Trezor Adds EIP-1559 Support to its Model T Wallet, $1 Billion Worth of ETH Burned

Trezor Adds EIP-1559 Support to its Model T Wallet, $1 Billion Worth of ETH Burned

Hardware crypto wallet Trezor has finally announced the support for EIP-1559 but only in its Model T’s firmware. This Ethereum upgrade is not yet supported on Model One, but the team is working on porting Model T firmware to Model One to unify its stack.

On August 5th, the Ethereum network had the London upgrade, which also implemented EIP-1559 which burns a portion of the fees paid to the miners. Since this proposal’s implementation on the second largest network, base fees are burned while a small tip is added that is paid to the miners.

So far, this burn mechanism has resulted in burning more than 311,000 ETH worth more than $1 billion.

NFT marketplace OpenSea is responsible for the majority of these burns at just over 43,800, followed by more than 26k ETH by Uniswap V2 plus V3, and Ether transfers at 26k ETH, according to Dune Analytics.

Popular Ethereum wallet MetaMask has already provided support to the new transaction fees mechanism, which provides a way for users to avoid overpaying under normal conditions.

Now, hardware wallet Trezor has also joined in, and EIP-1559 support is now available for Trezor Connect – a platform for integration of login with Trezor into 3rd party wallets.

Now, developers can use Trezor Model T wallets to secure EIP-1559 compatible wallet interfaces thanks to Trezor Connect and Model T firmware support, it noted.

At the same announcement, the wallet provider said a new version of Trezor Suite (21.9.2) and updated firmware for the Trezor Model T (2.4.2) and Trezor Model One (1.10.3) hardware wallets are now also available that are essential only if a user stores Stellar (XLM) crypto asset in the wallet.

Also, a new native arm64 has been built, which is optimized for Apple’s Silicon chip architecture, M1 processor.

Furthermore, the company announced offline onboarding, which means that a new Trezor device can be set up without the host machine being actively connected to the internet, improving one’s privacy and security.

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Author: AnTy

Ethereum Targets Enterprise Adoption With Infura Transactions (ITX) Launch

Ethereum Targets Enterprise Adoption With Infura Transactions (ITX) Launch

The Ethereum network is seen as the front-runner for decentralized finance (DeFi).

However, high transaction fees and network congestion have seen rival platforms steal the blockchain’s user base. The network has been rolling out cost-saving codes in the last few months, with the latest from Infura.

ITX Picking Up The Slack

The London hard fork, which launched in early August, has enabled developers to pay fewer gas fees while interfacing with the Ethereum network. However, this unique line of code identified as EIP-1559 seems to be still lagging in its cost-saving efforts.

According to a press release by blockchain software company, Consensys, Infura Transactions (ITX) is expected to pick up the slack of the previous code. The Sept 14 release also noted that the Ethereum transaction relaying service would come with specific benefits like handling stuck transactions, managing nonces, and increasing the tip to incentivize block producers to prioritize certain transactions.

The EIP-1559 upgrade was introduced to reduce gas fees and has largely been successful. However, the Ethereum network has often reverted to its auction system, which sees the network fees shoot up in the event of network congestion.

With non-fungible tokens (NFTs) sales surpassing all-time highs and DeFi-focused apps getting more value locked by the day, the Ethereum network is battling huge traffic and the accompanying high gas fees.

Infura Transaction (ITX) is expected to lend a helping hand in those chaotic instances by eliminating fee overpayment for developers while using the second most valuable blockchain platform.

Commenting on the launch of ITX, popular non-custodial crypto wallet provider Gluwa founder and CEO Tae Oh noted that Infura would enable Gluwa wallet users to enjoy an improved user experience while also paying 10-15% less on average for ETH-based transactions. This was following the integration of the digital wallet with ITX on Sept. 1.

ITX Seeks To Attract Enterprise-Focused Businesses

Aside from slashing down on fees for developers, the Infura solution comes with the industry’s first dynamic gas price escalation algorithm and real-time fee adjustments, which will see developers get the best gas price even when the network is congested.

Also, dropped transactions will be republished without paying the current market price, as ITX will facilitate competitive prices. Additionally, ITX is completely automated, saving development teams much-needed time as all transactions will be arranged in descending order with the highest fee first.

Also, ITX will facilitate the onboarding of legacy-based enterprises allowing development teams to build products and services without needing to hold Ether to use the Ethereum network. Instead, they will be charged on their prepaid accounts, with Infura managing the entire process.

