The Disrupt Weekend

“On September 30, 2020, the Internet Computer project will pass its Sodium milestone and enter a final stretch before the launch of the public network. These are exciting times for project supporters and the Ethereum community, which provided initial funding in early 2017, and whose core devs contributed in the early days, and shall now use the Internet Computer to extend the capabilities of Ethereum dapps.

The network’s architecture is created by independent data centers around the world running huge numbers of special “node computers” that have standardized hardware. The compute power of these node computers is combined by an advanced blockchain protocol called ICP (Internet Computer Protocol) that creates a seamless universe where an evolution of smart contracts can be run that are fast and efficient, called “software canisters”, or just “canisters” for short. Ethereum dapps can use software canisters to expand their capabilities in a multitude of exciting ways, including scaling data storage and processing, and serving Web experiences.

Aside from bolstering existing dapps, the Internet Computer has several other aims. One of these is to provide a public network that acts as a complete replacement for today’s legacy IT stack, including Big Tech’s cloud services, and legacy software infrastructure such as file systems, web servers, middleware, and databases.

What’s so exciting for the Ethereum community is that by bridging to the Internet Computer, dapps can leverage its compute power and the unique functionalities it provides. For example, dapps might maintain master settlement logic on Ethereum, while using the Internet Computer to scale-out compute intensive processing within the trustless decentralized ecosystem, or serve websites directly into web browsers, removing the need to run them on trusted, insecure, and potentially unreliable proprietary services such as Amazon.”

“Over the weekend, the self-described “head chef” withdrew approximately 2.5 million SUSHI tokens from the decentralized exchange in exchange for 18,000 ETH—worth about $10 million.

Since Chef Nomi withdrew the liquidity for the token, the price of a SUSHI has more than halved in the past 24 hours, from about $5 to $2.35. The price of SUSHI peaked on Tuesday at $10.81.

Despite criticism to the contrary, Chef Nomi, who has yet to reveal his true identity or whereabouts, claims the move was not an exit scam. Instead, he compared himself to Litecoin Founder Charlie Lee, who famously sold off all of his LTC holdings in late 2017, at the height of the crypto bubble.”

See Also: $SUSHI Price Doubles After Creator Shifts Control To FTX CEO
See Also: ‘Chef Nomi’ Potentially Revealed as Co-founder of Band Protocol

“Driven by new platforms, revenue streams and the desires of fans to support the creators they love, the role of “Creator” has emerged as a practical entrepreneurial path for the 21st Century.

We believe that Social Tokens will play an important role in this new economy, unleashing creative potential and leading to new business models for creators and their communities.

Social tokens provide fans with financial incentive and reward them with ownership for their early support and continuing collaboration. This subtle innovation creates a participatory marketplace between creator and audience and unlocks economic opportunities and increases engagement for both creators and fans.

Launching a successful token is more complicated than launching a newsletter or youtube channel. Creators need to design the economic mechanisms that lead to a flourishing community, launch and distribute their tokens, navigate the worlds of liquidity and figure out how to grow value alongside their early community.

That’s why we’re launching the Seed Club, a social token incubator. We partner with creators, bringing access and insight from a diverse group of advisors, marketers, token designers and technologists, who all share in the upside of successful projects.”

See Also: Seed Club

“Given how wrong traditional pollsters and pundits were in predicting the outcome of the 2016 election, it makes sense for anyone strategizing for the future to look for alternative forecasting metrics. Prediction markets harness the wisdom of the crowd and induce experts to put skin in the game to suss out what they really think will happen.

Prediction markets on Ethereum have encountered a blockchain-specific pain point: transaction fees.

That is absolutely a problem,’ said Stefan George, a co-founder of Gnosis, which is leading the technical development of Omen, a prediction market on Ethereum. ‘Everything below a $1,000 bet is basically economically unfeasible.’

Augur wouldn’t go into detail, but Vecchiarelli said it’s close to a solution that should mitigate the fee situation. He wouldn’t say what the team is doing, but it’s not going to a layer 2, or off-chain, network, he said.

Polymarket’s founder, said transaction fees were high for its users as well, and he plans to migrate Polymarket to a layer 2 scaling solution to reduce fees and speed processes.”

“Earlier this year, MIT researchers took blockchain-based voting app Voatz to task for alleged security vulnerabilities.

Now, Voatz has told the U.S. Supreme Court that third-party researchers legally shouldn’t be able to poke around on others’ systems at all without the permission of the company being researched—and under its supervision.

At stake in the case under review is the ability of independent security researchers to do their work and alert the public to vulnerabilities that might otherwise quietly get swept under the rug.

The Supreme Court could hand down an opinion as soon as October 13.”

“Stablecoins are a hot commodity. Over $16 billion of them circulate in the wild today, up from $4.8 billion to start the year. Mostly these are issued outside of the U.S., and so are largely unaccountable to financial regulators. If they keep growing, U.S. policymakers, in particular those in the state of New York, will have to stomach the loss of their dominance over dollar clearing. But because stablecoins represent a powerful neutral financial infrastructure, the U.S. should welcome their ascendance regardless.

The overt politicization of the N.Y.-based correspondent banking system represents a tax on all users. Embedded in each transaction is a slight risk of censorship. Dependence on the system means submitting oneself to an American aegis. The harder it is to extricate yourself, the more you are subject to the demands of the administrator.

The U.S. can continue to muddle down an increasingly exclusionary path and punish subscribers to its financial infrastructure by burdening them with political dictates, or it can embrace a neutral alternative. Self-disruption would be a significant bullet to bite, but it suits the U.S. Values like liberty, privacy, free enterprise and personal autonomy are embedded into our Constitution and social fabric. One can hardly think of a better nation to underwrite a shift to a truly neutral payments and settlement infrastructure.

Far from being a dangerous techno-utopian fantasy, a genuine cash standard on the internet is simply a restoration of what was once ubiquitous and normal: transactional privacy and autonomy. These qualities are not for criminals but for everyone. And if policymakers dig in their heels, the private sector will only push back harder by providing the service that users demand – but this time outside policymakers’ sphere of influence.”

“Swerve Finance, developed by an anonymous user or team, announced plans yesterday to release a 100% community-owned fork of the popular stablecoin swap platform Curve Finance. Its website claims the forked protocol will be free from numerous issues that have allegedly occurred since launch, among them pre-mining and centralized control by founders.

Swerve says it will distribute 33 million SWRV governance tokens over six years, with nine million distributed in the first two weeks to kickstart liquidity. Swerve has not yet launched and no official date is set.

The Swerve Finance announcement combines two emerging trends in DeFi. The first is the forking of existing open source protocols to launch tweaked versions of the original product. The second is the radical experimentation in full community governance in projects like Yearn Finance.”

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“Berkshire reportedly held $32 billion in equity in Wells Fargo at one point. The investment conglomerate now owns 3.3% in equity of the lender, worth just $3.36 billion.

The decision shows that Buffett is seeking safety in terms of cash flow and a hedge against inflation.

In July, Wells Fargo posted a $2.4 billion loss, recording its first loss since the 2008 housing crisis. Following the disappointing quarterly report, the company said it would cut its dividend to 10 cents per share. This month, Moody’s cut its rating from stable to negative.”