22 May

“Top Chinese political advisers have proposed a regional digital currency that would be backed by four major Asian currencies including the Japanese yen, Korean won, Hong Kong dollar and the yuan.

The basket of underlying collateral would follow the special drawing rights (SDR) model of the International Monetary Fund (IMF), where each country’s currency is assigned a different weight based on its economy.

The proposal describes the currency as a “stablecoin,” although it does not explicitly mention crypto or blockchains.

The stablecoin could be launched ahead of China’s national digital currency and pave the way for its rollout by testing use cases to identify potential risks and technical problems. If launched, the stablecoin could be “seamlessly” connected with the digital yuan, the proposal said.”

“Today, the Baseline Protocol published a demo of multiple companies digitally managing purchase orders and volume discount agreements across disparate systems. The demo uses an approach called “baselining” to prevent data inconsistencies and workflow errors that often lead to problems in revenue recognition.

The demo released today highlights how two Enterprise Resource Planning (ERP) systems, Microsoft Dynamics and SAP can maintain consistency with each other using blockchain technology without exposing information about business activities or relationships to competitors or the public.

Baseline’s goal is to accelerate the development and adoption of the Ethereum Mainnet as an always-on, tamper-resistant, low cost integration fabric.

The Baseline approach is a windfall for global enterprises looking to boost security and performance.”

“We are entering a “sunrise period” where some jurisdictions will have regulation and some will not. A shadow network of unregulated exchanges might be created, operating from countries that have not yet implemented the FATF recommendations.

The crypto space is fast to adapt and lower-tier exchanges and unregulated liquidity platforms will accelerate in the face of FATF’s recommendations. In the extreme case, such a bifurcation of crypto would affect fungibility of coins.

We are going to see a bifurcation in the crypto space. We are going to see white crypto; we are going to see gray crypto. And those different forms of crypto will most likely trade at different prices.”

“Other than the new BLS spec, much of the substance is handling edge cases in the network spec and refactoring rewards/penalties for enhanced testing. […] Expectation of only introducing security critical breaking changes from here on out.”

See Also: Eth1 ‘Berlin’ Updates

“In many ways, ETH trades like a venture investment. Investors believe Ethereum will be the underlying technology for the future of decentralized apps. Staking is the key to making ETH function as a value store.

Staking may be the killer app that allows ETH to become a “positive carry asset.” In other words, it generates a positive return for holding it as opposed to, say, gold, which is negative-carry, as it incurs storage costs. Long term, positive carry stimulates demand and creates an incentive to borrow cash to purchase and earn yield.

The magnitude of this shift, I believe, is not reflected in the price of the token.”

“Judy Shelton, President Trump’s nominee for the Federal Reserve board of governors, has advocated for getting back to a gold standard, possibly ‘in a very cryptocurrency way.’

I think that what a gold standard stands for is monetary discipline for its own sake. Money is supposed to be a unit of account, a reliable measure and a dependable store of value.”

“The legislative proposals were reportedly written by staff at the Digital Economy think tank [and] seek a new version of the bill on digital assets, which has been stuck in the Duma for more two years now.

The first draft bill would prohibit the issuance of, and operations with, digital currencies in the nation. Even distributing information about such activities would be banned.

Buying crypto for cash or via a bank transfer from a Russian bank would be subject to a fine up to one million Russian rubles ($14,000) or up to seven years in prison.

Dollar Milkshake Theory (Good Interview)

“The address in question, 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh, is among the 16,000 listed in a court document in the Kleinman v. Wright case, that Wright claims as his own.

The Catch-22 in this situation is that Wright has denied in court he has access to the private keys to the addresses, so if he said he moved the 50 BTC he’d be in trouble. However if someone else moved the coins, that would indicate the address does not belong to him, again leaving him in a potentially sticky legal situation.

The judge has already questioned Wright’s credibility on more than one occasion.”

“The Cayman Island-based company, which controls 100 million EOS tokens, just under 10% of the current total supply, outlined the criteria it would use to decide on which block producer (BP) candidates to support and vote for.

Block.one wants a BP candidate to disclose where it’s based before it will lend it its hefty support.