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Author: Jimmy Aki

Spruce Partners with Etheruem & ENS to Improve Online Identity Verification

Spruce Partners with Etheruem & ENS to Improve Online Identity Verification

Applications for blockchain technology remain diverse, with different companies coming up with impressive ideas on integrating the technology.

One novel approach comes from Spruce – a decentralized identity software firm. The company is now working on improving identity verification, and it recently got backing from the Ethereum Foundation.

Work to Begin in Earnest

Earlier this week, Spruce confirmed in a press release that it had secured a partnership with the Ethereum Foundation to help build its decentralized identity verification system. The company would work with the Ethereum Foundation (EF) and Ethereum Name Service (ENS) to develop a secure sign-in module built on the Ethereum blockchain.

Spruce’s network had been selected after the EF and ENS submitted requests for proposals in July. The companies had sought developers who would build a secure sign-in package using Open Authorization (OAuth) – an open standard for access delegation that is frequently used to grant websites or applications access to Intenet users’ data.

As Spruce explained, it will focus on giving users more control of their data. This way, they hope to offer an alternative to big tech companies and platforms, which are notorious for data harvesting. The company added that the EF is the perfect partner, thanks to its user base that runs into the millions. Ethereum is also the largest community of developers in the crypto space, so Spruce has many resources at its disposal with this backing.

Spruce added that it would work closely with the ENS and EF to ensure that its solution is compatible with the Ethereum blockchain’s standards. Success with their project will empower millions of Ethereum users to control their digital identities and seamlessly access the web.

The first step will be user research and building specifications drafts. Core development work is expected to begin shortly.

More Use Cases for Ethereum

Identity management has become a significant focus for the blockchain space. Allowing people to seamlessly access the web while controlling their data could be one of the biggest ways that the industry disrupts traditional tech, and Ethereum has had a major role to play in that.

In July, Numio – a layer-two scaling solution, raised $1.25 million in funding to push into decentralized finance (DeFi). As part of the company’s expansion, Numio will also be building on its identity management system. The system uses zkProofs to let users verify their identities on third-party platforms without sending any identity documentation.

Numio’s authentication solution uses public-key cryptography, which is heralded as more secure than the Time-based One-Time Password (TOTP) used by platforms like Authy and Google Authenticator.

Operations like these are some of the reasons why the Etheruem blockchain remains an incredibly important part of the crypto ecosystem. Ethereum’s profile has risen significantly over the last year, and there has been a lot of talk about its token – Ether – flipping Bitcoin to become the most valuable cryptocurrency.

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Author: Jimmy Aki

UK Bank Standard Chartered Publishes Bullish Ethereum Prediction; ETH to $35k If BTC Hits $175k

UK Bank Standard Chartered Publishes Bullish Ethereum Prediction; ETH to $35k If BTC Hits $175k

There has been a great deal of talk about Ether’s ability to surpass Bitcoin as the biggest and most valuable cryptocurrency.

While Bitcoin remains atop the rankings, for now, British banking giant Standard Chartered has joined the ranks of financial institutions to post bullish predictions for the leading altcoin.

Ethereum’s Unique Position & ETH 2.0’s Imminence

Earlier this week, Standard Chartered released an investor guide for Ethereum. The company shared its belief that Ether could continue to grow significantly – so much so that it could surpass Bitcoin.

As the report explained, Ether’s growth will come from increased adoption of the Ethereum blockchain. Standard Chartered likened the second most valuable cryptocurrency to a “financial market” that supports transactions like asset exchanges, insurance, and lending. On the flip side, Bitcoin is more of a “currency” that will simply focus on value exchanges and payments.

Given that Ethereum has broader use cases in the long term, there is a significant chance that Ether could indeed overtake Bitcoin. Standard Chartered valued Bitcoin in the $50,000 to $175,000 price range over the long term, while Ether was pegged to hit between $26,000 and $35,000. While they pointed out that Bitcoin has a higher chance of hitting this price before Ether, the possibility of the latter reaching its price target is growing rapidly.

Standard Chartered also pointed out the current transition to Ethereum 2.0 – a project that looks to make Ethereum a proof-of-stake (PoS) blockchain. The blockchain completed its London hard fork early last month, marking a significant stage in the transition. Ethereum 2.0 has already run into several delays, but a tentative date in 2022 has been set.

