Day: January 12, 2022

Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation

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Jack Dorsey has announced the launch of a bitcoin defense fund that is aimed at bitcoin developers who are facing litigation. The space, although still new, has had its fair share of litigation as various devs have had to battle it out in the courts over their products. This fund will help to fund provide legal defense for these developers who otherwise would have folded due to lack of funds. Backing Up Bitcoin Developers In an email sent out to the bitcoin developers’ mailing list, Twitter ex-CEO Jack Dorsey announces…

Pay-to-Play Governance Builds Steam as Bribe Raises $4M

“Conceptually, this is exactly how governance should look here,” they said. “Let’s not have any pretensions of true democracy here – we’re working with governance tokens as votes. The world we have to [get to] before utilities can stop being built, there needs to be a clear, transparent price tag for a vote, and a place where I can pay for it.” Source

Solana Could Become the Visa of Digital-Asset World: Bank of America

“Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has trade-offs, illustrated by several network performance issues since inception,” Shah said. “Ethereum prioritizes decentralization and security, but at the expense of scalability, which has led to periods of network congestion and transaction fees that are occasionally larger than the value of the transaction being sent.” Source

Kim Kardashian, Floyd Mayweather Sued for Inappropriately Promoting Cryptocurrency Token – Featured Bitcoin News

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Reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. are facing a class-action lawsuit over their promotion of Ethereummax and the EMAX cryptocurrency token. The celebrities’ “improper promotional activities generated the trading volume needed for all the defendants to offload their EMAX tokens onto unsuspecting investors,” the lawsuit alleges. Kim Kardashian and Floyd Mayweather Jr. Sued Over Crypto Promotion Kim Kardashian and Floyd Mayweather Jr. have been sued over their promotion of a cryptocurrency token. The class action lawsuit, filed by New York resident Ryan Huegerich on Jan.…

Why Brazilians Are Turning to Stablecoins Like Tether

Amid record inflation and a constant devaluation of their local currency, Brazilians are turning to cryptocurrencies and, in particular, stablecoins as never before. According to Receita Federal, the Brazilian tax authority, between January and November 2021, locals traded $11.4 billion in stablecoins and almost tripled the total traded in 2020. Stablecoins also traded $10.8 billion in bitcoin last year. The stablecoin boom in Brazil goes back to at least 2020, when different crypto exchanges began to notice that Brazilian stablecoin traders were quadrupling in number. Rising inflation is one of…

What Is a Dapp? Decentralized Apps Explained

Decentralized autonomous organizations, or DAOs, can be seen as a kind of dapp. They aim to use an intricate arrangement of smart contracts to achieve the functions of a traditional organization without the need for corporate executives and hierarchies. They determine policy entirely through a weighted voting system where members who lock away more tokens possess greater voting power. The idea behind this concept is that those who have committed more funds to a DAO will be more likely to participate in it honestly, for the good of the organization.…

What Is a Governance Token?

Governance tokens, therefore, get some of their value from the fact they confer certain powers to their holders. That may contribute to their sizable valuations: Luna ended 2021 trading at more than $80. In this way, they differ from conventional cryptocurrencies like bitcoin, which functions more like traditional money as a store of value and medium of exchange. Source

QuickSwap lets users avoid Ethereum transaction fees with Polygon

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As Ethereum gas prices rise, the chain that inspired Web3 is becoming gentrified, with high transaction costs pushing less wealthy users onto competing blockchains or scaling solutions. This means that many use cases are becoming unfeasible in the proverbial layer-one downtown, and suburban neighborhoods are being developed to allow for a cost-effective layer-two blockchain experience.  Since getting acquainted with Polygon around the time of its launch in late 2019, Sameep Singhania has been an avid supporter of projects built on the protocol. In 2021, he created QuickSwap, a decentralized exchange…

Crypto News Roundup for Jan. 12, 2022

This episode is sponsored by Kava. Today’s Stories: Blockchain Indicator Suggests Bitcoin Could Be Close to Bottoming Out Fantom, Harmony Lead Gains in Major Cryptos as DeFi Narrative Heats Up European and Asian stocks Rise After Wall Street Rally | Financial Times Stock Futures Waver Ahead of Inflation Data – WSJ U.S. Economy Can Withstand Fed Tightening, Omicron Surge, Powell Says Cascading Flight Cancellations Snarl Airfreight Shipments – WSJ Parent Company of Brazil’s Largest Crypto Exchange Has Entered the European Market With a Portuguese Acquisition Binance Hired Former Government Officials…

dYdx outline plans for full decentralization in late 2022

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dYdX, the layer-two derivates protocol, has published the fourth iteration of its roadmap detailing their intentions to evolve into an open-source, community-governed and fully decentralized exchange by the end of this calendar year. The platform currently runs on a hybrid model whereby a portion of operations are decentralized, most notably staking and governance, while other components such as the off-chain orderbook and matching engine are managed by dYdX Trading Inc, alongside external support from a number of partnered centralized servers such as Amazon Web Services. “There will no longer be…