The geographical locations of nodes can be easily gamed – it doesn’t make much sense to me.”

21 May

“The bitcoin market sold off more than 7% Wednesday after a Twitter bot alleged a recent bitcoin transaction came from a wallet possibly belonging to Satoshi Nakamoto, the protocol’s creator.

More sophisticated analysis casts doubt on Nakamoto’s connection to these coins. Analysis of the habits of a single, early miner has been used to develop the “Patoshi pattern,” which is believed to indicate which blocks Nakamoto most likely mined and those he didn’t.

The “Patoshi” miner is believed to be Nakamoto, according to the hashrate analysis. Disproving that bitcoin’s creator owned these coins, however, is ultimately impossible.”

See Also: Price Drops 7% in an Hour After Bitcoin Sees a Ghost

“On Tuesday, U.S. House Rep. Brett Guthrie (R-Kent.) introduced a bill calling on the Federal Trade Commission (FTC) to survey the prevalence of blockchain technologies. If passed, the bill would give the FTC two years to conduct the survey.

Guthrie calls for recommendations on state-level blockchain adoption, business sector blockchain adoption, blockchain development plans, risk mitigation strategies, legislative frameworks and how to consolidate potentially prohibitive federal statutes.

The recommendation package would effectively outline a comprehensive blockchain strategy for the United States.

We cannot let China beat us.”

See Also: US Military Is Falling Behind China, Russia in Blockchain Arms Race: IBM, Accenture
See Also: A Former Coinbase Lawyer Is About to Become Acting Head of US Bank Regulator

“France has become the first country to successfully trial a digital euro, operational on a blockchain. The bank says it tested a sale of securities for central bank digital currency (CBDC) on May 14, signalling the beginning of more robust testing.

The current pilot program is focusing on wholesale rather than retail uses for a digital euro.”

See Also: Chinese Communist Party Adds Crypto to Curriculum

“The first large minting of MakerDAO’s dai stablecoin using a bitcoin synthetic has occurred, signaling user demand for inter-blockchain asset support on Ethereum.

Crypto lending platform Nexo minted $4 million dai Wednesday by using WBTC as collateral. The minting of $4 million in stablecoins represents some 3% of the amount of dai currently minted, but about 50% of the WBTC market cap.

Porting bitcoin onto Ethereum is a win-win: DeFi users gain exposure to bitcoin’s liquidity – such as derivatives platform dYdX – while utilizing Ethereum’s transaction speeds.

This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the ethereum blockchain.”

See Also: Spike in User Activity Drives Bullish Divergence for Maker

“Tokensoft, a digital securities platform for enterprises and financial institutions, has used blockchain tech to distribute equity to investors in a $4 million funding round.

While many in the industry speak of the benefits of digitizing private capital markets, Tokensoft has actually done this with its own shares.

I have the ability to hold shares in my wallet, receive dividends, bids or offer shares and gather real-time market data that facilitates price discovery.

The investors receive a digital representation of their investments on the Ethereum blockchain using the ERC-1404 tokens to ensure the SAFE agreements will be enforced on-chain.”

Tesla aiming to put Distributed Renewable Energy Exchange on a Blockchain?

“The UMA Project community approved contracts that allowed creating its first token: ETHBTC. The intriguing thing about ETHBTC, though? No ETH or BTC is needed to make it.

This will be the first deployment of what UMA, a decentralized finance (DeFi) project, calls the priceless token model, one built from the start to minimize the need for oracles.

The mechanisms behind this design have not been proven in the wild. Users should proceed with extreme caution.”

“The continent’s very specific challenges and its enthusiastic workforce are the key ingredients cryptocurrencies like Bitcoin need to succeed.

Fragmented infrastructure means that Africans pay the highest remittance costs in the world, and are the second highest unbanked population, but these could prove to be opportunities in the right hands.

Africa missed the first, second and third industrial revolutions, but we have a real opportunity to be a part of the Fourth Industrial Revolution.”

See Also: This Bitcoin Documentary From Africa Is Streaming on Amazon Prime

“The Steem blockchain has just split, or hard forked, controversially seizing the tokens of key community members who opposed TRON’s recent acquisition of the ecosystem’s biggest dapp, Steemit.

