Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin

Buterin is also in favor of DOGE’s 5 billion annual issuance, thinks more about the meme culture, is most surprised about NFT as an Ethereum use-case, and is most excited about ZK-SNARKs.

“I hope that doge can switch to PoS soon, perhaps using ethereum code,” said Ethereum co-founder Vitalik Buterin in response to Three Arrows Capital CEO and co-founder Su Zhu’s question about promising ideas for Ethereum / DOGE cooperation.

Zhu also asked Buterin what made him interested in the popular meme coin, which has the support of Tesla CEO Elon Musk, late on Tuesday after Buterin ran a “random Twitter experiment” where only the people he follows can ask him about anything crypto or non-crypto related.

Further talking about Dogecoin, Buterin said he favors DOGE’s supply emission, 5 billion per year annual PoW issuance. Instead of canceling it out, Buterin said, it should be put “in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.” DOGE 0.92% Dogecoin / USD DOGEUSD $ 0.28
$0.000.92%
Volume 1.7 b Change $0.00 Open $0.28 Circulating 131.1 b Market Cap 36.85 b
8 h Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin 1 d $4 Million Meme Coin “Doge” NFT Being Sold in Billions of Fractions on SushiSwap’s MISO 6 d Lake County Illinois Treasurer Accepts Campaign Contributions in Multiple Cryptocurrencies

During this Twitter Q&A, he further shared that he thinks “much more about the ecosystem of discussion and spread of memes / culture / ideas” instead of the market of resources, property rights, and trade, which was his focus a decade ago.

The Metaverse

When asked about the hardest lesson he learned through the Ethereum experience, Buterin shared that “People are harder to tightly coordinate in small groups than I expected. You can’t just get everyone to sit around in a circle, see each other’s inherent goodness and get along, especially when huge incentive conflicts are at play.”

His biggest non-technical regret in his Ethereum journey was the cryptocurrency’s composition of eight co-founders and “choosing them so quickly and nondiscriminately.”

Technically, he had an insane amount of confidence that “Ethereum will move to proof of stake within 1-2 years,” which turned out to be dead wrong.

As for which Ethereum use-case has surprised him the most, it’s non-fungible tokens (NFTs) which are currently taking over the crypto industry and driving usage on Ethereum blockchain right now, resulting in an increasing amount of ETH paid in fees getting burned.

According to him, Ethereum is “amazingly positioned to be a central part” of the Metaverse, defined as the internet plus shared state so that objects can be moved between platforms.

Overall in crypto, the ENS ecosystem — Ethereum Name service that gives web3 username for all of your cryptocurrency addresses and decentralized websites — and the whole concept of users and objects having cross-platform names is an obvious application that people just don’t get yet, he said.

The Future

The latest research that has Buterin excited the most is ZK-SNARKs, an acronym for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” which is cryptographic proof that allows one party to prove it possesses certain information without revealing that information. It basically requires no interaction between the prover and verifier.

“ZK-SNARKs getting powerful so quickly to the point that a full-on SNARKed EVM is not so far away is definitely exciting.”

ZK-SNARKs are also the privacy-preserving technology that he thinks will be the most widely adopted one 30 years in the future. Buterin expects it to be “a significant revolution as they permeate the mainstream world over the next 10-20 years.”

The second-largest network is shifting towards proof-of-stake (PoS), a less energy-intensive consensus narcissism than proof-of-work (PoW); once the merge is on mainnet, account abstraction statelessness and sharding will be high priority protocol upgrades, according to Buterin.

Also, crypto switching to PoS is only a small part of the solution, “ultimately we also need lots of very smart people contributing to longer-term fixes,” said Buterin, mentioning solar power, fusion, carbon capture, and sprinkling dust into the atmosphere. Overall, Buterin “definitely,” thinks that

“the crypto space needs to think hard about how it can be positive-sum toward more existing stakeholders to win more friends.”

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Author: AnTy

Ukrainian Power Plants May Use Excess Electricity to Mine Cryptocurrencies

The Ministry of Energy in Ukraine thinks power plants could be used for crypto mining companies; considering the impact of the COVID-19 pandemic on energy.

Crypto mining is one of the most efficient ways of using excess energy, argues the Ministry in a Facebook post from May 6th.

According to the same post, Ukraine’s nuclear power plants have been generating an energy surplus ever since the Coronavirus lockdown began.

Is Digitalization the Answer?

Ukraine’s President, Volodymyr Zelensky, has always encouraged the process of digitization, so the Ukrainian Ministry of Energy has decided to do the same in order to avoid the waste of energy and after warning that if the situation remains unchanged, the conditions for corruption may increase. Here’s what the Facebook post on mining says:

“There is a way to transfer this ‘liability’ into an ‘asset’. One of the modern approaches for using excess electricity is to devote it to cryptocurrency mining. That would not only allow to maintain the guaranteed load on nuclear power plants but also ensure that companies can attract extra funds. Therefore, it would open the way to a fundamentally new economy, new approaches, a new market model.”

