Since the launch of Bitcoin in 2008, Crypto has presented an endless amount of white space with imaginable and unimaginable market opportunities, often with mobile at the center of Art in Gaming. S3622
The volume of data on blockchains
The volume of data on public blockchains is growing at an exponential rate. Developers and data analysts need to query this data at scale for a range of use cases: investing, development platforms, games, trading, lending, fraud detection, and more. But no single vendor makes it easy to accurately query blockchain data at scale. Luabase, which spans the entire blockchain data stack to allow developers and data analysts to configure, query, and build on top of chain data an order of magnitude faster than building internally, all through a single, easy-to-use API. The unique and easy-to-use API has already served more than 5 million API calls, the startup successfully closed a fundraising round of $4.5 million.
Ethereum miners generated around $756 million in revenue in August.
Up 37% from July’s $545 million in revenue. Just over $30 million of that was transaction fees – that is, ETH paid for transactions to be included in the blocks. August was the last full month of Ethereum mining. Between September 10 and 20, the blockchain will transition as part of The Merge from a proof-of-work (PoW) mechanism for block creation to a proof-of-stake (PoS) system, after which mining PoW on Ethereum will no longer take place. The August earnings numbers were likely supported by ETH price growth from its performance in June and July.
What is proof of reserves? (PoR)
Today, digital assets are on the rise, with billions of dollars being traded daily on crypto exchanges. As with all financial markets, there is also a need to ensure trust and transparency in the cryptocurrency market. By doing so, regulators and crypto investors or traders can rest assured that their assets are fully reserved and not mismanaged.
Providing proof of reserve is very important for widespread adoption in the cryptocurrency space. However, until recently, there was no clear path or method for auditing or providing these reports.
It is an independent audit carried out by a third party which aims to ensure that a custodian holds the assets it claims on behalf of its clients. This auditor takes an anonymized snapshot of all held balances and aggregates them into a Merkle tree, a privacy-friendly data structure that encapsulates all customer balances. From there, the auditor gets a Merkle root: a cryptographic fingerprint that uniquely identifies the combination of these balances at the time the snapshot was created. The auditor then collects digital signatures produced by the wallet, which prove ownership of on-chain addresses with publicly verifiable balances. Finally, the auditor compares and verifies that these balances exceed or match the customer balances represented in the Merkle tree, and therefore that the customer holdings are held in full reserve.
Any client can independently verify that their balance has been included in the proof of reserves audit by comparing selected data elements with the Merkle root. Any changes to the rest of the data, no matter how small, will affect the root, making the tampering obvious.
Arbitrum launches Nitro
Arbitrum a blockchain protocol launched its biggest network upgrade to date this week! Arbitrum One now runs on Nitro – increased throughput, lower fees, a next-gen deployment architecture is underway, and it’s all now live on the Arbitrum One mainnet.
Vitalik launches a book
Proof of stake book title out 9/27 – These writings, collected from his essays before and during the rise of Ethereum, reveal that Vitalik is a lively and imaginative writer. While many around him were focused on increasing the value of their tokens, he was working on the issues and possibilities of creating an internet native world. To get the book you can donate and have an NFT, pre-order a physical copy!
“Proof of Stake”, the (physical and digital) book compiling various writings I’ve made over the last ~10 years, will be out in a month!
My share of the proceeds all goes to @gitcoin grants public goods!
— vitalik.eth (@VitalikButerin) August 31, 2022
Crypto bank Sygnum opens hub in Decentraland
Swiss crypto bank and asset manager Sygnum will open a hub in metaverse platform Decentraland at the end of September. The hub will include a CryptoPunk receptionist, NFT gallery and event space. It will also showcase the bank’s Web3 product innovations and provide an entry point for investors into the metaverse economy.
Babylon Finance closes its decentralized asset management service
Babylon Finance plans to shut down its decentralized asset management service in November due to a lack of funds for operations caused by the loss of $3.4 million in April’s Rari hack. Babylon Finance is described as a decentralized asset management protocol in which a community of users can make collective investment decisions. However, Babylon’s operations depended on another decentralized finance (DeFi) platform called Rari Capital. Babylon used Rari Capital’s infrastructure to create lending marketplaces called Fuse.
