Crypto Weekly Issue 49 by Cryptoweekly

CRYPTO WEEKLY cryptoweeklymag.com $2 april 2023 | Volume 49 HIDDEN GEMS Page 38 Page 40 BEGINNERS GUIDE Page 42 VIDEO OF THE WEEK RIGLAN Soltype Releases Riglan: The first eBook NFT Collection From Marvel Writer, Ben Earl Page 26 RECOUPING LOSSES Page 28 QUELLING FEAR Page 36 POLYGON AVATARS Page 09 STABLECOINS ALTER BANKING Page 16 CHECKING BINANCES BOOKS Page 22 BLOCKCHAIN AND PRIVACY Bitcoin Mining Difficulty Squidgrow | Poochain Bitcoin Price Prediction P 18 March

01 02 03 04 05 Fully Doxxed Team Amazing Community Super Fast Listings 125K Mag Subscribers Earn Rewards in USDT 2 Audits Passed BKEX listing first 2 weeks www.t.me/CMC_COIN_1 www.cmccoin.io CoinMarketCap/CoinGecko Within hours of applying www.cyptoweeklymag.com Get first 12 Months Free! Weekly & Monthly Rewards

cryptoweeklymag.com $2 April 2023 | Volume 49 CONTENTS Alexey Pertsev of Tornado Cash to Remain in Jail at Least Until April 7 Gaming and NFTs Will Drive Web3 Growth: Crypto.com COO 8 A Central Bank Trial Reveals that CBDCs Can Work with Stablecoins. 8 According to the US FDIC chief, stablecoins could radically alter the banking system. 9 Centralized Crypto Exchanges Taking Public Flack. 10 A Record Number of Bitcoins Last Used Six Months Ago 12 Following the Collapse of FTX, Vitalik Buterin Offers Lessons for Crypto 12 FTX collapse 'doesn't reflect the potential of this technology,' says Circle CEO 14 Checking Binance's Books 16 Soltype Releases Riglan: the first eBook NFT collection from B. Earl 18 Future Privacy on the Blockchain is at Hand From the Manta Network 22 What are the chances of recouping cryptocurrency losses in court? 26 Know Anyone That Hates Crypto with a Passion? We All Do. �� 28 FTX failed because it was a company of con men inserting themselves between crypto and the people. 34 A New Userbase for Polygon-Based Avatars on Reddit is Breaking Records 36 What is Bitcoin Mining Difficulty? 38 14 29 40

CRYPTO WEEKLY

Editors Letter

CEO Nathan Hill nathan@cryptoweeklymag.com

CEO

Nathan Hill nathan@cryptoweeklymag.com

Publisher Colin Woolley colin@cryptoweeklymag.com

Publisher Colin Woolley colin@cryptoweeklymag.com

Editor

Editor Robert

Robert Stone editor@cryptoweeklymag.com

Stone

editor@cryptoweeklymag.com

ISSUE 48

Welcome to Crypto Weekly ISSUE

Welcome to Crypto Weekly

nother week has gone by, and this is our 49th issue of Crypto Weekly. I am Rob Stone, the Editor and along with the guys at CMC hope to bring you another weekly read about significant happenings in the world of crypto.

Another week has gone by, and this is our 48th issue of Crypto Weekly I am Rob Stone, the Editor and, along with the guys at CMC, hope to bring you another weekly read about significant happenings in the world of crypto.

AAnother week has gone by, and this is our 48th issue of Crypto Weekly I am Rob Stone, the Editor and, along with the guys at CMC, hope to bring you another weekly read about significant happenings in the world of crypto.

Sub-Editor George Smith

Sub-Editor George

Smith

Advertising Kryptochik kryptochik@cryptomag.finance

Writing and painting are organic forms of self-expression I resonate with Creatively, I identify as a sensualist, I love tactility in art It is an impressive experience for me I want to be surrounded by it and to make love to it Dry old crypto talk far beyond the interest of the normal reader becomes a soulnourishing transcendent epistle worthy of transcription by monks of the crypto revolution

Design

Dilin Divan dilin@cryptoweeklymag.com

We live in a world of increasing complexity, competition, and alienation but also a world of unfolding possibilities, fulfilling experiences, and human connections. Here as we publish new content, you will find news and rumblings of the wider cryptosphere, and you will find personal reflections, stories, and ideas that cut through the posturing, the commercializing, and the dehumanization we have all experienced. My personal writing displays the vibrant energy of the creative unconscious, what has been called "a voice from the wilderness" as I have often lived and worked from the wilds over the last decade. Humanity is desperately in need of revising its own soul. We all know this is true. I only hope to contribute to the conversation.