The hard fork’s GitHub page lists all of the users who will have their tokens seized: 64 in total.

A letter was sent on Tuesday by a legal firm representing affected members – calling on exchanges to not support the hard fork. The legal letter calls the fork a “planned theft” and threatens legal action against any exchanges that voted in favor of it.

“THETA.tv will be included in the Samsung Daily app, which is also being upgraded to bring the television service to all existing Galaxy S10, S9, Note10 and Note9 devices. That will extend Theta’s potential global reach to more than 75 million smartphones and tablets.

THETA.tv is supported by the Theta blockchain, which allows users to earn its native TFUEL token while watching or streaming content.”

20 May

“Today the DTCC, the world’s largest securities settlement organization, made two significant proposals to tokenize and digitize securities using distributed ledger technology (DLT). In 2019 the DTCC’s subsidiaries processed securities transactions valued at $2.15 quadrillion.

Project Whitney is the edgier of the two proposals and aims to tokenize private securities and enable secondary trading. This would initially target Regulation D (SEC Exemption) equities.

The tokens would be minted on the public Ethereum blockchain, but there is a compliance oracle that can approve or reject transactions. Additionally, there would be a centralized stock record of the security’s ownership that uses the AWS Quantum Ledger Database.”

“Vitalik Buterin has called for lawmakers to be more accommodating to blockchain protocols, saying they can actually help antitrust agencies fight monopolies and anti-competitive behavior.

Buterin and Schrepel argue antitrust agencies promote decentralization by punishing anti-competitive behaviors to prevent “harmful concentrations,” similar to a blockchain that puts decentralization at its very core layer of functioning.

On a more pragmatic level, the report argues that allowing blockchains to flourish will actually benefit antitrust agencies. As anyone can transact on them, irrespective of location, they can create fairer environments in places where there is either ineffective or non-existent antitrust enforcement.”

“Previously, the bank had issued its ReitBZ tokens on the Ethereum blockchain, raising $10 million in Ether (ETH) and Gemini Dollars (GUSD). $5 million worth of ReitBZ will be switched to Tezos, including the $2.5 million new raise that was conducted in fiat.

The reason behind this diversification is that the bank wants to have its options open, as there is no way of telling which blockchain will prevail in the long run.

BTG Pactual considered working with service providers like Securitize, but decided to do it themselves in order to learn the ins and outs of issuing digital securities.”

See Also: You Can Now Buy Tezos From 10,000 Convenience Stores in France

Opyn: Decentralized Options

“The law would mean Iranian crypto exchanges must be licensed by the Central Bank of Iran and follow legacy foreign currency exchange guidelines, although it’s not apparent how existing exchanges should apply for licensing.

What is clear is the Iranian government is looking to quell capital outflow by preemptively justifying any moves to shut down or penalize local crypto exchanges.”

“A cryptocurrency investment fund has launched a class-action lawsuit in a U.S. court against Block.one and EOS’ high command, arguing the “fraudulent scheme” failed to deliver on its primary promise of decentralization.

It was the 21 block producers (BPs) who really controlled the ecosystem rather than the community itself, the filing reads. Key parts of the governance system such as the arbitrator, who could reverse and freeze transactions at will, were never disclosed at the time of the sale, the plaintiffs claim.

Block.one did not have the ability to create a decentralized EOS blockchain.”

19 May

“Uniswap V2, the second iteration of the Uniswap protocol, has been deployed to the Ethereum mainnet!

An audit report and formal verification has already been released and the Uniswap V2 Bug Bounty has been running for over a month. Developers can begin building on Uniswap V2 immediately!

Uniswap V2 has many new features and technical improvements compared with Uniswap V1 including:

  • ERC20 / ERC20 Pairs
  • Price Oracles
  • Flash Swaps

See Also: Uniswap Exchange
See Also: Uniswap Analytics

“Synthetix is putting over $40,000 in crypto on the line to entice users to try out the faster beta of its decentralized exchange (DEX). But the real reason traders might be interested over time is because this project could demo a world where DEXs become feasible at scale.