Energoatom State-Owned Company to Take Charge

The crypto news website Forklog reported on May 5th that the Ukrainian Ministry of Energy’s acting head requested that Energoatom, which is a state-owned company, to look at how crypto mining could take place at nuclear power plants and have an answer by May 8th.

It wouldn’t be a first to see nuclear power plants involved in crypto mining, yet a first when it comes to the involvement of a government. Back in March 2020, the New York Finger Lakes’ privately-owned power plant resorted to Bitcoin (BTC) mining and started making about $50,000 a day.

Ukraine is a Crypto-Friendly Country

Ukraine has always been friendly and optimistic when it comes to crypto mining. At the beginning of this year, the Ministry of Digital Transformation in the country said it doesn’t want to regulate the crypto space because the blockchain consensus rules are already doing it.

As far as the proposition sent to Energoatom goes, there’s no knowing yet if the company has accepted it or not. No comments have been made, but there’s still time until the May 8th deadline.

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Author: Oana Ularu

Andrew Yang: The US Needs Consistent Legal Framework for Cryptocurrencies

Democratic Oval Office candidate Andrew Yang thinks the US needs to have a consistent cryptocurrency legal framework if it wants to be a market leader.

He made the statement during an interview given to Bloomberg on Thursday, and added that the regulatory situation at the moment is confusing and may bring harm to the people and businesses working in the crypto space. These are his exact words on the matter:

“Right now we’re stuck with this hodgepodge of state-by-state treatments and it’s bad for everybody. It’s bad for innovators who want to invest in the space. The underlying technology of cryptocurrencies is very, very high potential and we should be investing in it. We need to have a uniform set of rules and regulations around cryptocurrency use nationwide.”

The Current Crypto Legal Framework in US Criticized

One thing is for sure, the US doesn’t have a clear legal framework for the crypto space. Perhaps in some states like New York, crypto businesses have a licensing framework, but in the rest of the country, regulators rely on precedents that are very old, the guidance they receive from federal regulators and on international conventions, which has brought criticism against those in power from crypto enthusiasts.

Yang Is Pro-Technology

Yang is definitely pro-technology and the only candidate to talk about cryptocurrency until now. He was very clear when he said that, if elected, he will introduce clear guidelines for digital assets so that individuals and businesses to invest in their innovative ideas without being scared of changes in regulations.

He added that new regulations being introduced or not won’t stop people from using cryptocurrencies, and that a ban on crypto would only force the underground space in the industry to develop. According to him, the US needs,

“clear and transparent rules so that everyone knows where they can head in the future and we can maintain competitiveness.”

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Author: Oana Ularu

North Carolina Republican Congressional Candidate Wants to ‘Invest Wisely’ in Bitcoin in 2020

Republican candidate for US Congress Pete D’Abrosca thinks it’s very wise to invest in Bitcoin (BTC) in the year that’s about to come.

D’Abrosca wants to be elected to the North Carolina seventh district. This is what he said on Twitter about investing in Bitcoin and ammunition:

While it’s unlikely for him to win the election against Republican Congressman David Rouzer, who’s the incumbent at the moment, it’s still good there are more crypto supporters in the US politics.

Former Bakkt CEO to Become Interim Senator

People in the crypto industry seem to forget the former CEO of Bakkt, a major Bitcoin futures exchange will be the interim Senator for Georgia. During the introduction ceremony held for her, Governor Brian Kemp said she will stand by President Trump’s side and vote against his removal from office. Here are Kemp’s exact words:

“Kelly Loeffler will stand with our president, Senator Perdue, and their allies in the House and Senate to keep America great.”

If she wants to remain on the seat, Loeffler will have to run for the 2020 election. Kemp thinks she’s the right person to win back the trust of Republican female voters.

President Donald Trump Not a Fan of Crypto

In spite of the fact that many members in his party are open to cryptocurrency, President Donald Trump isn’t. The hope is that there are many crypto supporters in the Democratic party too, seeing that Andrew Yang, who occupies the 4th position in popularity for Democrats, announced he’s accepting Bitcoin, Ethereum and some other cryptocurrencies for funding his July 2018 campaign. More than this, Tulsi Gabbard disclosed in her federal filings that she has crypto holdings.

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Author: Oana Ularu

Digital Asset Security Firm Fireblock Backed By Fidelity Gets EY’s SOC 2 Type II Accreditation

Fidelity Digital Assets (FDAS) thinks that in the future, custodians will work from behind the scenes to store cryptocurrencies for clients from different firms.

At the same time, its enterprise-based platform for crypto transactions, Fireblocks, has just passed an EY audit that confirms it complies with data security standards, which has led to talks with Wall Street clients.

FDAS Doesn’t Have Any Plan to White-Label Its Custody Services

FDAS is a Bitcoin (BTC) custodian and broker for institutional investors. It doesn’t have any plan to white-label its services, this being just a theory about the future it has launched. What it has announced is that this month it’s going to open a new European entity. At the moment, FDAS sources its liquidity mostly from over the counter (OTC) trading desks, but it has plans to have its own crypto exchange until this year is over.