It's also how I feel about Crypto Weekly & Crypto Magazine It's my chosen focus and means in the world of cities and people I always feel it necessary to take whatever I am doing as means and sustenance and make it a deeply immersive experience To treat it with the respect of a student to their master to the utmost degree in order to transcend normality and make it soulful nourishment I have got to get to the root of life to see and feel it clearly Yes, crypto is life Crypto is freedom from those who feed off of the people of Babylon like a fungus— extracting sustenance by the point of law and gun

It has been another smashing week with crypto, and a lot has happened in the last week because the music never stops in the cryptosphere, and time keeps rolling on I hope you all enjoy what we have brought together for you this week Please let us know your thoughts, and if you would like to see something featured, please do get in touch

It has been another smashing week with crypto, and a lot has happened in the last week because the music never stops in the cryptosphere, and the time keeps rolling on. I hope you all enjoy what we have brought together for you this week. Please let us know your thoughts, and if you would like to see something featured, please do get in touch.

editor@cryptoweeklymag.com

Robert Stone

Robert Stone Editor

cryptoweeklymag

Us cryptoweeklymag

Editor Welcome to Crypto Weekly Follow

Crypto Weekly Magazine is published by the Crypto Marketing Company 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ

FTX CEO Sam Bankman-Fried has done a lot despite 'fraud,' says Ethereum cofounder Vitalik Buterin

Alexey Pertsev of Tornado Cash to Remain in Jail at Least Until April

Whilesuggesting FTX's collapse resulted from fraud, Ethereum cofounder Vitalik Buterin cautioned critics to be more discerning Although Bankman-Fried's crypto empire continues to collapse amid federal probes into possible mismanagement of customer funds, Vitalik Buterin, who has been vocal about crypto adoption and blockchain technology, isn't ready to dismiss everything he's done

ADutch court ordered the Tornado Cash developer to remain in jail until April 20 after finding the Tornado Cash developer a flight risk. Pertsev has been detained since August after the Treasury sanctioned the Tornado protocol for laundering over a billion dollars in cryptocurrency and supporting North Korean hackers.

Buterin tweeted, "Downgrading everything SBF believed in automatically is an error… We must figure out what contributed to the fraud and what didn't crash has been compared to the Lehman Brothers bankruptcy and Enron, Theranos, and Bernie Madoff fraud cases

First-time money-laundering charges were announced on Tuesday by Dutch public prosecutor Martine Boerlage. Until now, Boerlage had said little about the case except a press release, but now he accuses Pertsev of facilitating dirty money transfers.

claiming it is one and the same as PepperSec, which he worked on with Roman Semenov and Roman Storm.

The verdict disappointed Pertsev's attorney, Keith Cheng, outside the courtroom. According to Cheng, the judges are not as knowledgeable about the subject matter as they should be.

deposited into the Ronin Bridge protocol with a bank clerk accepting a pile of 100 euro notes without question. "The likelihood of your service laundering money is substantial if you do not know where the money is coming from and have not built in any mechanism to investigate it," she said.

referring to Pertsev's idea that he could return to his former employer if he declined to work on the protocol, "PepperSec is Tornado Cash."

There has been a widespread outcry about Pertsev's arrest and detention, including demonstrations in Amsterdam and a tweet from Edward Snowden, now living in Russia after leaking NSG documents. Snowden compared Pertsev's treatment to the kid gloves executives at FTX, which collapsed.

Following a failure to secure a rescue, FTX and 130 affiliates filed for Chapter 11 bankruptcy last week, and Bankman-Fried stepped down from his position as CEO as a result Buterin looked for a silver lining in the chaos that hit crypto markets earlier this year

'Clear-cut' Money Laundering

His comments came after the Terra token had collapsed in May, which could be a good sign, he said at the time �

Despite the turmoil, he warned against expecting limitless growth in the cryptocurrency market and suggested returning to "principles-based

Pertsev and others had de facto control over Tornado Cash, according to Boerlage. He said Pertsev had nothing to do with Tornado Cash. It may have possible for Pertsev, Semenov, and Storm to hold such a large amount of tokens for the protocol that they could have, in theory, "always outvoted everyone else" when it came to decision making, Boerlage said.

On the other hand, Cheng argued that the service had legitimate purposes. Having the right to control crypto transactions is one of the primary goals of Tornado Cash, Cheng said. Neither Dutch nor European law had convincingly linked Pertsev to the alleged crime.

thinking " Among the recommendations he made were to "evaluate systems based on their steady state, and a more pessimistic view of how they will perform under extreme conditions, as well as whether they can wind down "

Having the right to control crypto transactions is one of the primary goals of Tornado Cash, Cheng said. Neither Dutch nor European law had convincingly linked Pertsev to the alleged crime.

Buterin warns of DeFi risks.

—Crypto Weekly

Vitalik Buterin warned against DeFi (decentralized finance) and self-custody pitfalls, specifically bugs in smart contract codes, in a tweet from his verified Twitter account� In response to the loss of trust in centralized exchanges, which led to

Boerlage dismissed the argument that Tornado Cash is decentralized and outside of Pertsev's control,

"After peeling everything back, we have a fairly clearcut money-laundering case," Boerlage said, citing laws prohibiting concealment of funds' origins. "And that's exactly what Tornado Cash does for you."

Boerlage compared the large sums of money

record exchange outflows, Buterin wrote, "The DeFi and self-custody ethos did very well this week " To prevent smart contract exploits, Buterin advised developers to keep their code simple and perform audits and formal verification.

"My biggest concern is if we have $10B in a ZK-rollup 2 years from now and it gets hacked due to circuit constraint bugs or the EVM wrapper," wrote Buterin, attaching "Hardening rollups with multiproofs "

According to private chats gathered by the prosecutor between the three, they had, in reality, made operational decisions about the protocol, and when they discussed tweeting about circumventing moneylaundering norms, they acknowledged they had engaged in "shady stuff," she said. Boerlage said,

As crypto exchanges saw a record-high week of outflows of bitcoin following the FTX saga, industry leaders have begun advocating self-custody solutions �

Through a Russian interpreter, Pertsev confirmed his personal details and referred to the online petition and demonstrations. Before his request was declined, he said, "I am ready to accept any restrictions" if he was released on bail. "I just want to be able to attend church with my wife."