Synthetix’s beta relies on a deployment of the Optimistic Virtual Machine (OVM) from Optimism, the company behind the latest scaling and usability solution for Ethereum. Synthetix teamed with Optimism to create a DEX that could be competitive in terms of speed with traditional crypto exchanges.

I think optimistic rollup is the first Ethereum layer 2 solution that checks all the boxes for DeFi.”

Argent Launches V1 Smart Wallet

Argent Launches V1

“Argent is now the easiest way to access DeFi, starting with TokenSets, PoolTogether, Aave, Uniswap V2 liquidity pools, Compound, Maker and Kyber. Earn interest and invest; borrow, store and send. No seed phrase. No gas.

Non-custodial no longer means no safety net. With Argent you can lock and unlock, approve large transfers and automatically block anything above your daily limit.

See Also: Argent

“Put simply, it provides best trade execution. An AI platform plugs into a network of exchanges and dark pools, providing the best available prices and minimal slippage. The idea, explains the firm’s website, is to provide the base trading layer that mainstream financial institutions need to delve into the digital asset class.

The platform provides a solution to wash trading, where exchanges or crypto projects trade against themselves to inflate volumes, drive up prices and dump assets on unsuspecting investors. It’s a known problem in crypto.

Wash trading is a pain-point with our institutional clientele and systemic data misreporting precludes mainstream institutions from touching the space.”

See Also: Bakkt Announces New Insurance Coverage, Claims More Than 70 Custody Clients

Ethereum’s premier coin mixing service is now permissionless.

Tornado Cash, a privacy tool for obfuscating the history of Ether (ETH) transactions, completed a cryptographic process known as a trusted setup ceremony on May 10. The MPC and Monday’s contract update effectively break up the developer key by creating a crowdsourced smart contract without a private key. 

The ceremony, relying on a cryptographic method known as multi-party computation (MPC), makes Tornado Cash “completely trustless and unstoppable.”

How To: Eth2 Staking via Rocketpool

Within days of launching Reddit’s Ethereum-based Community Points rewards system has seen more than 10,000 addresses created. Perhaps surprisingly, over 80% of wallets created on the testnet so far represent the Fortnight community.

8,666 wallets have been created to hold r/fortnightBR’s Bricks, while just 2,073 Redditors have embraced r/cryptocurrency’s Moons. 2,295 transactions have been executed by Moon wallets, while Brick wallets have produced 9,584.”

From April 11 until May 14, Bitcoin (BTC) transaction fees increased by more than 1,250% from $0.38 to $5.16. Fees are up by more than one-third since the halving, which precipitated an increase in transaction costs of 105% over three days.”

See Also: Bitcoin Demand Pushes Tether Below $1 for Longest Stretch Since March
See Also: Andreessen Horowitz Forecasts Fourth Crypto Bull Cycle

“Blockchain venture studio Thesis has put a pause on deposits into tBTC, its new platform meant to put BTC on Ethereum so BTC can be used in decentralized finance (DeFi).

The Thesis team cited a bug, but is not disclosing details until all funds have been safely withdrawn from this iteration of tBTC. Luongo said the priority now was to further enhance the security of the system before announcing a timeline to re-deploy it.

While the tBTC dapp was being tested over the weekend in its alpha version an issue in the dapp that was missed by our security audit was found by two of our contributors, and we decided to pause deposits for now to ensure the safety of funds.”

“The plaintiff accuses BitMEX’s parent company, HDR Global Trading, and the exchange’s top executives — Arthur Hayes, Ben Delo and Samuel Reed — of engaging in or abetting multiple crimes that include racketeering, money laundering, wire fraud and operating an unlicensed money transmitting business.

The document claims that BitMEX weaponizes deliberate server freezes and uses fraudulent “system overload” events to accept or reject specific trading orders during volatile market conditions in order to exacerbate price fluctuations and trigger maximum liquidations. The lawsuit further points to the defendants’ own admission that the exchange operates its own for-profit trading desk, which purportedly trades against BitMEX’s own customers on the platform.

“Visa head of crypto Cuy Sheffield tweeted on May 18 that he does not believe central banks are interested in providing a central bank digital currency (CBDC) directly to consumers.

