Block (Twitter CEO's company) is getting into Bitcoin Mining and much more..
Good Morning FinTech, 14 January
Happy Friday everyone.
It’s the same time of the week when i am in the relax mode and can give you an insight of the main events happening in the crypto world for this week. Welcome to the 50 new members who have joined us since Monday :)
Here is an update for the weekly MarketWatch, after just 2 days of CPI report for inflation, we have seen crypto markets turning green.
Jack Dorsey Says Block, Formerly Square, Is Getting Into Bitcoin Mining
Block wants its yet-to-be-built mining rigs to be cheaper, lower-maintenance, and quieter than the current crop of hardware.
In October, Dorsey said the company was looking into building a Bitcoin mining system.
It's now putting together a team to build it.
"We’re officially building an open bitcoin mining system," Dorsey tweeted today in response to a tweet thread from Block general manager of hardware Thomas Templeton.
According to Templeton, Block is working on a low-maintenance, affordable Bitcoin mining rig for everyday customers that's also quiet enough to be used at home. Speaking to issues of reliability, Templeton wrote that mining rigs "become non-functional almost every day, which requires a time-consuming reboot. We want to build something that just works."
Thomas Templeton @TempletonThomas
In October we announced that we’re considering building a bitcoin mining system, out in the open & alongside the community, and we’ve decided…we’re doing it! We thought we’d share some more details on how our initial discussions are going and where we’re headed next. https://t.co/wURxEKBpJ5Block says it's not going at it alone, although it is putting together a team that includes systems and software engineers, as well as specialists in ASIC mining technology. "We are interested in performance and open-source and our own elegant system integration ideas," he wrote.
Polygon (MATIC) Network Activity Spikes to Record-Breaking Numbers, Here's Why
Polygon (previously Matic Network) smashes all milestones in terms of active accounts and daily network revenues
Polygon (MATIC), one of the most resource-efficient and cost-effective EVM-compatible blockchains, witnesses an unparalelled spike in its activity. Which dApps are responsible for this upsurge?
According to comprehensive statistics shared by Polygon researcher Raphael Signal (@RaphaelSignal on Twitter), the number of daily active addresses on Poygon (MATIC) is up 36% in the first week of 2022.
This impressive spike of Polygon (MATIC) activity should be attributed to the euphoria around its GameFi protocols. the increased popularity of Sunflower Farmers play-to-earn protocol catalyzed Polygon fees.
World of Women Ethereum NFTs Follow Bored Apes to Hollywood, Prices Surge
Trading volume soars and the price floor nearly doubles after signing Guy Oseary to lead a push into film, TV, and more.
World of Women has signed Guy Oseary to represent the NFT project as it expands into other entertainment formats and consumer products.
Trading volume surged following yesterday’s announcement, amid rising price points.
World of Women stands out in an overwhelmingly male-dominated NFT market, with ardent fans including actress Reese Witherspoon and investor Gary Vaynerchuk. But now the Ethereum NFTs are surging in value and trading volume after making a move this week to expand into film, TV, and more, as well as opening up full IP rights to holders.
World of Women—which was created by artist Yam Karkai—announced that it has signed veteran music executive Guy Oseary to represent the project across other media formats, including television, film, music, video games, and consumer products.
Rio de Janeiro Eyes Treasury Investment in Crypto and Discounts for Taxes Paid in Bitcoin
The mayor of Rio de Janeiro, Eduardo Paes, announced that the Brazilian city would be investing 1% of its Treasury in crypto.
“We are going to launch Cripto Rio and invest 1% of the Treasury in cryptocurrency,” Paes reportedly said during the Rio Innovation Week in a talk alongside Francis Suarez, Miami Mayor.
it is also reported that Pedro Paulo, secretary for farming and planning in Rio de Janeiro, and Chicão Bulhões, secretary of economic development and innovation, plan to transform the city into a hub for the crypto industry.
“We are studying the possibility of paying taxes with an additional discount if you pay with Bitcoin,” Paulo said.
“These companies are in the region of Leblon and Ipanema, and we want to decentralize as much as possible. We already have tax incentives approved, we already have a percentage of 2%, which we want to focus a lot on the Porto region for the arrival of these new actors as well,” said Bulhões.
Last October, Brazil’s legislature had recently approved a draft bill that sought to regulate digital currencies. Aureo Ribeiro of the Solidariedade Party proposed an update to the bill that sought to give Bitcoin legal status as “payment currency.”
DeFi Alliance Goes Full DAO After Raising $50 Million
Looking to expand its goal of growing Web3, DeFi Alliance turns to the DAO methodology and rebrands as Alliance DAO.
Web3 accelerator DeFi Alliance announced today that it will move forward as Alliance DAO. The move comes at a time when decentralized autonomous organizations (DAOs) have shown the ability to raise large sums of money in a short amount of time for various causes.
Alliance DAO says that over 300 contributors have joined and have raised $50 million in initial contributions. The DAO says the reason for the change is that its goal of growing Web3 to one billion users will take a more considerable effort than what DeFi Alliance alone could do.
Ripple Scores Win in Lawsuit as Judge Rules SEC Must Surrender Hinman Email on Ether
A judge ruling has asked the Securities and Exchange Commission (SEC) to hand over an email containing a draft of former director William Hinman's statement on whether Ethereum was deemed a security. Hinman gave the speech in June 2018, telling a conference audience that Ether was not a security in his opinion.
According to Former Federal prosecutor James K. Filan, the SEC believes discrete portions of the notes it was asked to turn over reflect the notetaker's thinking or reflect deliberations among SEC staff and therefore gave limited access.
However, the SEC is expected to turn over the email with Hinman's speech and some notes from meetings between SEC staffers and third parties that are not Ripple.
According to XRP proponents, this is another major win for Ripple despite the limitations.
China to Launch State-Backed, Crypto-Less NFT Platform—Here's Why It Matters
Following its crypto crackdown, China will reportedly keep a close eye on digital collectibles via permissioned blockchain infrastructure.
China’s state-backed Blockchain Services Network is preparing infrastructure for NFT-like digital collectibles.
The network will reportedly be incompatible with external NFTs and will not accept cryptocurrency payments.
China has famously come out against cryptocurrency time and again over the years, ramping up its efforts last year as it cracked down on Bitcoin mining. But what about NFTs? A new report out of the country now suggests that China will debut its own state-backed platform for launching such tokenized digital collectibles—with no crypto allowed.
The South China Morning Post reports this week that the state-backed Blockchain Services Network (BSN) is readying permissioned, non-public blockchain infrastructure that will enable the release of NFT-style collectibles under the watchful eye of the government.
YouTube Post of the Week
Those This week i got a chance to interact with a full time media consultant Saadi Makhdoom, we have gone through many interesting topics such as managing 9-5 and building an empire with multiple side hustles, do check it out below :-
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest in every week.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
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