—Crypto Weekly

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NEWS & UPDATES

Gaming and NFTs Will Drive Web3 Growth: Crypto.com COO

During a speech on Thursday at Blockchain Week in Busan (BWB2022), Eric Anziani, the Chief Operating Officer (COO) of global digital asset exchange Crypto.com, explained that

gaming and non-fungible tokens (NFTs) will be the future of the burgeoning Web3 sector, a sector growing faster than the internet itself. Working hard in a game gives you an asset. It's yours and we can use it in all the games, so it's interoperable," Anziani said. Using NFT, he explained, you not only own digital assets just like you would in a game, but you also hold control over your identity, your data, and

your identity assets. Not only as a user but also as a creator, you can control your identity on multiple platforms with a digital identity. On Wednesday, Crypto.com announced plans to partner with Busan, South Korea's second-largest city, to build a city-backed crypto exchange as well as develop a local blockchain ecosystem in order to boost Busan's position as an Asian digital hub.

U.K. POLICE HAVE CRYPTO EXPERTS STATIONED NATIONWIDE

In Korea, we have established numerous partnerships, brought them to market, launched them, and I believe we are on the right track. A non-fungible token (NFT) joint venture partnership with K-pop agency Fantagio is one example of Crypto.com's collaborations with South Korean entertainment firms.

—Crypto Weekly

A Central Bank Trial Reveals that CBDCs Can Work with Stablecoins.

An official with the U K National Police Chiefs' Council (NPCC) has deployed crypto tactical advisers to investigate and secure digital assets associated with crimes

At a hearing on Tuesday for the new Economic Crime and Corporate Transparency bill, Andrew Gould, staff officer for NPCC's cryptocurrency portfolio, said that "all forces and regional organized crime units have officers trained and equipped to do that "

The Hong Kong Monetary Authority said on Friday the 25th November that a new experiment demonstrates how central bank digital currencies (CBDCs) can work with private stablecoins despite the bankruptcies of intermediary operators. CBDCs are digital versions of sovereign currencies, whereas private stablecoins are designed to maintain a stable value against a reference currency, often fiat currencies such as the U.S. dollar.

Law enforcement will be able to freeze crypto assets associated with criminal activity if the British government passes the bill Yet police

Aurum - a Latin word for gold - demonstrates the flexibility and privacy of CBDCs used by retail customers, said its architects, including

a research institute and the Bank for International Settlements Innovation Hub. Several ground-breaking achievements have been made by Project Aurum, according to the study. CBDC architecture search worldwide is sure to be catalyzed and inspired by the Aurum prototype.

The Atlantic Council reports that over a hundred jurisdictions are considering issuing CBDCs, and experiments are underway worldwide. Often, these projects assume that banks or other payment companies will act as intermediaries. The company has also tested a system where regular shoppers don't get

agencies have already increased their efforts to target criminals who use crypto for money laundering or terrorism financing According to Gould, "the government's additional 100 million pounds sterling helped the NPCC strengthen its crypto capabilities " Reports indicated that in 2018, police chiefs lobbied the government for funding to train and equip 250 crypto tactical advisors According to Gould, the U K government has seized cryptocurrency assets worth hundreds of millions of pounds within the past year or so "The police force has procured

a number of investigative

Furthermore, Gould

to keep up�

CBDCs directly but instead use private stablecoinsjust as card payments use commercial bank money backed by a central bank.

Our officers are struggling in the face of the growing complexity of crypto assets," Gould said, adding that their tools can't handle everyone

An investigation is best conducted by using more than one tool Gould said, "That's very expensive ”

Central banks can benefit from the system developed for CBDC-backed stablecoins, the report said. According to the study, there

has never been a stablecoin backed by a CBDC before. The prototype made it possible for customers to recover their money in case the intermediary went bankrupt - but pseudonyms were still used to protect their privacy.

moment� That's probably the biggest risk we face in this area," Gould said The NPCC has not responded to a request for comment at present time Some police officers in the U�K� earn salaries ranging from anywhere between 28,000 to 100,000 pounds a year

—Crypto Weekly

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NEWS & UPDATES

According to the US FDIC chief, stablecoins could radically alter the banking system.

FDIC

CHIEF SAYS STABLECOINS COULD FUNDAMENTALLY ALTER THE BANKING

Considering the profound impact stablecoins could have on the established banking system, U S regulators must ensure the digital tokens fit in without disrupting it, according to Martin Gruenberg (chairman of the FDIC). Gruenberg's agency will significantly impact how stablecoins are regulated in the United States Recent sanctions against firms that misrepresent how FDIC deposit insurance backstops the FDIC has also imposed their operations

Acting chairman of the Federal Deposit Insurance Corp, Martin Gruenberg, spoke at a Brookings Institution event on Thursday. According to regulators, stablecoins could have such a profound impact on the banking system that regulators need to ensure they fit in without disrupting it.