If a central bank decides to offer a digital wallet directly to consumers then by default CBDC and the central bank would have to become a household brand but this approach seems unlikely to be taken seriously by most major central banks.”

See Also: Austrian Bank Raiffeisen Works on National Digital Currency Pilot
See Also: Japan’s Top Credit Card Issuer Building Blockchain Payment System

“Free TON, a decentralized blockchain network derived from Telegram’s TON blockchain, is launching the first community contests to power its network. Starting Monday, users, developers and validators are invited to participate in three separate contests, with Free TON planning to distribute thousands of TON Crystals, or Tons, as rewards.

Free TON contests are the only way to receive TON Crystals for now, which means that Tons can only be distributed among those who have contributed to the network.

There are more than five billion TON Crystal tokens, with 85% of them planned to be distributed to Free TON partners and users and 10% going to developers. The remaining 5% is bound for the community’s validators.”

18 May

JK Rowling Asks About Bitcoin. Accursed Crypto Twitter Scares Her Off

See Also: Elon Musk Reveals BTC Holdings in Bitcoin Discussion With J.K. Rowling

“The survey, conducted in February, found only one “small African central bank” would use blockchain as the basis for a CBDC.

71% of respondents said they would consider building a CBDC on DLT. DLT includes private and permissioned networks, shared with a handful of known and trusted nodes.”

See Also: Visa Patent Filing Would Allow Central Banks to Mint Digital Fiat Currencies Using Blockchain
See Also: Crypto.com Rolls Out Visa Card to 31 European Nations

Temasek, one of Singapore’s two government-owned investment vehicles, is among the latest companies to join the Libra Association. The addition may help explain why the Singapore dollar has figured prominently in Libra’s plans from the early days.

Temasek manages $216 billion in assets for Singapore’s government and has previously shown a penchant for blockchain ventures.

Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments.

Libra also announced Thursday two cryptocurrency-focused investment firms in San Francisco had joined the association: Paradigm and Slow Ventures.”

A month on from Binance buying CoinMarketCap for a rumored $400 million, the crypto price aggregation site has unveiled an exchange ranking system that gives its new owner the best score possible. CoinMarketCap’s new metric focuses on web traffic.

Now, I can finally have a clear view of the field and see who the real upcoming exchanges are, lol.

Coincidentally, Binance achieved a perfect web score factor – 1,000 out of a possible 1,000. Decrypt reported Binance had been ranked 15 under CoinMarketCap’s old exchange metric system.

Lol indeed.”

Bithumb officially announced that they will be delisting Monero (XMR) from their trading platform as of June 1.

Recently, Monero has been in the spotlight due to reports of Telegram users using XMR to purchase illegal pornographic material — much of which involved minors.

We are conducting a technical review related to securing traceability through ongoing discussions with each foundation on virtual assets with similar characteristics other than Monero.

Huobi announced April 12 that they would be ending support for Monero amid the scandal.”

“While Facebook and Telegram have either delayed or cancelled their cryptocurrency projects, Reddit is going full steam ahead. If this trial is successful, it could send a clear message to other apps around the world that they should follow in its stead. And at the same time, it’s an exciting test for crypto in the real world.

The beta test is currently in operation through summer 2020. The new system will start with two communities—r/CryptoCurrency and r/FortniteBR—with tokens aptly named “Moon” and “Bricks.””

“CryptoKitties, has just launched 100 tokens depicting ‘Catterina’ — a new collectible drawn by brand ambassador, Momo Wang — on the Winklevoss-backed exchange Nifty.

Wang is best known for drawing a cartoon rabbit, Tuzki, that is shared millions of times each day across Facebook and WeChat. Within approximately three minutes of launching, the 100 tokens depicting Wang’s ‘Catterina’ had sold out.

The most significant progress made by the NFT sector appears to be taking place in the blockchain gaming industry — where tokenized items that can be privately owned, purchased, and traded are becoming embedded into games.”

See Also: Nifty Exchange

“Developers who use Arkane Network tools will thus be able to integrate the Atari Token within their games, allowing it to be used for buying, selling, and trading in-game assets.

