With the long-awaited transition to Eth2 coming closer to fruition, Ethereum co-founder Vitalik Buterin outlined an "Endgame" roadmap on Monday to...
One week in review:
Dec. 5–11 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Vitalik Buterin outlines 'endgame' roadmap for ETH 2.0 | | | With the long-awaited transition to Eth2 coming closer to fruition, Ethereum co-founder Vitalik Buterin outlined an "Endgame" roadmap on Monday to finally achieve the landmark upgrade. | | | While Buterin did not address the centralization issue with block production as the network works towards scalability, the 27-year-old essentially solved everything else to do with block validation. | | | He suggested the idea of implementing "a second tier of staking, with low resource requirements" to carry out distributed block validation; introducing "either fraud proofs or ZK-SNARKS to let users directly (and cheaply) check block validity" directly; and introducing "data availability sampling to let users check block availability [and] add secondary transaction channels to prevent censorship." | | | "We get a chain where block production is still centralized, but block validation is trustless and highly decentralized, and specialized anti-censorship magic prevents the block producers from censoring," Buterin explained. | | #2. Visa announces new crypto consulting service for merchants and banks | | | On Wednesday, global payments giant Visa unveiled a new consulting and advisory service for crypto-curious firms, financial institutions and retailers that are looking to take the plunge into the sector. | | | Visa said that its crypto-focused advisory services can advise on anything from crypto features and services to NFTs and CBDC-focused digital wallets. | | | According to Visa, the company's interest in crypto is driven by the need to remain competitive and meet consumer demand. Citing a recent in-house study, Visa said that "40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months." | | #3. Biden's controversial anti-crypto Comptroller nominee withdraws | | | President Joe Biden's crypto skeptic nominee for the Office of the Comptroller of the Currency, Saule Omarova, withdrew her candidacy from consideration on Tuesday. | | | Omarova is a divisive figure who has essentially called for the banking and crypto sectors to be gutted on many occasions, often sparking widespread pushback from Republican politicians who hold opposing views and have tacitly accused the professor of harboring Marxist sympathies. | | | Commenting on her withdrawal from the candidacy, Biden said that "Saule was subjected to inappropriate personal attacks that were far beyond the pale." | | #4. Prediction of the week: Bitcoin could 'drive people nuts' for months with $53K BTC price ceiling — analyst | | | Over the past couple of weeks, Bitcoin has suffered bouts of downward price action, reaching a low of $41,614 on Dec. 3, according to Cointelegraph's Bitcoin price index. Since then, BTC's price has traveled in a range between $46,000 and $52,000. | | | On Monday, crypto trader and podcaster Scott Melker, also known as The Wolf Of All Streets on Twitter, gave his thoughts on the Bitcoin market. | | | Crypto's top asset could potentially be rangebound between $42,000 and $53,000 for multiple months, Melker tweeted. On a broad level, the trader noted $53,000 as a hurdle to break above in order to continue on an upward price route for BTC. | | | "Everything between the two numbers now is ranging chop that will drive traders into a panic," Melker added. "People will be extremely bullish at 53K and bearish at 42K if either is reached." | | #5. FUD of the week: India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail | | | According to reports from Bloomberg's Indian unit, BloombergQuint, the local government may soon outline penalties for non-compliance to its upcoming crypto policies. The publication noted that the punishments could range from a maximum fine of 20 crore rupees ($2.7 million) or 1.5 years in jail. | | | While the regulatory landscape is currently opaque in India, it has been previously reported that Indian investors may soon have to shift their crypto holdings to exchanges that are regulated under the oversight of the Securities and Exchange Board of India. | | | Pundits are expecting Prime Minister Narendra Modi to give crypto investors a deadline to comply with the new rules and declare their assets before cracking down on any misbehavior. | | #6. FUD of the week. Gamer-hate: Ubisoft's new NFT project vid gets 96% dislike ratio | | | Gaming giant Ubisoft saw major pushback this week from the gaming community after it announced its new NFT project dubbed "Quartz" on Wednesday. It appears that fans of the company were peeved at what they perceived as a quick cash grab, with thousands of people threatening to boycott the company. | | | The Assassin's Creed developer's YouTube video introducing the new project and roll-out of its usable in-game NFTs named "Digitz" received a 96% dislike video ratio. In fact, comments slamming the project received more likes than the video itself, with user "OperatorDrewski" commenting that: | | | "To me, this is a blatant signal that you're just milking the Ghost Recon franchise for literally every cent while putting in minimal effort into the actual game itself. Not playing a GR game in the future if there's this level of degeneracy in the team." | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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