Gruenberg's agency is one of the U.S. banking watchdogs likely to influence stablecoin regulation significantly. Recently, the FDIC has taken action against firms - such as FTX US - that misrepresented how FDIC deposit insurance works.

The Federal Deposit Insurance Corporation (FDIC) has been cautious in allowing regulated lenders to engage in crypto-related activities, as U.S. banks have increasingly offered crypto

Gruenberg said that U S banks have increasingly offered crypto services, including custody of customers' digital assets, which is why his agency has remained cautious about accepting regulated lenders to participate

services, including holding customers' digital assets.

A stablecoin is like a fiat currency because a stable asset, such as the dollar, backs it. Stablecoins should be used alongside "potential future developments" in digital currencies by the central banks of the U.S. (CBDC). Further, Gruenberg said the FDIC would need to coordinate with the Federal Reserve's FedNow real-time payment system, scheduled to launch next year, to facilitate the use of stablecoins.

"The development of payment stablecoins could fundamentally change the way banks operate," Gruenberg said. The introduction of payment stablecoins might change the way credit is extended within banking, potentially causing disintermediation

Gruenberg noted that the Financial Stability Oversight Council (FDIC) also inputs into the federal government's policy towards stablecoins, which will work with the Federal Reserve's future realtime payments system, FedNow Besides being used for trading volatile cryptocurrencies, stablecoins are necessary to create a digital currency issued by a central bank in the U S "A stablecoin for payments could fundamentally alter the banking landscape," Gruenberg said A new form of shadow banking could be created with payment stablecoins, "possibly resulting in forms of credit disintermediation that may harm the viability of many U S banks "

President Joe Biden has yet to name a permanent replacement for Gruenberg, who previously served as FDIC chairman Two people were nominated last month to join the board, and the next chairman is reportedly on the way Aside from his roles at the Financial Stability Oversight Council, Gruenberg is involved in cross-agency crypto oversight efforts� However, he has been openly skeptical of the usefulness of crypto�

that could harm many U.S. banks and establish the basis for a new type of shadow banking.

Since President Joe Biden has not named a permanent successor to Gruenberg, the FDIC chairman is currently serving on an interim basis. It is reported that the White House is also in the process of choosing the next chairman after nominating two people last month. Among Gruenberg's many responsibilities, he participates in cross-agency efforts, such as the Financial Stability Oversight Council, that focus on crypto. Crypto's usefulness, however, has been openly questioned by him.

According to him, the industry has primarily focused on trading, and so far, we have not seen many benefits� "It remains to be seen if there is any potential there "

benefit. There is still a need to demonstrate that there is some potential there." To deal with stablecoins, Congress will likely need to pass new laws because "we have clear limits on our authority, especially when it comes to the protection of consumers, as well as the provision of wallets and similar services by non-bank entities."

Gruenberg proposed three ways to make stablecoins sufficiently safe:

because "our authority is clearly limited, particularly when it comes to protecting consumers as well as provisioning of wallets and similar services by non-bank entities "

Allowing banks to offer them through subsidiaries.

Requiring them to be backed by short-term Treasury bonds.

As Gruenberg sees it, stablecoins would be sufficiently safe if they were offered through bank subsidiaries, fully backed by short-term treasury bonds, and placed on regulated "permissioned ledger systems "

Putting them on a permissioned ledger system.

The industry has traditionally been focused primarily on trading, he said Thursday, arguing that there has been little evidence of

To deal with stablecoins, he said Congress should pass new legislation

"Knowing all parties involved in payment stablecoin activitiesincluding nodes and validators - is crucial to ensuring compliance with anti-money laundering regulations, preventing terrorism financing, and deterring sanction evasion "

"To ensure compliance with anti-money laundering and to counter the financing of terrorism regulations and to prevent sanction evasion, we must know all parties engaged in payment stablecoin activities, including nodes and validators."

—Crypto Weekly

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NEWS & UPDATES

Centralized Crypto Exchanges Taking Public Flack.

Cryptocurrencies Recognized as Financial Instruments by U.K. Lawmakers

Cryptocurrency businesses have failed this year, leaving millions in customer funds stranded, underscoring the need for trust between custodians and customers. There may be an opportunity for JPMorgan Chase. In November, the U.S. Patent and Trademark Office approved a trademark for "JP Morgan Wallet," potentially positioning the largest U.S. bank to expand into crypto custody. In July 2020, JPMorgan Chase filed a trademark application.

TheU K Parliament just approved the regulation of crypto assets as financial instruments and products Parliament's lower house, the House of Commons, held a lineby-line reading of the draft Financial Services and Markets Bill, which outlines the U K 's postBrexit economic strategy regarding financial services and markets

In addition to providing electronic transfers and financial exchanges of virtual currencies, the trademark

As part of the debate about the bill, legislators considered several proposed amendments, including one proposed by Andrew Griffith from the People's Party that would include crypto assets within regulatory oversight It was already outlined in the draft bill that a number of measures would be included to extend current regulations on stablecoins, which are essentially cryptocurrencies linked to other assets such as the U

filing mentions the possibility of processing cryptocurrency payments. Additionally, the application lists traditional payment methods such as credit cards and cash payments. The JPMorgan website describes how its wallet relies on "real-time virtual sub-ledgers," which may refer to the ledger technology behind Bitcoin and other distributed digital assets based on blockchains.

similarly to other financial assets, without preference Nevertheless, it brings them within the sphere of regulation for the first time. I favor the efforts to give legal recognition to digital assets in a broader

Marcus Sotiriou, an analyst at global asset broker GlobalBlock, said JPMorgan continues to move toward integrating crypto products despite concerns about crypto ecosystem stability. According to the bank,

the wallet is a platform for "scalable e-commerce solutions," including the ability to pay counterparties across over 120 currencies in over 170 countries at any time, day or night.