As many know, Ethereum 2.0 will also improve the scalability problems the original Ethereum blockchain faces. Standard Chartered trumpeted this tune, explaining that the upgrade will make the most popular blockchain even more functional and scalable. Gowing adoption could indeed boost Ether’s appeal.

The Latest Cheerleader for Ethereum

Standard Chartered isn’t the only company to be bullish on Ether’s chances of topping Bitcoin – an event that industry insiders have now called the “flippening.” Last month, Nigel Green, the chief executive of financial advisory firm deVere Group, told City AM that Ether’s price appreciation would continue to beat Bitcoin’s in 2021.

Green pointed out at the time that Ether had grown over 300 percent in 2021 – compared with Bitcoin’s growth of 55 percent. The CEO added that if this trend continues, the “flippening” could happen in five years.

Like Standard Chartered, Green also explained that the transition to ETH 2.0 has been successful so far.

Banking giant Goldman Sachs has also expressed confidence in Ethereum’s ability to flip Bitcoin. The company’s analysts said in July that Ether has a real possibility of overtaking Bitcoin, with the former asset having a much greater appeal and potential than the latter.

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Author: Jimmy Aki

Ethereum Scaling Solution Arbitrum Opens for Public Use, Offchain Labs Raises Funds At A $1.2B Valuation

Ethereum Scaling Solution Arbitrum Now Available for Public Use, Developer Offchain Labs Raises More Funds at a $1.2B Valuation

Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, and Mark Cuban participated in the $120 million Series B funding round.

Ethereum Layer 2 scaling solution Arbitrum has finally launched on mainnet.

This week, the team announced that faster transactions at lower costs than Ethereum are now available for public use. Arbitrum processes transactions on a sidechain using optimistic rollups technology and then regularly settles them in batches to the main blockchain.

Since opening Arbitrum to developers in May, the team noted that they had sent over 400 teams’ mainnet access, with dozens of them already deploying their contracts on Arbitrum. It further reiterated that Arbitrum is still in beta which means, they’ll be “closely monitoring the launch and maintaining the ability to do fast upgrades and even pause the system should it become necessary.”

Full decentralization, however, is the ultimate plan for Arbitrum.

Scaling Ethereum Gradually

At launch, Arbiturm will have a speed limit of 80,000 arbgas per second, roughly matching the current capacity of Ethereum L1, which will be increased over time once the system stabilizes. And while cheaper than Ethereum L1, if the network’s capacity is reached, then L2 can congest, and fees can rise here as well.

Also, it currently supports 33 assets, including USDC, WETH, and WBTC, with additional tokens to be added to the network on an ongoing basis.

Using Optimistic Rollups means it takes roughly a week for withdrawals to be confirmed on Arbitrum. While a UX drawback, the team says, it will allow them time to pause and respond to potential security events should they occur.

Arbitrum also announced a public bug bounty program managed by Immunefi as an additional layer of security diligence.

Interact with Dapps

The mainnet launch means the public can now interact with decentralized apps on Arbitrum, starting with Uniswap, Balancer, and other protocols.

DEX Uniswap congratulated the Offchain Labs team on Arbitrum’s mainnet launch that makes Uniswap v3 Arbitrum deployment open for public use while reminding users to be careful as it’s a new piece of software in need of rigorous battle testing.

Uniswap users can now migrate assets over the Arbitrum network through the Arbitrum Bridge, which is already compatible with popular wallets like MetaMask. The Uniswap team said,

“As DeFi adoption continues to ramp up, bringing scalability to Ethereum has become more necessary than ever. Thankfully, Layer 2 solutions like Arbitrum have the potential to provide additional bandwidth without sacrificing the ideals of decentralization and security that we value so highly.”

Raising Capital

Offchain Labs, the developer of Arbitrum, which turned three years old last week, finally fulfilled its mission of delivering gas relief to Ethereum users with this launch.

On Tuesday, the firm also announced that it had raised $120 million in a Series B funding round after raising $20 million in Series A in April led by Lightspeed Venture Partners, valuing the company at $1.2 billion.

New investors include Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, and Mark Cuban. Arbitrum’s competitor Optimism is backed by VC firm a16z.

“There’s just so much more demand than there is supply on Ethereum,” co-founder and CEO Steven Goldfeder said in an interview.

“Rollups give you the security derived from Ethereum but a much better experience in terms of costs.”

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Author: AnTy

Ether Price and Burn Unaffected as “High Severity” Bug Struck Ethereum Mainnet & Led to Chain Split

Ethereum had a chain split on Friday after a consensus bug hit the mainnet.

