Welcome to the latest Openware Crypto Digest! Let’s recap some of the most influential crypto industry news of the last week.
- Vitalik Buterin Proposes a Fix for Ethereum’s High Gas Fees.
- Jack Dorsey Stepped Down as Head of Twitter, Parag Agrawal to Follow.
- Square Changing its Name to Block.
- MicroStrategy Owns 28% of Global Bitcoin Supply Currently at $7 Billion.
- Bank of America’s Analysts Announced that the Metaverse is a Massive Opportunity for the Crypto Industry.
Vitalik Buterin Proposes Fix for Ethereum’s High Gas Fees
The founder of Ethereum, Vitalik Buterin, proposed introducing a limit on the call data gas costs on the Ethereum network.
The goal here is to reduce the cost of transactions effectively. The Ethereum gas fee dilemma plagues the users as other Layer-1 blockchains are stepping on Ethereum’s toes.
He proposed a detailed roadmap with Ansgar Dietrichs, a software developer for Ethereum called EIP-4488.
Buterin’s proposal noted the significant challenges of soaring gas costs, such as the length of time it takes to deploy data sharding.
The proposed solution was to limit the total transaction call data in a block. Decreasing this call data gas cost from 16 to 3 could increase the maximum block size by 10M bytes, which would push the Ethereum P2P network layer to unprecedented levels of strain and risk breaking the network. As such, 1.5MB would be sufficient while preventing many of the security risks.
If this proposal gets accepted, the network would be required to schedule a network upgrade where miners need to stop adding transactions into a block when the call data limit is achieved.
Jack Dorsey Stepped Down as the Head of Twitter, Parag Agrawal to Follow
Jack Dorsey has announced that he will be stepping down as the CEO of Twitter to pursue other passions throughout his career, one of which is in the world of crypto.
Earlier this year, he also said that he’d be working at Bitcoin if he were not at Square or Twitter:
With all of that in mind, a Twitter leak showcased that Ethereum could soon be added to Twitter’s tip jar feature, which is a tipping system. Users could potentially connect their Ethereum addresses, allowing them to send ETH tokens across the Twitter social media platforms.
Parag Agrawal will be the new Chief Executive Officer at Twitter Inc. According to data by Bloomberg, he is the youngest person to run a company in the S&P 500.
Before his move to Twitter, he earned a bachelor’s degree in Computer Science and Engineering from the Indian Institute of Technology in Bombay and a doctorate in computer science from Stanford University. Across his career, he worked at Microsoft and Yahoo! and joined Twitter in 2011 as a Software Engineer.
Square would Change Its Name to Block.
Alongside being the co-founder of Twitter, Jack Dorsey also founded Square Inc, an online payment system. He had historically said that his company is considering joining the Bitcoin mining business and wants to launch “tbDex,” a decentralized exchange for buying and selling cryptocurrencies.
Dorsey announced that Square would change its name to Block Inc with this move in mind. This decision is said to reflect the company’s shift from a payments company into a broader company with multiple businesses.
MicroStrategy’s Stake in Bitcoin Has Doubled in Value, currently at $7 Billion.
The founder and CEO at MicroStrategy Inc., Michael Saylor, mentioned that the company purchased $414 million more in Bitcoin.
MicroStrategy has been buying Bitcoin since August of 2020 and now holds 121,044 tokens valued at a total of $7 billion when accounting for their October and November purchases.
If the price of Bitcoin does indeed start recovering losses that occurred over the Thanksgiving holiday, MicroStrategy would have doubled its gains based on the average purchase price since the initial acquisition.
As a result, MicroStrategy has now purchased the equivalent of 28% of all created BTC tokens.
The Bank of America Announced That the Metaverse Is a Massive Opportunity for the Crypto Industry
According to Haim Israel, a strategist at the Bank of America, the Metaverse can create tremendous opportunities for blockchain technology. It can cause digital assets to start getting employed widely for financial transactions. Stablecoins like Tether and USD Coin have a higher potential to prevail.
Mr. Israel describes Metaverse as a tool that will drive the cryptocurrency industry towards mass adoption when the right conditions are met and predicts that Metaverse will start using more alternate cryptocurrencies as currencies. At the same time, existing assets such as Bitcoin are too volatile for this role.
If cryptocurrencies become widely used in the Metaverse, more technology companies will enter the landscape and evolve it further.
NFA Disclaimer
Please note that we do not provide financial, investment, or trading advice. Investing in cryptocurrencies or tokens is highly speculative, and the market is extremely volatile and largely unregulated. Anyone considering crypto investment activities should be prepared to lose their entire investment. Invest at your own risk!
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