Minister, will support the efforts to do so While serving as finance minister during the Boris Johnson administration, Sunak introduced the markets bill - and thus the stablecoin rules - when he was finance minister

Barron's requested a comment from JPMorgan about the specific use of the Morgan wallet for cryptocurrency purposes. In addition to the spectacular collapse of cryptocurrency exchange FTX, recent problems at Voyager Digital, BlockFi, and Celsius have highlighted the risks of storing digital assets with companies that banks do not insure. Many users have rushed to withdraw funds

from exchanges to selfcustody solutions in light of FTX's bankruptcy and its impact on other exchanges.

This won't be their first attempt to enter the crypto market for JPMorgan. The bank has pioneered the use of blockchain technology for innovation in financial services. The bank completed its first live decentralized finance trade this month on a public blockchain. Financial services peer Fidelity Investments is already attempting to establish dominance in the crypto custody sector, a part of the digital-asset sector heavily reliant on trust.

also be regulated, and companies that aren't authorized to operate in the country could be outlawed

With crypto included in the bill, Griffith points out that the country's Treasury will be better positioned to respond quickly to developments in the cryptocurrency sector and deliver regulation in a way that aligns with its broader approach to financial services regulation

—Crypto Weekly

The Treasury will consult

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"This amendment essentially involves treating crypto assets

NEWS & UPDATES

A Record Number of Bitcoins Last Used Six Months Ago

"HYPERBITCOINIZATION" COULD HAPPEN IN A FEW YEARS, SAYS SAMSON MOW

Aresearch report released by Morgan Stanley noted that nearly a year into the "Bitcoin bear market," many investors face heavy losses and are waiting for rallies to close their positions.

Despite heightened volatility in other financial markets, Bitcoin has been trading at its tightest since late 2020. According to the report, some traders are buying dips

below $18,500 to prevent falling materially below the prior cycle high from 2017.

According to the report, the number of Bitcoins not used for transactions rose to 78% in the last six months. Analyst Sheena Shah wrote that investors who bought Bitcoin more than six months ago are likely holding on to their positions, waiting for a price recovery. Short-term investors own roughly 22% of Bitcoin, with an average breakeven price of $22,300.

In July, Binance lowered BTC trading fees to zero to grow its market share, which led

to a drop in trading volumes on most exchanges. Since this change, Bitcoin's price has been "surprisingly stable," raising the possibility that traders on Binance are taking advantage of zero fees by making short-term purchases."

Bitcoin is tracking equity markets more closely than Ether (ETH). The Bitcoin blockchain does not restrict access to certain market participants like the Ethereum blockchain, so some investors may wonder if Ethereum's move to proof-of-stake (PoS) has changed Bitcoin's trading

Following the Collapse of FTX, Vitalik Buterin Offers Lessons for Crypto

Ethereumco-founder

Vitalik Buterin has shared his thoughts about the FTX collapse, providing some positives from one of crypto's biggest black swan events. Buterin said the collapse of FTX has lessons for the entire crypto ecosystem in a Bloomberg interview on November 20.

Inthe Eurozone and the United Kingdom, doubledigit inflation rates have led to some governments becoming more open to Bitcoin The process is currently being accelerated by one Bitcoin evangelist meeting with officials. In

As far as he is concerned, the fundamental stability of distributed ledger technology and crypto asset economics has not been questioned. Rather than technology, the problem has been people

in this instance (and others before). In addition to calling the collapse of FTX a "huge tragedy," Buterin said it reaffirmed many Ethereum community members' positions regarding centralization: "But many people in the Ethereum community also view the situation as validation of their beliefs: anything centralized is suspect by default."

September of last year, El Salvador made Bitcoin legal tender This past April, the Central African Republic followed suit Some elected officials in places like Portugal and the United Kingdom are increasingly interested in BTC

In the weekend's post, Buterin described how to have a "safe CEX" with evidence of insolvency. He suggested that the exchanges could

dynamics. Known as the Merge, this transition was the first of five planned upgrades for the Ethereum blockchain.

Prices are volatile, according to Morgan Stanley. Traditional finance companies have increasingly introduced crypto products to meet client demands. Still, given current flows in exchange-traded products (ETPs) and volume trends, the note concluded that it might be easier to see real demand pick up materially if there is upward price volatility.

—Crypto Weekly

receiving a large influx of withdrawal requests.Not only has Vitalik Buterin spoken out recently about the FTX fallout, but other industry leaders have as well. As Binance CEO Changpeng Zhao said on November 17, setting an example is more important than regulating.

