September 16, 2023
Welcome to Morning Blockchain, where we’ll dive into the latest developments in blockchain and cryptocurrency to help you ride the wave of knowledge and insights from the week. From Metis revolutionizing Layer 2 infrastructure to the importance of accurate transaction verification, we’ll explore topics that dare you to push the boundaries and excel in your work. So grab your can of knowledge and let’s dive in!
Metis aims to become Ethereum’s first fully decentralized Layer 2 in 2023 Metis, a Layer 2 scaling solution for Ethereum, aims to become the network’s first decentralized Layer 2 infrastructure by empowering its community to take control over centralized components like sequencers, addressing the centralization risks associated with Layer 2 networks and demonstrating the possibility of maintaining scalability while reducing centralization risks; this article is relevant to blockchain and cryptocurrency as it explores the ongoing challenge of achieving scalability without compromising decentralization in blockchain networks. Ethereum’s new testnet Holesky goes live on The Merge anniversary Ethereum has introduced its latest testnet called Holesky, which aims to enhance the testing environment on the network and provide developers with a space to test applications and fix issues without affecting the mainnet, joining existing testnets Goerli and Sepolia, and its expected provision of a large supply of testnet ETH simplifies the process of testing Ethereum smart contracts. Paxos recovers its $500,000 ‘fat finger’ Bitcoin transaction fee Crypto services provider Paxos has recovered a large overpayment for a Bitcoin transaction fee and has been refunded by the miner, F2Pool, after mistakenly paying around $500,000 for a fee worth only $200, highlighting the importance of accurate transaction verification and the potential risks associated with human error in the cryptocurrency space. NFT ‘sleepdrops’ have drained $11.5 million from Ethereum users A scam called “sleepdropping” has resulted in $11.5 million in losses for Ethereum users, as scammers send fake ERC-1155 tokens to trick users into authorizing transactions and steal their assets; this highlights the importance of being cautious and verifying the authenticity of airdrops and tokens in the blockchain and cryptocurrency space. EigenLabs gears up to launch upcoming data availability solution EigenLabs plans to launch EigenDA, a solution aimed at reducing data storage costs for Layer 2 Ethereum rollups, which has attracted interest from various projects looking to integrate it into their Layer 2 setups; the solution will be the first actively validated service (AVS) on EigenLayer, leveraging restaking to ensure data availability and accessibility, thereby addressing scalability and transaction fee challenges faced by Ethereum decentralized applications (dapps) on Layer 2 networks. SEC says it’s not getting what it needs from Binance.US The Securities and Exchange Commission (SEC) has accused Binance.US of not cooperating with its investigation into the crypto exchange, as it has only produced a small number of documents and has not provided requested information on customer assets, which is relevant to blockchain and cryptocurrency as it highlights the regulatory scrutiny faced by crypto exchanges and the need for transparency and compliance in the industry. A Year After Ethereum Merge, Net Supply Down Nearly 300K Ether This article discusses how the transition to a Proof-of-Stake (PoS) setup in blockchain networks reduces miner supply and burns transaction fees, which is relevant to blockchain and cryptocurrency as it highlights the impact of PoS on the supply and circulation of cryptocurrencies like ether. German Finance Heavyweights Develop Fully-Insured Crypto Staking Offering, Plan 2024 Release Big players in the banking industry, including Deutsche Bank and HSBC, are entering the world of digital assets and cryptocurrency custody, while Franklin Templeton aims to launch the first spot bitcoin ETF in the US. Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading at Best’ Genesis and Digital Currency Group have proposed a remuneration deal for over 230,000 retail creditors who used Gemini’s Earn program, potentially making them “nearly whole;” this is relevant to blockchain and cryptocurrency as it showcases the importance of financial infrastructure and the role of companies like Genesis in supporting crypto exchange programs. IOTA Eyes Big Crypto Leagues Again With Series of Network Boosting Plans The article discusses how the reputation system in the Mana cryptocurrency can be earned by contributing to the network, which increases the security and demand for block space, creating a positive financial cycle for the entire network. This is relevant to blockchain and cryptocurrency as it highlights the importance of incentives and the interplay between reputation, value, and network security in these ecosystems. Nil Foundation partners with Taceo for ML model verification on Ethereum The Nil Foundation and research firm Taceo are collaborating to create a software pipeline that validates machine learning models on Ethereum’s blockchain, allowing for provable ML operations within smart contracts without the need for third-party trust, which is relevant to blockchain and cryptocurrency as it enables the integration of verifiable machine learning into decentralized applications, impacting sectors like DeFi, privacy, and healthcare. Ethereum Blockchain Launches ‘Holesky’ Test Network, on First Anniversary of Historic ‘Merge’ Ethereum celebrates the one-year anniversary of its significant “Merge” shift by launching the ‘Holesky’ test network, which allows developers to simulate massive scaling on a system twice the size of the main network, highlighting the continuous progress and innovation in the Ethereum blockchain and its relevance to the cryptocurrency industry.