26 September

“Due to overwhelming demand, we have opted for a gradual release process where we will be integrating a small cohort of early adopters one at a time, in order to provide the best possible support to each pioneering project.

Synthetix has bravely volunteered to be the first [followed by Uniswap and Chainlink]! They will be incentivizing testnet usage (and breakage) with 200,000 SNX in rewards to their users for participating.

The testnet is currently open for public use, but not yet for public contract deployment.”

See Also: Stake SNX on the Optimistic Ethereum L2 testnet!
See Also: Rails: A New L2 Product from Loopring and DXdao Enables Gas-Free Ethereum Transfers

“When Twitter and Square CEO Jack Dorsey spoke at the virtual Oslo Freedom Forum 2020 on Friday, he said blockchain technology is the future of Twitter.

In short, Dorsey expects the nonprofit Blue Sky to create an open Twitter protocol, which users can contribute to and access data from instead of a centralized service where the social media platform hosts content on its website.

Blockchain and bitcoin point to a future, point to a world, where content exists forever. We’re not in the content hosting business anymore, we’re in the discovery business.

The keys will be more and more in the hands of the individual.”

“Powered by Uniswap and CoinMarketCap, the new Mask widget brings up a window featuring market data and an interface for trading on Uniswap when users hover the mouse pointer over crypto asset tickers in posts.

Mask Network hopes to expand the service to other popular social media sites such as Facebook as well as other protocols in the decentralized finance (DeFi) ecosystem. There are also plans for the widget to offer peer-to-peer payments, token issuance, and decentralized storage functionality.”

“Fintech enabler Plaid, which connects traditional bank accounts to thousands of digital platforms, including crypto exchange Coinbase, is quietly working with at least two decentralized finance (DeFi) startups.

The company confirmed integrations with Dharma, the Uniswap-friendly DeFi wallet with early backing from Coinbase and others; and Teller Finance, the DeFi startup looking to bring unsecured lending to the Ethereum blockchain.

I think a key thing is to be able to allow people to access and use their crypto assets in tandem with more traditional budgeting applications, payment applications. There’s no reason why, longer-term, your Coinbase account or your Compound wallet could not be included in that so you can track it and use it across many other traditional applications.”

“While the INATBA generally sees the MiCA as a positive step that aims to establish regulatory clarity, some of its members outlined a number of significant concerns.

For example, they claim that in its present form, the MiCA could ‘overburden a young and innovative industry with costly and complex compliance and legal requirements that are disproportionate to the policy objectives it pursues.’

INATBA also underlined that the proposed legislation in its current form could negatively impact some emerging industry sectors like Decentralized Finance, or DeFi. ‘Certain analyses suggest that, under the proposed regulation, novel and early-stage developing markets such as Decentralised Finance would likely no longer be accessible to Europe and her citizens.'”

Ethereum workshop ConsenSys said it has been chosen by the Hong Kong Monetary Authority (HKMA) to assist in Hong Kong and Thailand’s cross-border central bank digital currency (CBDC) pilot.

ConsenSys will ‘work on the second implementation stage’ of those countries’ Project Inthanon-LionRock CBDC.”

“The total value of stablecoins has now surpassed $20 billion, reflecting the growing demand of investors looking to hedge their risks in both crypto and traditional markets.

The total value of assets for all stablecoins breached the $20 billion, only a little more than four months after the number broke a $10-billion record in May.

The surge of stablecoin demand may also be because of heightened interest in the decentralized finance (DeFi) sector.”

See Also: 100M people worldwide now use crypto-based assets, says Cambridge study
See Also: On-Chain Data Suggests Ether Investors Bought September Dip

“Diamond Standard, a New York-based startup, is launching a novel way to buy, track, and sell diamonds on the Ethereum blockchain: The company wants to turn diamonds into a liquid commodity, as fungible and easy to trade as any other asset.

If you buy a diamond on 47th Street in New York and try to sell it, you are going to have a hard time getting two-thirds of your money back out of that. Even if you take it to Sotheby’s and try to auction it, you’re going to pay 18% commission. We’ve made an efficient commodity just like gold.

After a vendor delivers their diamonds to a global Gemological Institute of America lab to be assayed, the diamonds are inspected and separated into sets. They’re then assembled into a “Diamond Standard Coin,” which is sealed with an embedded, wireless encryption chip. The process is audited by Deloitte and the coin is registered as an ERC-20 token on the Ethereum blockchain. It can then be traded, sold, or even used as collateral for a loan.

Once the coin is purchased, the diamonds ship to the buyer or to approved custodians BitGo, Gemini, Dillon Gage, or IDS Delaware.”

“Four Knesset members from the nationalist Yisrael Beiteinu party on Tuesday introduced a draft bill that would effectively end Israel’s 25% capital gains tax on bitcoin by redefining certain “distributed digital currencies” as currency, instead of a taxable asset.

The proposed re-designation applies to cryptocurrencies with: a distributed issuance network, a 1 billion shekel ($288 million) market cap or more, a general use purpose and an independent origin story.

Defining cryptos as currency would simplify Israeli bitcoiners’ tax burden and make qualifying coins a more attractive payment mechanism, according to the measure.”

“Ant Group, the parent company of Chinese payments giant Alipay, unveiled its new Antchain-based global trade platform for small to medium-sized enterprises.

Going by the moniker of Trusple, the platform aims to streamline the process of cross-border trading. Trusple will use Ant Group’s recently launched blockchain solution, AntChain.

As the order progresses this is then updated with information on logistics, customs and duty, and other pertinent data.”

“Harvest.io is Kava’s new automated money market protocol. Kava, built on “blockchain of blockchains” platform Cosmos, is one of several blockchains seeking to diversify DeFi beyond Ethereum.

Harvest.io appears very similar to Compound and Aave, two decentralized lending protocols housed on Ethereum, only Harvest.io supports Bitcoin and XRP, as well as Binance’s BNB and BUSD.

But Harvest.io is a permissioned blockchain. Those operating nodes on Kava include some of the world’s largest crypto exchanges, such as Binance, OKEx and Huobi. Harvest.io will eventually decentralize.”

“Russian internet censorship agency Roskomnadzor blacklisted Binance in June, but apparently only made the cryptocurrency exchange aware of its decision today.

The reason, according to Kostarev, was that Binance had been caught publishing information about how to buy and sell bitcoin, which is apparently an offense in Russia.

Not sure if we should laugh or cry.”