“The bug was very similar to the one that caused the chain split in November of last year,” wrote Kelvin Fichter.

This bug exploited the consensus bug that was fixed in Geth v1.10.8. Given that Geth clients account for 74.6% of all Ethereum nodes, it was a big deal.

“Ethereum has split into at least 2 versions, and only a third of Geth nodes are in the “correct” chain,” said Lucas Nuzzi, product manager at CoinMetrics. “Block difficulty has dropped 10% over the past few hours.”

Ethereum developer MH Swende then shared that the public announcement experiment about the attack and the subsequent requirement to update to v1.10.8 was successful, with most miners upgrading in time so that the canon chain became longer than the bad chain.

“But it was a really close shave,” said MH Swende.

The bug, which was a “high severity issue,” was found in an audit of Telos EVM, according to a press release. Ethereum core developers were informed, and a patch was released on August 24 to fix it.

“All Geth versions supporting the London hard fork are vulnerable (the bug is older than London), so all users should update,” a statement said when the fix was announced.

Ethereum core developer Tim Beiko meanwhile noted that three mining pools Flexpool, BTC.com, and Binance, were mining on the wrong geth version, which was asked to upgrade to the latest version.

A few minutes later, Binance Smart Chain (BSC) got exploited, since then, all BSC validators have upgraded to v1.1.2, and geth clients have been asked to upgrade to new hotfix to avoid DoS attack. “BSC is in a healthy status,” said the team early on Saturday.

Popular Ethereum wallet MetaMask said users connected to Infura have been unaffected by the Ethereum bug.

Infura, a blockchain development suite by ConsenSys, also clarified to its users that the security vulnerability that was exploited on the Ethereum mainnet affecting Geth versions <1.10.8 didn’t affect them.

“Infura is unaffected by this exploit. Our infrastructure was updated upon release of the hotfix on Aug 24,” it noted.

Following the attack on Ethereum, as people stopped using the network, for the time being, transactions on the network fell.

“Fork between latest geth and older geth on mainnet. Stay away from doing txs for a while till confirmed, unless you are sure you are submitting to latest geth,” advised Yearn Finance creator Andre Cronje following the incident.

However, the price of Ether was unaffected by the entire incident and is currently trading around $3,230, down about 25.7% from its all-time high in mid-May.

Ether also continued to be burned with more than 120,000 ETH, worth over $376 million burned since EIP 1559 implementation earlier this month.

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Author: AnTy

Ethereum Name Service Launches Service to Send & Receive ETH With .com Domains

Ethereum Name Service Launches Service to Send & Receive ETH With .com Domains

Ethereum Name Service (ENS) has announced that Domain Name System (DNS) users can now integrate directly on the ENS mainnet.

DNS Namespace Integration Live

The integration would allow website owners on the DNS platform to import the same name for use on ENS without changing to a name that ends with .eth. For example, users who own “example.com” on DNS can import it into ENS as the same example.com and not example.eth.

The ENS team believes this would help users keep their details while benefiting from all the functionalities that a .eth address has to offer.

DNS is how the internet organizes itself and is often referred to as the phonebook of the internet. The DNS links domain names like Google.com to IP addresses for people to find and browse websites easily. DNS has been in operation for decades.

ENS, on the other hand, is a distributed, open, and extensible naming system based on the Ethereum blockchain. It is identical to DNS but has different architecture due to the capabilities and constraints provided by the Ethereum blockchain.

ENS also acts as an Ethereum address which means instead of using a long alphanumeric string type of address to send funds to, you can simply send to the .eth address on ENS.

In a separate blog post, ENS Director of Operations, Brantly Millegan, explained that one of the advantages of the new DNS integration is that imported names won’t pay any ENS fee.

With .eth names, the shorter the chosen name, the more expensive it is. However, DNS names imported to ENS have no ENS protocol fee at all. Also, while.eth names cannot be revoked, DNS names can be.

Developed by non-profit organization True Names (TLD) in 2017, ENS’ funding has mostly come from grants. In the recent announcement, the platform acknowledged the support from the Ethereum Foundation and the ETC Labs.

ENS Witnessing Growing Adoption With Domain Sales

Although the ENS protocol appears to be a relatively untapped sector, things are changing quickly. ENS is witnessing growing adoption as more developers and firms are turning to build applications on the platform.