With this partnership, we will bring game developers, the gaming community, and the Atari brand together to embrace blockchain technology as a solution to record digital assets and value transactions.

Atari is currently holding a closed presale for its token, with further presale rounds coming ahead of a public sale this summer.”

See Also: AMD-backed marketplace Robot Cache lets you ‘mine’ video games

“The majority of TON investors purportedly decided to get their money back as soon as possible, choosing the 72% option. As reported, some investors have already received their reimbursement.

The decision is mainly based on concerns over potential lawsuits from U.S. investors.”

See Also: Pantera Capital Founder Says Regulators ‘Triggered’ by Grams and Libra

“Signs indicate that Venezuela’s state-backed cryptocurrency quietly underwent a hard fork earlier this month.

The official Petro block explorer now lists May 5, 2020, as the date that its genesis block was mined. Other block explorers record Oct.13, 2018, as the date for Petro’s genesis block — suggesting that there is more than one Petro chain currently in existence.”

WTF Happened in 1971 (Good Watch)

See Also: Empowerment vs Power: Redesigning for a Thriving Economy (Video)

15 May

“Wednesday evening, Reddit revealed its plans to utilize the Ethereum network to incentivize the creation of “quality posts and comments.” The points can be spent on premium features and used as a measure of reputation in the community.

In addition, users will be able to leave a tip for comments they like or posts they see as valuable. Users will also be able to transfer community points directly to another Reddit member’s Vault as well as any Ethereum wallet address.

Community points are controlled by the user where users retain full control, meaning moderators nor Reddit itself can take points away. The r/Cryptocurrency and r/FortNiteBR subreddits introduced the new tokens, called moons and bricks respectively.”

See Also: Customizable Eth2 Staking Calculator Launched

“The Proof of Stake Alliance (POSA), an industry advocacy group, is publishing a series of recommended standards for companies participating in a proof-of-stake consensus protocol in an effort to reduce regulatory clampdowns on different networks.

The group met with members of the U.S. SEC earlier this year to discuss their proposals and discuss staking more broadly. The idea is entities that stake networks can be seen as service or infrastructure providers, rather than financial product providers.

We’re coming out with some industry-driven solutions around staking as a service which we believe will really help push the ecosystem forward.”

“With several services and pools of liquidity under one roof, Bequant is able to help institutional clients trade and expand their portfolios while keeping transaction costs low. Bequant is connected to 18 different sources of liquidity including seven crypto exchanges, and plans to have 30 by the end of 2020.

We are tailored to a lot of quant [hedge funds] and our clients typically look at trading through automated strategies, arbitrage, you name it.”

See Also: Polymath Eyes June Testnet Launch for New Blockchain Designed for Security Tokens

“The People’s Bank of China proposed a blockchain trade financing information platform for the Guangdong-Hong Kong-Macao Greater Bay Area.

Blockchain’s decentralized infrastructure makes third-party intervention unnecessary when sharing trade info between members. This makes for a highly secure foundation for a trade finance information platform.”

“As explained by Lucas Campbell, many decentralized finance protocols can be considered products with well-defined revenue streams. For example, Maker (MKR) makes money through the interest rates charged on its lending platform.

Pinpointing a project’s specific revenue allows analysts to re-introduce some metrics used to evaluate a stock’s price. One of the simplest measures is the price-earnings ratio, or PE.

Overall, many DeFi projects are valued at triple digits of their protocol’s revenue, an average that is strikingly close to those found in traditional markets.”

Ethereal Summit: Augur V2

See Also: Ethereal Summit: Uniswap V2 (Video)

“More than 70,000 crypto-related suspicious activity reports (SARs) have been filed since 2013. Still, the figure represents just 0.59% of the more than 12 million reports FinCEN received between 2014 and 2019.

Around half of these reports were submitted by crypto companies themselves. FinCEN is also beginning to look closely at privacy coins and any company offering them.

We are increasingly concerned that businesses located outside the United States continue to try to do business with U.S. persons without complying with our rules.”

“The phone, called “Galaxy A Quantum”, has a quantum random number generation chipset. The blockchain-powered system is utilized when users pay for goods and services at offline merchants with the SK Pay.

