Yellow Crypto Digest #3
Hello and welcome to the latest Yellow Crypto Digest! Let’s explore some of last week’s most exciting and impactful news in the fintech, crypto, and blockchain industry.
- PayPal Exploring Launch of Their Own Stablecoin.
- Disney Has Patented Metaverse Technology for Theme Parks To Track Visitors and Project Personalized 3D Images.
- Bitcoin Eyed as Legal Tender in Three More Countries, Bitcoin Legal Defense Fund will Protect Developers, Mining Ops in Kazakhstan Restore to 90% Capacity, and Block Inc Announces Open Bitcoin Mining System.
- Bank of America Strategist Predicts Solana as the “Visa of Crypto.”
PayPal Started Exploring a Potential Launch of Their Stablecoin
PayPal has confirmed that they are working on a stablecoin. Specifically, a developed known as Steve Moser discovered references to the “PayPal Coin” in PayPal’s iOS application,
When Bloomberg asked the company for more details, the Senior Vice President of Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte confirmed the findings above.
Fernandez da Ponte told Bloomberg the following: “We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Additionally, a company spokesperson mentioned that the code Moser found resulted from a hackathon and is not a final product. PayPal has extended its reach within the cryptocurrency market throughout the past few years with that in mind.
In 2020, PayPal started to facilitate the purchase of select cryptocurrencies, and in March 2021, it added a “Checkout with Crypto” feature, available in several countries.
Disney Has Patented Metaverse Technology for Theme Parks To Track Visitors and Project Personalized 3D Images
Disney is slowly building towards its theme park Metaverse augmentations.
According to the US Patent Office, Disney Enterprises got approved for a virtual-world simulator patent throughout the last week of December, where the technology would project 3D images and virtual effects on physical spaces.
The device intends to track individual park visitors to personalize the projections, which would allow one family to, for example, see Mickey Mouse greeting them; the other could interact with Princess Belle or Cinderella, or just about any other Disney character.
The goal is to allow the company to tell stories through a three-dimensional canvas, something specifically highlighted by CEO Bob Chapek during Disney’s fourth-quarter earnings call.
However, Disney officials told the LA Times that the company currently has no plans to use the simulator. Disney files hundreds of patents per year to explore as many developing technologies as possible.
Bitcoin Eyed as Legal Tender in Three More Countries, Bitcoin Legal Defense Fund will Protect Developers, Mining Ops in Kazakhstan Restore to 90% Capacity, and Block Inc Announces Open Bitcoin Mining System
Bitcoin could end up getting used as legal tender in three more countries as early as 2022, according to predictions made by the President of El Salvador, whose government adopted the cryptocurrency last September, alongside the US Dollar.
Nayib Bukele tweeted a series of predictions about Bitcoin and said Bitcoin could hit $100,000 this year.
Bitcoin price, however, fell for the fifth time within six days as of January 10, and this marked the worst start of a year since the earliest days of the digital currency. The famous cryptocurrency fell as much as 3.7% to $40,766 in New York trading, bringing its loss to about 12% this year.
Furthermore, the Bitcoin community became the subject of multi-front litigation and created a Bitcoin Legal Defense Fund to protect developers from lawsuits regarding their activities within the Bitcoin ecosystem.
Bitcoin mining operations in Kazakhstan restored between 80% to 90% of production after days of rioting. The Association’s head expects the “situation to stabilize within a week completely,” however, Bitcoin’s overall hash rate remains 17% off its high.
By 2033, 99% of all Bitcoin (BTC) tokens would get mined, while the remaining 1% could take more than 100 years to mine. 18.90 million total Bitcoins have been in circulation since January 2022. 2.1 million Bitcoin tokens remain for mining. Satoshi Nakamoto programmed the last Bitcoin to get mined in 2140.
Jack Dorsey made a confirmation on Thursday, specifically, January 13, that his company, Block Inc, is building an open Bitcoin mining system that reduces the barrier of entry In Bitcoin. The system will be available to everyone, including small and new miners.
According to Mayor Eduardo Paes, Rio de Janeiro will be the first Brazilian City to buy Bitcoin (BTC) as a store of value. According to a report by Oglobo.Globo, the Mayor of Rio de Janeiro Eduardo Paes, and Miami Mayor Francis Suarez participated on the first day of the most significant innovation and technology meeting in Latin America. Eduardo Paes revealed that 1% of the Treasury of Rio de Janeiro would be stored in Bitcoin.
A Bank of America Strategist Suggests Solana Could Become the “Visa of Crypto”
Alkesh Shah, the Digital Asset Strategist at Bank of America, predicted that “Solana could become the Visa of the digital asset ecosystem.”
Solana is a relatively new but already popular network launched in 2020 with a native SOL token. Since then, it has grown and built a solid ecosystem of decentralized applications (dApps). Shah suggested that Solana is taking a slice of Ethereum’s market share thanks to its low fees, ease of use, and scalability. At the same time, Ethereum has “high-value transaction and identity, storage and supply chain use cases,” wrote Shah, as quoted by Business Insider.
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