Weekly Crypto News for 8/2/21 to 8/8/21 — Curated by BearTax
1/ Ethereum’s London Hard Fork Is Officially Activated:
a. What’s a Hard Fork: A modification on the blockchain network that is permanent & can never be changed
b. What’s the London Hard Fork: It’s a modification to the transaction fee model of Ethereum network. Earlier, a blind auction would determine the gas fee (fee paid by users to confirm their transaction). Users would predict and pay higher gas fee. As a result, higher traffic or higher trading volume on the $ETH network meant higher gas fee. But the new upgrade will algorithmically determine a base fee depending on supply-demand trends. Users will be able to tip miners for quicker transactions. Miners will only receive the tip & not the base fee. The base fee will be burnt. This upgrade will:
- Create a transparent fee structure for $ETH network users
- Ensure that higher traffic doesn’t shoot up ETH gas price
- Increase adoption of decentralized applications
- Enhance price value of $ETH due to burning of base fee
2/ CoinJar Launches The First “Australian-Native” Crypto Mastercard
The card will allow users to buy, sell & spend digital assets directly from its platform using $AUD. It is available physically and digitally through both Google and Apple Pay Integration
3/ Beijing Subway Has Fully Integrated China’s CBDC With Its Payment Ecosystem
Beijing subway’s 10 million daily riders can now use their Digital Yuan (also known as e-CNY) to:
- top-up their transportation cards
- buy a single-trip ticket online/online
4/ Two Crypto Tax Amendments Are Competing to the Senate’s Infrastructure Bill
We are documenting developments made to the Bipartisan Infrastructure Bill with regards to Crypto Taxes on Twitter: https://twitter.com/bear_tax/status/1422261868928798722
5/ Cardona Partners with Crypto Lending Service Celsius
The users of Cardona network will now be able to borrow $ADA loans from August 19th. Cardona holders can offer their coins for debt applicants and earn an interest-based income of upto 4.05%.
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