🚀 The Battle for Bitcoin’s Soul on GitHub: NFTs vs. Settlement Layer

In this week's edition, we explore the proposal that aimed to limit the use of Ordinals inscriptions for NFTs on Bitcoin transactions - which was abruptly halted last week by a maintainer of the widely-used Bitcoin Core software. ALSO Sam Kessler tests out the Polygon-powered Verify tool on Fox News articles.

The Protocol Unraveling the Blockchain Drama Behind Bitcoin ETF Chaos

Happy New Year! 🎉 Crypto markets are buzzing with optimism as rumors about the approval of a spot Bitcoin ETF by U.S. regulators reach a fever pitch. Speculators believe that this decision could attract a staggering $100 billion of capital into Bitcoin products. 😮

But amidst all this excitement, one important question emerges: do these new investors really understand how Bitcoin works beyond the surface level? Do they grasp the intricacies of its governance and technical details? In today’s Network News, we delve into a major clash between a prominent Bitcoin developer and proponents of data-oriented applications on the blockchain. Let’s dive in! 💥

Curbing the NFT Craze: A GitHub Tale 🛠

While traders, financial institutions, and even newbies were busy speculating on the Bitcoin ETF, a battle for the very soul of the Bitcoin blockchain was taking place on GitHub. The controversy revolved around whether data-driven applications like NFTs should be allowed on a network that purists argue should primarily function as a settlement layer for peer-to-peer payments.

In September, long-time Bitcoin developer Luke Dashjr created a proposal on GitHub to limit the amount of data that could be included in individual Bitcoin transactions. This move was intended to reign in the recent surge in NFTs and other data-intensive applications. However, the proposal sparked an acrimonious debate that dragged on for months, until recently, when Ava Chow, a maintainer of the Bitcoin Core software, abruptly closed the proposal without taking any action.

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Chow stated that the proposal had become too controversial and that it was impossible to reach a consensus acceptable to everyone. While this particular chapter may have ended, the debate over spam filtering and the role of Bitcoin as a settlement layer is likely to continue.

The “Verify” Tool: Fighting Deepfakes with Ethereum 💡

In this week’s feature article, we explore the new “Verify” tool jointly developed by Fox Corp. (parent of Fox News) and Polygon, the Ethereum scaling project. This tool aims to detect deepfakes by leveraging blockchain technology. Our writer, Sam Kessler, puts Verify through its paces to uncover its potential in combating the rising threat of digitally altered content.

So, if you’re curious about how to spot deepfakes and want to explore the exciting intersection of blockchain and media, don’t miss this fascinating article!

Q&A: What You Really Want to Know 🤓

Q: What are some other important debates going on in the crypto world? A: Aside from the NFT controversy we discussed earlier, there are several ongoing discussions, such as the role of layer-1 blockchains vs. layer-2 rollup service providers, the impact of upgrades on the Ethereum network, and the battle for dominance among different blockchain platforms.

Q: Can you recommend any resources for learning more about blockchain and cryptocurrencies? A: Absolutely! Here are some valuable links to enhance your understanding: – Blockchain Basics: A Beginner’s Guide – Understanding the Difference Between Layer-1 and Layer-2 Blockchains – The Future of Ethereum: Updates and Upgrades

Q: What is the future outlook for Bitcoin and cryptocurrencies? A: Predicting the future is always a challenge, but based on current trends, the adoption and integration of blockchain technology in various industries are likely to increase. We can expect continued innovation, regulatory developments, and improved scalability solutions. It’s an exciting time to be part of the crypto revolution!

The Protocol Village: Blockchain Updates and Developments 🏙

In this section, we highlight the latest tech upgrades and developments in the blockchain space. Here are a few notable ones:

1. Metis: Empowering DeFi Innovations on Layer 2 🌐

Metis, the layer 2 blockchain, recently disbursed its Ecosystem Development Fund (EDF) by granting $2 million to WAGMI, a DeFi product suite. WAGMI’s decentralized exchange, arbitrage bots, and GMI strategies aim to revolutionize the DeFi landscape by creating new opportunities for users. Keep an eye on this promising project!

2. Parallel Network: Unlocking Cross-Chain Liquidity 🚪

Parallel Network, the first non-custodial omni-chain margin protocol on Arbitrum Orbit, has officially launched on the mainnet. This groundbreaking protocol allows liquidity to be pooled across multiple chains and quickly accessible within the Parallel Network. Get ready to witness a new era of cross-chain possibilities!

