application of DLT in financial services and the tokenization of traditional financial instruments.

The legislation also detailed a plan to create a single market for cryptocurrencies so they can be sold across all European countries. The current proposal is targeting a rollout in the third quarter of this year.”

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The Automated Verification team on ConsenSys R&D have managed to develop a solid and formally verified kernel of the Beacon Chain. In other words, we have mathematically verified the absence of bugs.

We used the award-winning verification-aware programming language Dafny to write a formal (functional and logical) specification of each Beacon Chain function, an implementation of each function, and a proof that the implementation conforms to its specification.

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“Over the next few weeks we will systematically be releasing yinsure.finance, a prototype for a new kind of tokenized insurance.

The design of this system allows any asset that has a financial primitive to be insured, be it a base asset such as DAI, or a composite asset such as aDAI or yDAI.

LPs are rewarded with initiation fees and weekly fees, however, they are responsible for claim management. Should LPs largely decline valid claims, insurees will simply move their funds out, making it unprofitable for LPs and thus aligning incentives.”

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“Stablecoin issuer Tether shifted 1 billion in USDT from the Tron blockchain to the Ethereum blockchain in an early morning chain swap Thursday.

The token transfer drains 23% of TRON’s USDT reserves. It also pumps up Ethereum’s reserves, where well over half of the nearly $13 billion circulating USDT already reside.”

“A Canada-based Middle Eastern restaurant chain just converted their entire fiat cash reserves into Bitcoin. Hamam said he was concerned that the handouts and money printing would devalue fiat currency.

It was apparent to us that cash didn’t have the same appeal. That eventually with all the excess cash circulating the economy that cash would be worth less.”

“Aragon will launch the Phoenix upgrade in the next few weeks, transferring control of the protocol to ANT holders. Aragon DAOs power household names within the DeFi community, including lending protocol Aave and stablecoin swap platform Curve.

The transition to Phoenix will give ANT holders control over the Aragon Network constitution via the Aragon Court, a system that uses financial incentives to motivate jurors to accurately decide between opposing arguments. ANT holders will also gain the power to amend the governance framework for the Aragon DAO itself and control the network’s community funding pool.

It has been almost four years of hard work in getting the Aragon Network to this stage. We couldn’t be more excited.”

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The Great Reset & Financial Power Struggle

“The network has achieved its high transaction speed by doubling the number of “braided chains” on its network to 20. This refers to the interconnectedness of the Kadena network. The team claims that it could one day reach 1,000 chains, or ‘an ever-increasing number of chains.’

Launching Kadena, and now expanding to 20 chains, proves that we can scale a layer-1 blockchain to the point where digital assets can go mainstream.”

“There are two parts to wumbo. The first part removes the limit to the total amount of bitcoin that can be held in a channel: This limit is currently capped at 0.16777215 BTC, worth about $1,988 at press time. The second strips away the limit to how large an individual payment can be: That limit has been 0.04294967 BTC, worth about $508 at press time.

We view shipping wumbo in LND as a sign that the software has progressed to a certain point where advanced users, companies, and node operators can open larger channels. That said, we do not encourage people to go all ‘DeFi’ on Lightning.”

“For now, the blockchain-supporting organization will move to stabilize Ethereum Classic’s plummeting hashrate, increase network monitoring, coordinate closely with exchanges and deploy a finality arbitration system.

These immediate fixes will shore up Ethereum Classic in the short-term, ETC Labs said. More wide-ranging patches that all require community consensus are now in development and thus will take more time.”

A Bitcoin Cash upgrade that would mandate all newly minted blocks donate 8% to development is threatening to drive a hard fork in November.

Bitcoin Cash’s most high-profile proponent Roger Ver, has expressed opposition to the coinbase rule.

We are in communication with mining pools in China and it’s pretty clear they are also against this unilateral modification to the coinbase reward.”