24 October

“Ryan said the deposit contract won’t go live until it receives a thumbs up on an audit of a critical crypto library, BLST, performed by cryptography audit firm NCC Group.

This library is critical to creating keys, signing messages.

Ethereum 2.0 core researchers are now expecting the deposit contract – a one-way Ethereum smart contract that holds staked ether (ETH) necessary for securing the new Proof-of-Stake (PoS) network – to be released in early to mid-November pending the audit’s findings, Ryan said.

Ryan said researchers are still eyeing 2020 for the genesis block of the Beacon chain.”

See Also: Unconfirmed: Lighthouse Teases Dec 22, 2020 Beacon Chain Launch Date!

The 30-day rolling daily average for Ethereum transaction volume is currently $7 billion, with Bitcoin processing less than $3 billion. If the current trend continues, Messari predicts Ethereum will become the first public blockchain to settle $1 trillion in transfers over a calendar year.

Messari’s Ryan Watkins attributes much of Ethereum’s volume spike to increased ERC-20 stablecoin volumes, with the majority of Tether (USDT) transactions now taking place on Ethereum and yield farming-driven demand pushing supply growth of more than 600% for MakerDAO’s Dai stablecoin.

Watkins also notes booming on-chain liquidity from decentralized exchanges, with Uniswap and Curve generating more than $20 billion in volume combined during September. DEXs now represent more than 13.6% of total exchange volumes.”

“The data shows that the institutional volume is rapidly gaining a larger share of the cryptocurrency market.

After PayPal’s news, every major bank is having a meeting about how to support bitcoin. It’s no longer optional.

Institutions are primarily exploring Bitcoin as an inflation trade and a long-term allocation. But technical analysts state that the short to medium-term outlook remains bright for BTC/USD.

The confluence of macro as well as a favorable technical structure could further intensify the demand for Bitcoin as institutions are starting to increasingly embrace the world’s biggest cryptocurrency.”

See Also: Grayscale adds a ‘cool $300M’ in a day and $1B this week
See Also: Novogratz calls PayPal’s Bitcoin news ‘the shot heard around the world on Wall Street’

“The proposed law recognizes the renminbi in both physical and digital form. The new version will essentially also clear the way for the digital yuan to be the one and only official yuan-pegged token in mainland China.

To prevent risks associated with virtual currency, any other legal entity or individuals can not issue or sell tokens to replace the circulation of Renminbi.

The revision would take a toll on one of the biggest crypto-related businesses in China since many Chinese investors conduct crypto-to-crypto trading with stablecoins. Tether, one of the largest crypto companies, has a yuan stablecoin.”

See Also: Digital Ruble ‘Promising,’ Pilot Likely in 2021, Says Bank of Russia Chief
See Also: EY-led consortium bids to work on Korea’s central bank digital currency pilot project
See Also: Chinese Authorities Crack Down on Gambling Sites Using Tether Stablecoin

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“Over time, spurred by events such as the September 11 attacks in 2001 and the 2008 financial crisis, the BSA rules have become stricter and wider. They’ve also spawned other rules for non-bank payment providers, and given rise to powerful agencies such as FinCEN.

Sadly, there’s very little discussion of all this financial surveillance’s impact on people’s lives.

Western governments thought they were starving East African terrorist groups like Al-Shabaab of funds, but the terrorists still mobilized money. Instead, the measures starved the local population of food, creating a ripe recruiting environment for the terrorists.

Is this the system that really promotes prosperity in our world? When we look at the remittance markets and the folks who are relying on … transfers of $50 and $100 … is this really what we want our system to be cracking down on? Is this the best use of our resources?”

See Also: US Moves to Cast a Wider Net for Catching Money Launderers, Crypto or Otherwise

“The Seychelles-based exchange said it was adding DeFi token yearn.finance (YFI) to its quanto futures contracts. Polkadot (DOT) and Binance coin (BNB) contracts are also on the way.

All three contracts will be paired against the dollar-linked tether (USDT) stablecoin. The products are slated to start trading on Oct. 30.”

“The foundation said that as the SEC isn’t considering Kin a security and the judge didn’t find the token in violation of securities laws, Kin ‘should be free to trade on exchanges.’

Going forward, with its reserves still “deep,” the foundation said it plans to continue to grow the Kin ecosystem. Additionally, a planned token migration to the Solana blockchain will go ahead and is ‘on schedule.’

Beyond the monetary fine, Kik’s assets are still Kik’s property, including its remaining treasury, its Kin reserves and all of its intellectual capital.”