Popular American beer brand Budweiser recently purchased a domain name on the decentralized naming system. The domain name dubbed beer.eth was sold for 30 Ether ($96,000) according to Opensea marketplace records.

Although ENS services are still in an infantile stage, Budweiser could use the beer.eth ENS name to build a variety of different applications.

Two ENS domain names named artist.eth and artcollector.eth recently also got sold for 10 Ether each, according to a Reddit post.

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Author: Jimmy Aki

More than 100,000 Ether Already Burned in Just 3 Weeks, Daily Issuance Falls Below Bitcoin

Despite Ethereum doing 60x of Bitcoin’s daily total fees and 5x the daily number of transactions, ETH is still lagging in valuation, worth only 0.0669 of BTC.

In a matter of three weeks, over 108,118 ETH worth more than $340 million have been burned ever since EIP 1559 was activated on August 5th.

Throughout this time, NFT marketplace OpenSea remains the biggest contributor to the burn accounting for nearly 16k Ether. Uniswap V2, Uniswap V3, Axie Infinity, USDT, USDC, and MetaMask, are other top ETH burners, according to Dune Analytics.

As we reported, the burn has led the daily net ETH issuance to fall about 27%. Now, for the first time, Ether’s daily issuance dropped lower than Bitcoin’s as well, noted Lucas Outumuro, head of research at IntoTheBlock.

Ether’s net inflation was 1.11% annualized at 3,574 ETH compared to Bitcoin’s 1.75% annualized net inflation at 900 BTC at one point.

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It was due to the recent surge in non-fungible token (NFT) activity that increased the Ethereum fees, in turn, the amount of Ether being burnt.

“This has led to several hours where more ETH was burnt than issued, effectively making it deflationary during brief periods of time,” said Outumuro.

“Ether’s decreasing issuance raises questions about how it is valued… Now that its issuance is provably lower (and potentially deflationary), it is likely to develop a monetary premium like BTC.”

As of writing, Ether is trading above $3,220, down about $28% from mid-May all-time high of $4,380 and worth 0.0669 of BTC, which is trading near $48k.

“Bitcoin’s monetary premium stem is apparent when comparing fundamentals between BTC and ETH. Despite having 10x higher fees, ETH continues to be priced as 40% of Bitcoin,” Outumuro added.

Not only Ethereum is doing 60x of Bitcoin’s daily total fees, but the daily number of transactions on the second-largest network is also 5x of the leading network, and yet Ether is still lagging in valuation.

When it comes to adoption, as we reported, throughout this year, the smaller holders (0.01 to 1 unit of the crypto asset) of Ether are growing much faster at 58% than Bitcoin’s 15% growth which has also been flat since the end of April, and are now ready to surpass it too.

Overall, Ethereum has over 20 million more addresses holding the digital asset.

“As NFTs and other applications continue to grow on Ethereum, this creates deflationary pressure and reinforces Ether’s monetary premium. Ultimately, this aligns users and holders towards ETH becoming the store of value of the decentralized internet,” Outumuro noted.

When it comes to fundamentals, Ethereum’s hash rate has also hit a new ATH at 650.8 TH/s, surpassing the May peak of 643.8 Th/s, as per Etherscan.

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The network’s transition from Proof-of-Work (POW) to Proof-of-Stake (POS) consensus is not coming until Q1 or Q2 of next year, which would then mark the end of POW mining.

Before even becoming a fully PoS coin, the implementation of EIP-1559 has affected the miner revenue as a large portion of their earnings from transaction fees, the base fee is getting burnt while only the tip is paid to miners.

“Despite the numerous headwinds for ETH miners, mining doesn’t seem to be slowing down,” said Delphi Digital.

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Author: AnTy

Budweiser Joins NFT Frenzy, Purchases Ethereum Beer-Themed Domain Name

Budweiser Joins NFT Frenzy, Purchases Ethereum Beer-Themed Domain Name

Budweiser has become the latest global firm to jump on the non-fungible tokens (NFTs) bandwagon. The company purchased the Ethereum domain name, Beer.eth, alongside an NFT rocket ship.

Budweiser Changes Twitter Profile Picture To Rocket Design

The NFT rocket ship is a rocket artwork that features three components with the Budweiser name and logo. It was custom named “Life of the Party” and purchased 8 ETH (about $25,000 at press time).

Budweiser also bought the domain “beer.eth” for 30 ETH (around $100,000 at press time).

