14 October

“An under-the-radar rendezvous of core Ethereum developers took place in Greece last week, with major progress being made toward the Merge. The teams accomplished the transition of a multi-client devnet from proof-of-work to proof-of-stake. Eth1 execution clients and Eth2 consensus clients successfully merged to create a network capable of processing transactions.

As we approach the eventual transition to proof-of-stake, it is important to note what the upgrade will change and what will stay the same.

  • Energy efficiency
  • Transition away from economy of scale
  • Ether emissions fall”

See Also: Bitcoin ‘Bullish Sentiment’ Is Back Among Institutional Investors: Report

“The much-anticipated parachain auction process, where projects are allocated slots for building on the Polkadot cryptocurrency network, kicks off next month. The first of the auctions is slated to begin on Nov. 11.

The last technical steps to complete before launching parachains on Polkadot were the finalization of parachain disputes and Polkadot’s full code audit, both of which have now been completed. Each auction on Polkadot will assign a parachain slot for a total of 96 weeks. The first five projects to win an auction would be onboarded to Polkadot simultaneously on Dec. 15, 2021.

The ongoing Kusama parachain auctions have seen some 2.4 million KSM, Kasama’s native token, contributed to crowdloans by more than 49,000 unique addresses. DOT, the native asset of the Polkadot network, will be used in the upcoming auctions.

The economics of Polkadot are designed so that a target of 20% of DOT end up bonded on behalf of parachains over time.”

Swiss financial regulator FINMA-licensed SEBA says it will be the first fully regulated bank to offer investors access to yields in decentralized finance (DeFi) protocols. The Swiss regulated firm is tapping into demand from institutions for income from digital assets.

SEBA Earn will let institutions generate income from proof-of-stake protocols such as Polkadot, Tezos and Cardano, with other networks to be added over time. The platform will also enable investors to lend bitcoin and ether through SEBA Bank.”

See Also: Proposed Bank ‘Jewel’ Wants to Become a Global Stablecoin Issuer, With Bermuda’s OK

“The latest CCAF data shows the U.S accounting for 35.4% of the global hashrate as of the end of August, more than doubling from 16.8% at the end of April. Kazakhstan and Russia followed the U.S. with shares of 18.1% and 11%, respectively, up from 8.2% and 6.8% in April.

China’s share has effectively dropped to zero.

Where China’s dominance of the bitcoin mining industry peaked at over 75% in September 2019, the immediate trend suggests there will be no one clear winner. The crackdown has driven firms to see the need to spread their operations around rather than centralizing in one location.”

We are witnessing a real-time demonstration of the way a failing political order can lead to the imposition of Orwellian surveillance out of last-gasp desperation. That’s the only honest way to assess the Biden administration’s almost unspeakably bad proposal to require that all U.S. banks report data to the Internal Revenue Service about any account with more than $600 in annual deposits and withdrawals.

The only comparable power grab in living memory was the secret surveillance of U.S. citizens’ communications by the National Security Agency. It should be deeply embarrassing to all Americans that our lawmakers are even considering imposing this new financial surveillance apparatus.

As another nauseating index of political dysfunction, this rule isn’t even being considered on its own merits. Instead, much like recent half-cocked crypto reporting rules, it’s being crammed through as a pay-for in the big infrastructure bill, practically guaranteeing that it would be drafted hastily and with minimal debate.

This rule should, of course, be opposed on principle – but it’s just one index of a much deeper, scarier downward spiral as social distrust and legislative haste grease the skids for the erosion of the privacy guaranteed by the Constitution. It will take a major change to escape that trap.”

See Also: Andreessen Horowitz Plans to Meet With Washington Policymakers Over Web 3: Report

“The financial services giant is partnering with former Major League Baseball player turned NFT artist Micah Johnson to build a program that will support artists who want to use NFTs to sell their work. Visa will select a small group of creators through an application process and then help them learn about the crypto and blockchain industry.

We believe that we are at the beginning of a digital renaissance in the world of art and content creation.”