Krystal Newsflash (4th Nov 2022)
Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
More support for Ripple 💪
Earlier in the week, the Blockchain Association filed an amicus brief to support Ripple in the ongoing Ripple x SEC case.
An amicus brief is also known as “friend of the court”, where the Blockchain Association can assist in any proceedings during this case.
Coinbase also announced that they have filed an amicus brief,
and by the end of the week, there are now 12 entities that pledge their support for Ripple.
Some of the other entities that filed a report include the Chamber of Digital Commerce, the Crypto Council for Innovation and the Investor Choice Advocates Network (ICAN).
It has been 2 years since the SEC filed this lawsuit against Ripple over raising $1.3 billion through unregistered securities sales with the XRP token.
With this show of support, it seems that Ripple is not backing down. The results of this lawsuit could have major implications for the rest of the crypto industry, especially if XRP is deemed to be a security.
NFTs are becoming mainstream 👍
Lots of tech companies are now embracing NFTs.
The GameStop NFT Marketplace has been launched on Immutable X.
Immutable X uses zero-knowledge rollup (zk-rollup) technology as a Layer 2 on the Ethereum network.
zkEVMs is considered the holy grail in Ethereum scaling, and you can find out more about this technology here.
Meanwhile, NFTs can be created and sold on Instagram soon.
Currently, this is only supported on Polygon, but other networks could be supported in the future.
This follows Twitter’s move last week, where they are testing how NFTs can be bought directly on their app.
This is just one of the possible changes that Elon Musk is making after taking over Twitter, and you can find out more about this here.
Metaverse to help schools? 🏫
The metaverse has been given a bad name after Meta burned a huge hole in its pocket in trying to create its own version: Horizon Worlds.
However, there are still some use cases for the metaverse!
The Japanese city of Toda, Saitama, will be using the metaverse to help their absenteeism problem.
Some of these students live very far away from campus, and the metaverse could be the solution.
With interest in the metaverse dropping, some of these real-world applications may just help to bring life back to this technology.
Energy Consumption Heavily Reduced on Ethereum ⚡️
Ethereum is now operating with 99.9% less energy post-Merge as compared to pre-Merge.
This was one of the major reasons why Ethereum transitioned from proof-of-work to proof-of-stake, as proof-of-work is more energy intensive.
However, the switch to proof-of-stake has led to concerns about the potential for censorship on this network.
This is mainly due to centralised staking providers and MEV boost relays being OFAC-compliant, which you can find out more here.
Lots of regulatory moves 🔨
During this week, there have been quite a few announcements by various monetary authorities in the world.
After having a strong stance against crypto, Hong Kong now plans to become a virtual asset hub.
Many have praised this move, with Sam Bankman-Fried (SBF) claiming that Hong Kong can become the Web3 hub of Asia.
Meanwhile, Singapore’s MAS has given regulatory approval to both Circle (issuer of USDC) and Paxos (issuer of USDP and BUSD).
This helps to increase the confidence for both companies, especially since MAS has just announced its new stablecoin bill.
India does not want to miss out either, as they will be launching a CBDC pilot for the digital rupee in November.
As more countries are recognising cryptocurrencies, this could be a good sign that cryptocurrencies are here to stay!
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