Fireblocks Was Awarded a SOC 2 Type II Certification

After a 6-month audit on how Fidelity’s Fireblocks processes, protects and manages customer data, the company was given a Service Organization Control (SOC) 2 Type II Certification. Fireblocks’s service allows institutions to move digital assets securely. Its platform was launched in June and it supports 180 cryptocurrencies in addition to 22 exchanges. In an EY report, it’s mentioned that Fireblocks met or exceeded the SOC 2 Type II criteria and that it’s going to be evaluated every year in order to comply with all security standards.

Few Crypto Businesses Have the SOC 2 Type 2 Accreditation

According to Fireblocks’ co-founder and CEO, Michael Shaulov, only a few crypto businesses are SOC 2 Type II accredited. Now, the company is looking for clients from outside the crypto world, like financial institutions that want to try the asset class. It has been confirmed that is already in talks with Wall Street firms.

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Author: Oana Ularu

Fed: ‘We Recognize The Power Of Technology And Innovation To Transform The Financial System’

An US Federal Reserve official who’s in the board of governors thinks one in four people making Bitcoin (BTC) transactions are doing something illegal.

At a panel speech that honored Benoît Coeuré, one of Europe Central Bank’s (ECB) executives, Lael Brainard talked about how she sees the risks cryptocurrencies are posing.

Brainard Thinks Crypto Exchange Security is Problematic

At the Frankfurt, Germany, Monetary Policy: The Challenges Ahead event, one panel discussion was about the illegal activity involving Bitcoin. Brainard cited one of the academic studies released earlier this year and talked about how many Bitcoin users are criminals. Lael Brainard said,

“Only a third of the most popular exchanges require ID verification and proof of address to make a deposit or withdrawal. This is troubling since a number of studies conclude that cryptocurrencies support a significant amount of illicit activity. One study estimated that more than a quarter of bitcoin users and roughly half of the bitcoin transactions, for example, are associated with illegal activity.”

There Are Misconceptions on How Bitcoin is Being Used in the Real World

Brainard’s speech did nothing but to add to the misconceptions on how the Bitcoin is being used in the real world. Studies on transactions usually arrive at all sort of opposing conclusions, with many voices saying criminals prefer cash over cryptocurrencies. Problems appear when having to determine how many Bitcoin users are out there, since a user has control over how many addresses he or she wants. Brainard decided to talk just before the European Union will impose new crypto regulations. Besides, Coeuré has also expressed criticizing opinions on Bitcoin, describing the coin as the “evil spawn of the financial crisis.”

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Author: Oana Ularu

Bitcoin Is on Its Way to $100,000 By 2021’s End, Says Leading Crypto Voice Anthony Pompliano

Bitcoin Is on Its Way to $100,000 By 2021’s End, Says Leading Crypto Voice Anthony Pompliano
  • The Morgan Creek founder thinks that Bitcoin is on its way to $100,000 in the next 30 months.
  • Presently, Bitcoin is sitting between $10,000 and $11,000.

Bitcoin has gone through some drastic rises and falls through the last decade that it has been in the world. Nearly reaching $20,000 at the end of 2017, many people abandoned the token when it fell the following year.

However, Morgan Creek founder Anthony Pompliano still has faith in the asset, even stating that it would soon reach $100,000 in value.

Pompliano’s prediction is fairly conservative for this Bitcoin proponent, since he believes that the Bitcoin halving next year will coincide with the Federal Reserve’s decision to print new money.

When the halving happens, the reward will drop from 12.5 BTC to 6.25. In the past, the halving has often correlated with the start of a bull run, rather than the end.

Bitcoin halving extrapolation

Bitcoin halving extrapolation


Sourced from CCN

While this projection isn’t guaranteed, it suggests that the big fans of Bitcoin may want to lay low before they fully invest. CCN states that the biggest moves from Bitcoin often occur when few are watching, which Pompliano states will make for a smooth transition from one order of magnitude to the next.

He added,

“Well look, in 2017 Bitcoin went up 20x right so it’s a hyper-volatile asset. We’ve seen it go up 20, 30, 50x at times. We’ve also seen it draw down over 80% now three times.”

Many analysts seem to agree with Pompliano’s predictions. PlanB, a quantitative analyst, created a stock-to-flow model, reflecting information about Bitcoin that is dated from 2009 to 2012. This model correlates with the predicted prices from 2013 to 2019 with accuracy of up to 99.5%.

Anyone in the cryptocurrency industry, or even the traditional stock market, knows that nothing is certain until it happens. However, if this model maintains the same level of accuracy, it is realistically possible for Bitcoin to reach $100,000 before the end of 2021. Anyone that is willing to hold on for the ride until 2025 may even see a reward of $1 million a coin.

Pompliano brought up the fact that the stock-to-flow for Bitcoin is much like gold’s but with more to gain.

Explaining, he said,

“[T]here’s existing supply and you go ahead and just continue to add it. The difference is with Bitcoin we know exactly how many are getting created. 1 800 Bitcoin are going to be created today. The second thing is we know the total supply available.” After all there’s a finite supply of 21 million BTC, so there’s no question of how much is available.

Presently, Bitcoin is priced at $10,459.86, gaining 1.19% in value through the last 24 hours.

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Author: Krystle M