Blockstream, a blockchain infrastructure company started by Bitcoin pioneer Adam Back, had Samson Mow as its chief strategy officer for half a decade � A $1 billion bond backed by Bitcoin was issued

not rely exclusively on "fiat methods" like government licenses, auditors, corporate governance, or background checks of exchange staff. These exchanges trust open and transparent code instead of human beings. The exchanges can produce "cryptographic proofs that prove their on-chain funds will cover their obligations to users." Customers' deposits were used for other purposes by FTX, which caused problems. With its current liquidity, the exchange could not meet withdrawal requests earlier this month after

by El Salvador under the guidance of Mow

From conversations he has had with politicians, Mow believes that we are only a few years away from "hyperbitcoinization"when Bitcoin becomes the

As Zhao noted at the Indonesia Fintech Summit 2022, the entire FTX saga may have set back the crypto industry "a few years," and regulators will likely scrutinize the sector "much, much harder, which is probably a good thing, to be honest."

—Crypto Weekly

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NEWS & UPDATES

OUR MISSION

Transparency bill, Andrew Gould, staff officer for NPCC's cryptocurrency portfolio, said that "all forces and regional organized crime units have officers trained and equipped to do that "

its crypto capabilities " Reports indicated that in 2018, police chiefs lobbied the government for funding to train and equip 250 crypto tactical advisors

Gould still believes crypto is too costly for the NPCC to keep up�

Law enforcement will be able to freeze crypto assets associated with criminal activity if the British government passes the bill Yet police

According to Gould, the U K government has seized cryptocurrency assets worth hundreds of millions of pounds within the past year or so "The police force has procured

FTX collapse 'doesn't reflect the potential of this technology,' says Circle CEO

Whenrevelations emerged that crypto's white knight, Sam BankmanFried, used deposits from his crypto exchange, FTX, to fund risky bets at his sister company, Alameda (which he owned), those advocating a more equitable financial system suffered a serious setback. There have been shockwaves across the crypto industry and a

Our officers are struggling in the face of the growing complexity of crypto assets," Gould said, adding that their tools can't handle everyone An investigation is best conducted by using more than one tool Gould said, "That's very expensive ”

private sector We can't compete with that at the moment� That's probably the biggest risk we face in this area," Gould said The NPCC has not responded to a request for comment at present time Some police officers in the U�K� earn salaries ranging from anywhere between 28,000 to 100,000 pounds a year

shake-up of confidence in a system built on trust since one of the world's largest crypto exchanges went bankrupt and ensuing allegations accompanied its demise. Crypto services such as Crypto.com have taken steps to ensure that customers' funds will be safe by disclosing proof that reserves have been accumulated. Rivals such

—Crypto Weekly

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the technology's potential offers."

As a result of a $10.6 million investment in FTX during last year's series B funding round, Circle hasn't been unaffected. Even though Allaire described the stake as "tiny," he declared last week that Circle has never lent to FTX or Alameda, another company owned by Sam Bankman Fried.

According to Allaire, at face value, the numbers that FTX submitted and the growth they were showing in their business and in their U.S. venture were quite impressive. The industry was experiencing significant growth at the time. Not having visibility into the risk controls underlying financial and treasury management certainly surprised a lot of people.

cryptocurrency. In response to deep skepticism among bankers and regulators regarding their ability to regulate an opaque system, a new system was devised based on a decentralized ledger called blockchain, enabling more transparency. Despite this, Allaire blamed the collapse of FTX on a lack of regulation, particularly for offshore crypto companies that operate with little transparency and few safeguards.

FDIC

CHIEF SAYS STABLECOINS COULD FUNDAMENTALLY ALTER THE BANKING SYSTEM.

as BlockFi have halted customer withdrawals while others have taken steps to ensure deposits will be secure.

The entire case for crypto remains intact despite the ensuing fallout, according to Jeremy Allaire, co-founder, and CEO of fintech firm Circle. According to Allaire, FTX doesn't represent "what

In addition, Allaire noted how ironic it is that many of the most important financial institutions in the crypto space operate offshore without regulatory oversight. "To be honest, most of the platforms were intentionally designed for speculators, and they are fundamentally designed to serve speculators," he pointed out.

In the United States, companies have no guidance on how to comply. The Bitcoin cryptocurrency was launched during the 2008 financial crisis, the world's first major

In response to Senator Elizabeth Warren (DMA) 's tweet after FTX's collapse, Allaire and CEOs of Coinbase and Ripple argued that the Securities and Exchange Commission (SEC) had failed to provide guidance, causing much of U.S. trading activity to move offshore. As part of the blame for crypto's most recent collapse, U.S. lawmakers bared part of the blame. "According to Ripple CEO Brad Garlinghouse, "to protect consumers, we need regulatory guidance that ensures trust and transparency." According to him, the majority of crypto trading takes place offshore due to a need for more information on how to comply in the U.S.

Coinbase and Circle are two examples of companies that are "principally operating" within the U.S., according to Allaire. "When it comes to being regulated, you're looking for the

rigorousness that goes into the regulations," he said, regardless of whether you're an institution or individual, whether you're thinking about which exchange to use, which wallet to use, or which stablecoin to use."

