Weekly Crypto roundup: Cardano, HOFA NFT, and WazirX probe
From Ethereum’s co-founder leaving the crypto industry to Graphics card prices dropping after China’s crypto ban, Cardano latest update, there is much to talk about in this week’s roundup. Let’s start. Ethereum co-founder Anthony Di Iorio leaves crypto industry...
From Ethereum’s co-founder leaving the crypto industry to Graphics card prices dropping after China’s crypto ban, Cardano latest update, there is much to talk about in this week’s roundup. Let’s start.
Ethereum co-founder Anthony Di Iorio leaves crypto industry
Anthony Di Iorio, one of the eight founders of Ethereum Blockchain, announced his cutting ties with the cryptocurrency industry. He also said that he’ll sell all his shares in his company, Decentral. Moreover, he is planning to depart from the crypto industry to more philanthropic prospects. However, in an interview with Coindesk, he added that he’ll use blockchain technology to solve ‘large problems’ whenever necessary.
Full story: Ethereum co-founder leaves crypto industry
Cardano’s long-awaited ‘Alonzo’ testnet nearing launch
Cardano’s latest testnet ‘Alonzo’ has transitioned from blue state to white state. The development team Input-Output Hong Kong ( IOHK ) announced this through a tweet on July 15th.
So, developers can now take advantage of smart contracts in the ecosystem. Previously, It was in the ‘blue’ state which supported limited smart contract features to a limited audience in Cardano. On the other hand, Alonzo ‘white’ supports 500 validators, stake pool operators, and developers to test the new features. The new testnet will run for two to four weeks before upgrading to the final testnet, known as Alonzo purple. Thus, it will see a step up in users from every stakeholder group load testing the network.
Full story: Cardano getting closer to smart contracts
Polygon launches Polygon Studios to focus on gaming and NFTs
Ethereum-scaling project Polygon has launched its new unit named Polygon Studios. This will help in advancing blockchain gaming as well as NFTs. The company has stated that the new unit will “bridge the gap between Web 2 and Web 3 gaming.” The gaming studio aims to help developers create blockchain-enabled gaming. On the other hand, its NFT studio will help in developing custom NFT models and marketplaces. Around 100,000 gamers and 500 dApps are currently available on the platform, including names like Decentraland, OpenSea, and Skyweaver.
Malaysian police crushes 1,069 Bitcoin ASICs
In a viral video clip, A steamroller is crushing hundreds of Bitcoin ASICs on the ground. Originally, the source of the video was thought to be China. But, it turns out, it was the Malaysian Police. Malaysian police in the city of Miri was deposing 1,069 Bitcoin ASICs. The reason for that was a crackdown on electricity theft. The Miri police and Sarawak Energy Berhad carried out this joint operation between February and April. They arrested eight people for allegedly stealing electricity for mining Bitcoin and equipment worth $1.25 million.
WazirX probed for allegations regarding forex law violations
In the latest argument with the government, ED has issued a show-cause notice to WazirX for allegedly violating the Foreign Exchange Management Act (FEMA). The transactions in question are worth 2,790.74 crore rupees (~$372 million). ED also had doubts regarding WazirX’s capability to allow users to make cross-border payments without the government’s permission. Many regulatory authorities are highly concerned about this as, without proper documentation, it’s impossible to find the sender’s or receiver’s details.
User files $5 million lawsuit against Coinbase
David Suski is an individual seeking $5 million in damages from Coinbase regarding their allegedly misleading DOGE campaign. In a legal document submitted by the plaintiff, he stated that he was tricked into trading $100 of DOGE for a sweepstakes offer. However, according to him, the document couldn’t communicate that it wasn’t necessary to purchase a $100 DOGE for entering the sweepstakes. The plaintiff also argued that anyone could enter it through the 3×5 inch index card without any charges. His arguments were regarding the advertisement being deceiving and confusing.
HOFA Gallery launching a new NFT marketplace
HOFA gallery has stated that they’ll launch their own NFT marketplace, ‘HOFA.io’ for highly collectible digital artworks. The gallery has been the forerunner in adopting cryptocurrencies. Moreover, it is the first fine arts gallery to make entire art holdings available for purchase in cryptocurrency. The gallery also had a series of successful ‘crypto art’ releases in 2021. Initially, all the crypto art released by the gallery was available through other NFT marketplaces. Now, users can directly purchase ‘crypto art’ from HOFA’s own NFT marketplace. Meanwhile, The NFT marketplace will launch on 5th August 2021.
Full story: HOFA Gallery to launch a new NFT marketplace
Purchase COVID-19 insurance through Digital Yuan and get discounts
Chinese insurance giant Pingan has issued insurance policies using the country’s virtual currency. The insurer’s local subsidiary has developed a COVID-19 insurance plan for medical staff. According to local reports, users who pay their premiums through Digital Yuan can receive discounts. The policy covers 300,000 yuan ($46,342) for death by COVID-19. There’s also a 50,000 yuan ($7,723) cover for COVID-19 diagnosis and 50,000 yuan for accidental death. Moreover, this is the first time the public can buy an insurance cover through virtual currency.
Graphics card prices finally dropping after China’s crypto mining ban
GPU prices have started dropping after China’s crypto mining ban came into effect. A couple of months back, users had to buy almost thrice the MSRP for getting high-end cards like GeForce RTX 3080. Now, According to 3D center, off-the-shelf GPU prices are at a six-month low. However, the effect of these price drops is varied by region. Places like the United States and Indian markets haven’t seen the price drop yet, and it’ll take a while for them to go down. Moreover, it is expected to see many second-hand cards flood the market due to China’s crypto mining ban.
USA Team to Boycott Digital Yuan at 2022 Winter Olympics
In a Monday letter to the U.S Olympic Committee leadership, three republicans said that Athletes shouldn’t “receive or use digital yuan during Beijing Olympics.” China’s virtual currency is currently the most advanced central bank digital currency (CBDC) project in the world. The Chinese government has been readily pushing in major cities in its country. The Three Republicans raised concerns that China’s communist regime might attempt to exploit e-CNY as a surveillance tool.
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