3. AQUA by JAN3: The Bitcoin & Stablecoin Wallet for Latin America 🌊

AQUA, a Bitcoin and stablecoin wallet developed specifically for Latin America, has made its debut. Designed to empower users by integrating Lightning and Liquid technologies, AQUA aims to offer seamless transactions and lower fees in layer 2 environments. Stay tuned for more exciting developments from this project!

4. C3.io: The Hybrid Crypto Exchange 🔄

C3.io, a hybrid crypto exchange, has announced the launch of its public mainnet. By adopting a self-custodial approach and leveraging the Algorand blockchain, C3 ensures the security and control of user funds while minimizing potential risks. Explore the world of decentralized trading with the C3 ecosystem!

5. Libre: Tokenization for Institutional Investors 🏛

Libre, a cutting-edge tokenization platform, has emerged from stealth mode with the backing of prominent institutional investors. With its foundation built on the Polygon CDK, Libre aims to revolutionize the tokenization landscape and enable seamless access to digital assets. Keep an eye on this platform as it gains traction among institutional players!

For a comprehensive list of all the exciting developments in the Protocol Village, check out our weekly newsletter, “The Protocol.”

Money Center: Fundraisings and Token News 💰

In our Money Center section, we highlight the latest fundraisings and token-related news:

Fundraisings

• Tune.FM, a Web3 music platform, has secured a $20 million capital injection to support its mission of enabling fairer royalties for musicians. Utilizing Hedera Hashgraph’s blockchain technology, Tune.FM allows musicians to receive micropayments in JAM tokens and mint NFTs for their music assets.
• Bracket Labs, a provider of leveraged structured products for non-custodial DeFi users, has raised $2 million in a pre-seed round. Binance Labs and NGC Ventures are backing Bracket Labs’ innovative “Passage” volatility trading product on the BracketX platform.
• EOS Network Ventures (ENV) has invested $500,000 in EZ Swap, a multi-chain NFT DEX protocol and inscription marketplace. EZ Swap is quickly gaining recognition and support in the crypto community.

Data and Tokens

• Solana Meme Coins experienced an 80% price drop after a frenzy in December. The market volatility highlights the challenges and risks associated with meme coins.
• Dogecoin’s price swung by 9% following a fake rumor about the mascot’s death. Crypto enthusiasts were left riled up by the incident and its impact on the market.
• DAO treasuries have reached an all-time high of over $30 billion, underscoring the influence and potential of decentralized autonomous organizations.

Ethereum Loses NFT Battle to Bitcoin? 🎭

For years, Ethereum has been the go-to blockchain for NFTs, but a recent chart by Messari suggests that Bitcoin has now claimed the throne in terms of NFT sales volume. In December alone, Bitcoin surpassed Ethereum and Solana with a staggering $881 million in NFT sales. This surge can be attributed to the rising popularity of ordinals inscriptions. 😲

📅 Upcoming Events

• Jan. 10-12: Crypto Finance Conference, St. Moritz.
• Jan. 30: Stellar upgrade for Soroban smart contracts, public network readiness date.
• Feb. 22-24: Bitcoin++, Buenos Aires.
• Feb. 23-March 3: EthDenver.
• April 2024 (estimated): Next Bitcoin halving.
• April 8-12: Paris Blockchain Week.
• May 29-31: Consensus, Austin Texas.
• July 25-27: Bitcoin 2024, Nashville.
• Sept. 30-Oct. 2: Messari Mainnet, New York.
• Oct. 21-22: Cosmoverse, Dubai.
• Nov. 12-14, 2024: Devcon 7 Southeast Asia, Bangkok Thailand.

🌐 Wrapping Up

That concludes our exploration of the latest happenings in the crypto world. We hope you found this article informative and entertaining! If you want to stay up to date with the tech behind crypto, subscribe to our newsletter “The Protocol” and check out our weekly podcast.

Remember, the future of blockchain technology and cryptocurrencies holds endless possibilities. Stay curious, keep learning, and join us on this incredible journey! 🌟

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🔗 References: 1. Estimate of $100 billion flowing into Bitcoin ETFs 2. Bitcoin developer’s proposal debate on GitHub 3. Fox News and Polygon develop “Verify” tool 4. Metis grants $2 million to WAGMI on Layer 2 5. Parallel Network launches on Arbitrum Orbit 6. AQUA by JAN3: Bitcoin and stablecoin wallet for Latin America 7. C3.io: The hybrid crypto exchange 8. Libre: Tokenization platform for institutional investors 9. Messari chart: Bitcoin surpasses Ethereum in NFT sales volume 10. Crypto Finance Conference

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