Due to FTX's implosion, Allaire has asked lawmakers to act immediately in regulating the crypto space. According to the letter sent to members of the House Financial Services Committee, Allaire called on lawmakers to pass payment stablecoin legislation.

because is clearly particularly comes to consumers provisioning and similar non-bank

According to him, the industry has primarily focused on trading, and so far, we have not seen many benefits� "It remains to be seen if there is any potential there "

To deal with stablecoins, he said Congress should pass new legislation

American inaction has significant consequences, which imperil consumers, enable continued regulatory arbitrage abroad, and stunt American influence in bringing exponential technologies into harmony in financial services and beyond. "Missing out on a chance to set the rules governing payments, money, and other sectors of the global economy is potentially a mistake for the United States." —Crypto Weekly

As Gruenberg stablecoins sufficiently were offered subsidiaries, by short-term bonds, and regulated ledger systems "Knowing involved in stablecoin including validators ensuring compliance anti-money regulations, terrorism deterring

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NEWS & UPDATES

According to Allaire, at face value, the numbers that FTX submitted and the growth they were showing in their business and in their U.S. venture were quite impressive.

Checking Binance's Books

"HYPERBITCOINIZATION" COULD HAPPEN IN A FEW YEARS, SAYS SAMSON MOW

Thelargest exchange in the world, Binance, has tentatively endorsed a plan by the smartest guy in crypto, Vitalik Buterin, to allow customers to verify the exchange actually has all the money it says it does, Brady writes.

Why it matters: The turmoil in the blockchain industry has a million moving parts, but it all started with this: FTX did not have the crypto assets that its customers had deposited. "Cryptographic proofs could be created to demonstrate that exchanges' on-chain funds are enough to cover their liabilities to users," Vitalik writes in a post on his blog during the weekend.

Here is some of what Vitalik wrote

"Every time a major centralized exchange blows up, a common question that comes up is whether or not we can use cryptographic techniques to solve the problem. Rather than relying solely on "fiat" methods like government licenses, auditors, and examining the corporate governance and the backgrounds of the individuals running the exchange, exchanges could create cryptographic proofs that show that the funds they hold on-chain

are enough to cover their liabilities to their users.

Even more ambitiously, an exchange could build a system where it can't withdraw a depositor's funds at all without their consent. Potentially, we could explore the entire spectrum between the "don't be evil" aspiringgood-guy CEX and the "can't be evil," but for now, inefficient and privacyleaking, on-chain DEX. This post will get into the history of attempts to move exchanges one or two steps closer to trustlessness, the limitations of these techniques, and some newer and more powerful ideas that rely on ZK-SNARKs and other advanced technologies."

See the rest of Vitalik's quite lengthy post here.

How it works:

Cryptography is a little like magic unless you understand it. And hardly anyone understands it. That said, you can get the contours if you stare at it long enough.

about all of the things and pieces of it.

So with an exchange, you care about two things: Does it have all of the money deposited? And does it have my money?

A Merkle Tree can create a proof just for your account that proves the amount you think you have is there.

The main scheme that Vitalik describes is called a Merkle Tree. A Merkle Tree is a series of proofs that show something

If it does that for all the other accounts, too, then the total has to add up as well, so the "top" of the tree also shows the total is there.

by El Salvador under the guidance of Mow

As one user, you get a verification that all the money is there for the exchange and that your balances are all correct. —Crypto Weekly

From conversations he has had with politicians, Mow believes that we are only a few years away from "hyperbitcoinization"when Bitcoin becomes the

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Cryptographic proofs could be created to demonstrate that exchanges' on-chain funds are enough to cover their liabilities to users

Soltype Releases “Riglan”: The First eBook NFT Collection From Marvel Writer, Ben Earl

ROBERT STONE

Stay on the lookout for Soltype's launch of “RIGLAN: Protectors of the Storyverse '' an eBook collection of 1001 NFT ` s by award-winning Marvel writer B. Earl. Minting on Apr 20, 2023.

Centralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

We crypto aficionados keep re-learning the lesson of decentralization the hard way the absence of U regulations and crypto's centralized development, FTX collapsed decentralized and transparent protocol would never have been able to melt down Sam Bankman-Fried's crypto trading empire We should all realize that an alternative to government-backed finance has one crucial flaw: no backing from the government centuries of mistakes by

Finance, DeFi allows users to earn interest

If criminals gain control of the central, private keys, putting that much power in one body

ethos would place

organization, if that was not possible, at least instituting a multi-

In my view, centralized offerings will not survive It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

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Robert Stone

FEATURE

Rto exist since they don't offer anything new� The NYSE is better if you want to own centralized companies and trade assets in a centralized market

iglan will be the first major mint of a decentralized unlockable eBook. The unique and unedited collection of raw stories from Ben Earl is unaltered by any third parties and presented as the author intended rather than being edited by others. Soltype offers an innovative way to own and trade digital books using non-fungible tokens (NFTs) built on the Ethereum blockchain. With this new release, Soltype has once again shown its commitment to revolutionizing the digital collectibles market and bringing NFTs to the mainstream.

Introducing Riglan: the First eBook NFT Collection

It does sound ironic that decentralized finance's main problem is centralization But the fact that we're even talking about this shows the importance that decentralization as an ideology commands in the world of crypto Economic incentives drive them to under-collateralize and risk user funds, just like the financial institutions that collapsed in 2008 Despite claiming to care about consumers, the companies play political games and cozy up to those who are supposed to regulate them This is exactly what SBF was doing CEO CZ of Binance didn't like it and said so It was the very reason he first announced he would sell all of his holdings, and the collapse of FTX precipitated from there

Problems with Centralized Financial Systems

Soltype's Riglan collection is the first of its kind in the eBook NFT space. Each eBook in the collection is a unique digital asset that can be owned and traded like any other NFT. The collection features a range of genres, including science fiction, fantasy, romance, and more, all written by B. Earl, a talented author and creator who has written several iconic Spiderman and Daredevil comics.

