13 March

Recommended read.

Today marks a big next step in turning on Proof of Stake. A GitHub pull request was just submitted to add PoS consensus driven by the Beacon Chain.

What the Eth2 development community didn’t anticipate was just how quickly Layer 2 solutions like Rollups would advance by 2021. Rollups are now a key part of Ethereum 2.0’s roadmap, which means implementing shard chains can wait. This also means that moving Ethereum off Proof of Work and onto Proof of Stake can happen even sooner.

Today marks a big next step in the development of upgrading Ethereum’s consensus to Proof of Stake. Mikhail submitted a GitHub pull request for Eth2 specification to create a version of the Ethereum Mainnet with PoS consensus driven by the Beacon Chain.

Also today on the Eth2 implementers call, Danny Ryan suggested stripping back the merge proposal in order to get to PoS even quicker. He suggested it, “might exclude validator withdrawals,” leaving that update for 3-4 months later.

As for the overall Eth2 protocol, creating an executable Beacon Chain will greatly reduce the complexity of cross-shard communication and transactions. That now becomes an area of focus for Layer 2 protocols, with some like Polygon already working bridges between multiple EVM compatible networks.

It is no longer a meme that Proof of Stake is coming soon. By accelerating the upgrade of the Proof of Stake consensus mechanism, we are much further on the path to reduce Ethereum’s energy consumption by 99%.”

See Also: Quick merge via fork choice change: Vitalik
See Also: Optimism + scaffold-eth Dapp Starter Pack

Binance is being investigated by the Commodity Futures Trading Commission to determine if U.S. residents traded derivatives on the cryptocurrency exchange in violation of U.S. rules, Bloomberg reported. Binance hasn’t been accused of any wrongdoing and the CFTC may not bring an enforcement action, according to the report.

The news comes a day after Binance announced it has hired Max Baucus, a former U.S. senator and ambassador to China, as a policy adviser who would be able to navigate the exchange’s relationship with U.S. regulators.”

See Also: CZ responds to reports of Binance investigation

“The Fund … will invest principally in the securities of operating companies that have innovative balance sheets … [O]perating companies that directly or indirectly invest in, transact in or otherwise have exposure to bitcoin or operate in the bitcoin ecosystem.

Similarly, last week JPMorgan Chase published a filing that detailed an incoming debt instrument that is linked to cryptocurrency-associated companies such as MicroStrategy, Square, Riot Blockchain and chipmaker Nvidia.

Investment vehicles that give exposure to companies buying bitcoin may help companies that aren’t allowed to add bitcoin to their own balance sheets.”

See Also: Philly t-shirt company allocates $1M of its cash reserves to BTC / ETH

MetaKovan, the pseudonymous founder of non-fungible token (NFT) fund Metapurse, is the proud owner of the Beeple NFT auctioned by Christie’s yesterday for $69.3 million.

MetaKovan paid for Beeple’s “Everydays” in ether, Christie’s confirmed, beating out Tron founder Justin Sun in a last-minute bid. The final sale price was 42,329.453 ETH. Beeple (aka Mike Winkelmann) said, ‘I probably will keep a percentage of [my earnings] in ether.’

The auction house said its website hosted around 22 million visitors for the final moments of bidding on the most expensive NFT ever sold.”

See Also: NFT Mania Fits With ‘Crippling Inflation’ Fear, but Don’t Call It a Bubble
See Also: Atari Partners with DeFi Site Bondly for Gaming NFTs

‘Dynamic NFTs’

Binance Pay now allows businesses to process payments in crypto, online or in-person, via QR codes and a dedicated API. The beta version, which was for peer-to-peer payments only, drew a claimed 250,000 users.

The Pay platform supports more than 30 cryptocurrencies, including bitcoin, ether, dogecoin and BNB, as well as five fiat currencies: the Australian dollar, Brazilian real, euro, U.K. pound and Turkish lira.”

“With this release we’re leaving the Alpha and entering the Beta phase of development. This transition conveys our confidence that the new Golem has grown enough for it to start seeing widespread usage by both requestors seeking to develop and run their decentralized applications on top of Golem and by providers who’d like to earn GLM tokens in exchange for their machines’ computational resources.

The mainnet Golem is now using our recently-migrated, ERC-20-compliant GLM token and we’re utilizing zkSync (Layer 2 payment provider) to keep the transaction costs at manageable levels.”

Although China has banned the trading of cryptocurrencies, blockchain will play a key role in the country’s digital economy under President Xi Jinping, the SCMP reported.

The digital economy is expected to contribute to the country’s GDP and “transform China into a global leader” through the use of artificial intelligence, big data, cloud computing, and blockchain, according to the draft.”