Blockchain is also used to help prevent the falsification and theft of information stored on the phone. Another of the phone’s major features is SK Pay biometric protection — a mobile blockchain authentication service.”

14 May

“One thousand Wrapped Bitcoin (WBTC) were minted today on the Ethereum network (ETH) — a single transaction that represents more U.S dollar value than the entire Lightning Network.

It brings the total amount of Bitcoin now locked in WBTC tokens to 2,300, compared to the roughly 927 Bitcoin (BTC) locked on the Lightning Network.

Wrapped Bitcoin is an ERC-20 token that allows users to access popular ETH-based DeFi protocols using the value represented by their Bitcoin holdings.”

“According to a research paper, only 2% of transactions on the XRP ledger and 18% of transactions on Tezos (XTZ) lead to value transfers. During the period studied, 95% of transactions on EOS were related to the EIDOS token airdrop⁠ — a token that’s effectively worthless.

On Tezos, 82% of the transactions were involved in endorsing blocks. 18 accounts made 50% of all XRP transactions.

“Andreessen Horowitz-backed dYdX released its Bitcoin Perpetual Contract, bringing the most liquid digital asset derivative to Ethereum’s burgeoning DeFi market for non-U.S. investors.

dYdX’s newest derivative will offer 10x leverage and no expiry, with margin and settlement conducted in USD Coin (USDC). The bitcoin contract will soon also be joined by ETH/USDC and DAI/USDC.

For the first time, users can trade the most popular financial product in crypto – BTC perpetual contracts – on a decentralized exchange.”

See Also: Introducing Strike — Decentralized Perpetual Swaps for Every Asset

“This integration demonstrates the power of OVM to deliver high-speed Ethereum transactions to supercharge the Synthetix trading experience.

The Optimism team has previously launched a demo with Uniswap at Devcon V in October 2019, which used a custom OVM. This new demo showcases a general alpha version of the OVM requiring no custom code, ahead of a launch later this year.”

See Also: Demo
See Also: Ethereal Summit: Preparing Ethereum for Mass Adoption (Video)

“The Internal Revenue Service (IRS) is seeking third-party contractors to help it assess whether certain U.S. taxpayers have properly paid taxes on their crypto holdings.

According to the document, attached in full below, the contractors would have to look at both on-chain and off-chain data; information obtained through API keys, taxpayer submissions and other sources; determine the gains and losses for each taxpayer and note cost basis; track sales and other transactions; and find any inconsistencies in how the taxpayer is reporting their data.

Our dedication is 100% to our users. We have no plans of working with the government in this regard. [cryptotrader.tax]”

“The average block production time was roughly 7.5–8.5 minutes per block 24 hours prior to the halving, and we see an increase in block time post-halving, with an average of 11 minutes per block in the 12 hours following the halving.

With the available sample, we can safely conclude that the network has experienced a hash rate decline post-halving. The next difficulty change will happen in roughly six days.”

“What seems to be a fresh attempt to sway the Fed to take rates negative saw immediate backlash from sound-money supporters. Bitcoin (BTC) bulls were lambasting United States President Donald Trump this week as he called on the Federal Reserve to tax people’s savings.

Negative rates are not a gift. They are a transfer of wealth from savers to debtors.

As the Fed adopts a controlled Weimar strategy, Bitcoin just completed its third halving.”

“Cambodia’s DLT payments platform is designed to make it easier for Cambodia’s banks, E-wallet providers, and banking customers to transact with each other. Consumers will be able to make near instant payments via the platform, using a mobile app and QR codes.

There are 12 participating banks trialing the platform and it’s expected that all of the country’s financial institutions will join the platform.

We plan to go live in 2020, hopefully very soon.”

Ethereal Summit: Migrating Eth1 to Eth2

“Dr. Steven Waterhouse, a founding partner of Pantera Capital, says that his biggest regret as a VC is not investing in the Ethereum (ETH) Initial Coin Offering (ICO). [Waterhouse] explains how a Bitcoin maximalist bias led to the biggest mistake of his investment career.

Dr. Waterhouse still believes it to be the strongest project based on the number of developers involved. Ideological biases do not help make good investment decisions — Lesson learned.”