Reflecting on the multiple purchases, Budweiser changed its Twitter profile picture to a rocket ship designed by renowned NFT artist and owner of the NFT platform Rocket Factory Tom Sachs. The Tom Sachs Rocket Factory was launched earlier this month. The factory is a trans-dimensional manufacturing plan, according to a post by Sachs published last month.

Budweiser is yet to announce the NFT purchase officially. However, the beer outfit’s social media channels posted an update with three rocket emojis.

Budweiser is the largest-selling beer company in the United States by volume. The brand has become a household name and is available in over 80 countries.

Richard Oppy, VP of global brands at Anheuser-Busch, Budweiser’s parent company, had previously announced the company’s plan to invest in an NFT media shop in partnership with internet entrepreneur Gary Vaynerchuk.

According to him, NFTs are a huge opportunity for a brand like Budweiser that’s been closely associated with art, music, sports, and culture for decades.

Companies Continue To Experiment With NFT

AB InBev has had success with NFTs, having released a project under beer brand Stella Artois for National Fried Chicken Day. The brewer believes NFTs can play a role in limited edition packaging, merchandise drops, collectible items, and others.

Payment giant Visa has also jumped into the NFT scene. A few days ago, the firm announced the purchase of CryptoPunk 7610, one of the thousands of NFT-based digital avatars, for nearly $150,000 in Ethereum.

The NFT scene has witnessed unprecedented success over the past few months. In March, auction house Christie’s set records when an image created by the digital artist Beeple sold for $69 million.

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Author: Jimmy Aki

Vitalik Buterin Casts Doubt on Jack Dorsey & Mark Zuckerberg’s Influence on Crypto

Vitalik Buterin, the Russian-Canadian co-founder of Ethereum, has never been shy of making his opinions on crypto heard – no matter how unpopular they are.

Now, the developer is turning his focus on a seemingly growing wave; the entrance of social media platforms – and their founders – into crypto.

Vitalik Bites Back at Dorsey

In a recent interview with Bloomberg, Buterin shared doubts about the plans that Twitter CEO Jack Dorsey and Facebook founder Mark Zuckerberg have for the crypto space. Speaking with the news medium, Buterin was especially skeptical of Dorsey, who has stated that he plans to make Bitcoin more applicable to decentralized finance (DeFi).

Last month, Dorsey announced on Twitter that Square – his payment processor – plans to build a division that will focus on building DeFi infrastructure on the Bitcoin blockchain. In his tweet, Dorsey explained that the division’s objective will be to make it easier to create “non-custodial, permissionless, and decentralized financial services” on Bitcoin’s blockchain.

Since it doesn’t support smart contracts, the Bitcoin network is unable to compete with blockchains like Ethereum. Building DeFi on Bitcoin will need additional tools like sidechains and bridges to initiate smart contracts. But, Square hopes to break this barrier, further bringing Bitcoin to DeFi.

Buterin, whose work and company will be affected by this, is somewhat not a fan. As he explained to Bloomberg, the Bitcoin blockchain can work similarly to Ehereum for DeFi. But, it will have a much weaker trust model overall.

The Ethereum co-founder added that Ethereum already allows users to directly put Ether or an ERC token into smart contracts. To bring that into Bitcoin, Dorsey, and Square will have to create their dedicated system.

Dorsey has risen to be one of the harshest Ethereum critics. The billionaire has reiterated that he and Square will not invest in Ether, even though Twitter still just released 140 non-fungible tokens (NFTs) on Rarible – an Ethreum-based platform.

Dorsey further criticized Ethereum last week, claiming that the network is unable to “disrupt Big Tech” on its own. He did follow up by saying that his singular focus on Bitcoin isn’t necessarily a sign that he hates Ethereum; he just believes Bitcoin to have a stronger network and more potential for the type of disruption he envisions.

Facebook’s Trust Issues Still Haunts It

As for Zuckerberg, Buterin criticized the tech mogul and Facebook’s planned digital currency, Diem. Launched as “Libra” in June 2019, Diem works as a stablecoin whose value will be tied to a basket of fiat currencies. But, it has so far been met with significant pushback from regulators and policymakers.

Even after changing its name and making concessions, Diem is yet to see the light of day. As Buterin explained, there is a great deal of mistrust for Facebook, given the company’s many privacy indiscretions. So, building a currency is somewhat ill-timed at the moment.

Buterin further added that Facebook could build Diem on an existing blockchain. Of course, there’s little chance that Facebook will do so.

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Author: Jimmy Aki