Bitcoin as a long-term store of value
Long-term Bitcoin investors continue to restrict the available supply. The cyclical repetition of bitcoin price movement is theorized to indicate that successive new classes of investors are being introduced to bitcoin. Then, once they have gone through a full cycle and entered a bear market, these investors typically resist the urge to sell their token below acquisition cost for at least one full cycle period. They thus limit supply and create downside support by holding bitcoin during the price decline, until they finally find profits on the next rally where many start selling. Their success then emboldens them and a new generation of long-term holders who are thus brought to bitcoin – for example by the halving of supply. These new investors then experience the same approximate sequence of events and the cycle repeats itself.
In the shorter term, there seems to be a fair amount of evidence that time-cycled driving behavior by users continues, and furthermore, there is a continuing trend among users to use increasingly bitcoin as a long-term store of value rather than a shorter-term object of speculation.
Sell all your bitcoins now
Ethereum [upgrade] is not just about ethereum,” Kyle McDonald told Coindesk. “I think after the merger, investors and regulators are going to realize that proof of work [du bitcoin] was never really needed and we are slowly going to see a huge crash in the price of bitcoin.” The price of bitcoin hit an all-time high of nearly $70,000 late last year, but crashed along with tech stocks that had soared during the era of historically low interest rates and monetary stimulus.
“Bitcoin will never reach $69,000 again; now is the perfect time to sell all your bitcoin,” McDonald added, pointing to the “climate crisis” that is potentially exacerbated by bitcoin’s huge energy demands. “Bitcoin doesn’t have the coordination like Ethereum for proof-of-work.”
The Adoption of Crypto in Commerce
According to Fortune Business Insights’ Blockchain in Retail Market report, the pandemic has helped accelerate blockchain retail market growth despite supply chain disruptions and global economic challenges. 62% of merchants plan to introduce cryptocurrency, tokens or NFTs as part of their loyalty programs. But will demand drive the use of crypto for purchases on mainstream retailer platforms? Tesla stopped accepting bitcoin payments earlier this year. Yet retailers like Home Depot, Whole Foods, Starbucks, and Microsoft still accept Bitcoin.
The X factor that will drive even more massive adoption is ease of use. Thousands of companies are working to create crypto wallets, apps, and payment systems that eliminate technological confusion for an average consumer. So you will soon be using it like Venmo or PayPal. Maurice Glissman, Founder and CEO of AMZSCALE, which supports over 800 Amazon merchants, conducted a test with NFT Sales, it’s a crowdfunding solution for brands that allows them to connect with 1,000 top customers who love the brand. He said he felt bullish on blockchain as a growth area for traditional retailers. AMZSCALE recently launched a security token that will allow investors to invest in retail brands from their platform.
The largest bitcoin mining facility in the world
Riot Blockchain is the operator of the largest bitcoin mining facility in the US in the Lone Star State. Its Rockdale facility has a total power requirement of 750 megawatts. That’s small compared to a 1-gigawatt facility the company is building in Navarro County. That’s enough to power 300,000 to 1 million American homes. When fully online, the Navarro County operation will be the largest bitcoin mining facility in the world.
That’s added strain on the Texas power grid and local water supply!
Singapore’s Approach to Cryptocurrency Control
The central bank is considering tougher rules to deter investment in “very dangerous” cryptocurrencies, but also aims to grow the digital asset ecosystem. Singapore’s central bank chief said on Monday that the country’s approach of considering tougher regulation for cryptocurrency players while remaining bullish on the sector was “not contradictory”, dismissing reports earlier that suggested a reversal in its policies. Innovation and regulation are not incapable of coexisting. We are not making a difference by being less strict in our regulations or by facilitating innovation less.
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Arbitrum Launches Nitro, Vitalik Buterin Launches Book, Crypto Winter vs Bear Market – crypto watch
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