Centralized financial systems can fail.

The Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System," published by Satoshi

In addition to the unique ownership experience, owning a Riglan eBook NFT also offers other benefits, such as access to exclusive content and events. NFT owners can participate in author Q&A sessions,

exclusive readings, and other special events, all of which are available only to Riglan NFT holders

What are NFTs and Why are They so Popular?

Nakamoto in October 2008, contained nine pages� Although Nakamoto conceived of Bitcoin before the 2008 financial crisis, his white paper was released at a fortuitous time� Even though the white paper was released in October 2008, the concept of Bitcoin was probably formalized in late 2006, and Bitcoin software was coded around May 2007

NFTs are unique digital assets that use blockchain technology to verify ownership and authenticity. Unlike traditional digital files, which can be copied and shared endlessly, NFTs cannot be duplicated. Each NFT is a one-of-a-kind digital asset that is stored on the blockchain and can be bought and sold just like physical assets. NFTs have become increasingly popular in recent years, with collectors and investors alike drawn to their uniqueness and potential for appreciation.

How to Purchase Riglan eBooks

Multiple large banks went bankrupt during the 2008 financial crisis to avoid a global financial meltdown Globally, the 2008 financial crisis cost trillions of dollars and damaged trust between big banks and the public, who ended up paying the price As a result of such a crisis, everyone realized the danger of centralized intermediaries If these banks fail, all money held in them is lost forever except for up to 100k coverage with FDIC insurance

Centralized financial

systems can inflate the money supply.

To purchase a Riglan eBook NFT, buyers need to have an Ethereum wallet and connect it to the Soltype marketplace. Once connected, buyers can browse the collection, choose the eBooks they want to purchase, and place a bid or buy them outright. Each purchase includes the NFT itself, as well as the digital book file, which can be downloaded and read on any device.

To Take advantage of the April 20th launch of this sure-to-sell-out collection go to https://www.soltype. io/mint/riglan on the launch

Quantitative easing (QE) has become an addiction for monetary institutions since the 2008 financial crisis Central banks increase the money supply through quantitative easing to stimulate a weak economy Central

date and be ready to get in before the Minting sells out.

The Future of eBook NFTs

banks do not simply print money� Instead, they buy government and private assets Most often, it is bonds� It allows the government to spend more during economic crises and helps the private sector stay afloat. Before 2021, the U S economy showed no clear signs of inflation, but things have changed

Soltype's Riglan collection is just the beginning of what promises to be a new era in the digital books market. With the power of blockchain technology, eBooks can now be owned and traded like any other asset, bringing a new level of value and authenticity to the world of digital literature. As more authors and publishers explore the possibilities of eBook NFTs, we can expect to see a whole new ecosystem of digital book ownership and trading emerge. Think about the possibilities if you could buy an eBook that you could resell as a collectible, just as you do with physical books.

The COVID-19 pandemic led the U S Federal Reserve to buy $700 billion in assets starting in March 2020 And the U S government responded by spending roughly $5 5 trillion on various relief measures with varying levels of effectiveness A $1 trillion infrastructure bill and a $3 5 trillion social welfare and climate change bill were proposed and passed by the Democrats not long ago, and doing so has resulted in inflation. To make conventional currency work, all trust is required It is essential that the central bank not debase the currency, but fiat currencies have a history of trust breaches Governments have a monopoly over the money supply, and they use it

Wealthy nations have generally experienced an economic decline due to heavy wartime expenditures, lavish social welfare, or both During the 1960s, President Lyndon Johnson's The Great

Non-fungible tokens (NFTs) are digital records that prove ownership of a unique digital asset. These assets can range from art, music, graphics, tweets, memes, and games - anything that exists in a digital format. The uniqueness of NFTs makes them non-interchangeable, meaning they cannot be exchanged for a similar item at a similar price. This makes them the digital equivalent of owning a physical good, as they are bought and become the legal property of the buyer. NFTs offer greater security than a typical digital transaction, as the records are stored on a blockchain,

which is a public record that is virtually unhackable and helps to prevent piracy.

NFTs and Books: What's the Connection?

Society, combined with a war of attrition in Vietnam, led President Richard Nixon to remove the United States from the gold standard Because gold reserves were no longer required to back the money supply, increasing the money supply became too easy The dollar has slowly but surely devalued due to this decision Today there is more money printing going on in the U S than any other time historically

NFTs for books offer a unique opportunity for the publishing industry to explore both practical and creative implications. Unlike digital copies of books available from online retailers, such as Amazon, Barnes & Noble, and Indiebound, NFTs provide a sense of ownership that is more akin to that of a physical book.

As the world's strongest economy since World War II, the United States has enjoyed a long period of economic prosperity But arrogance would lead us to think that such strength will continue indefinitely. A collapse of the U S dollar is almost certain one day National currencies and nations do not last forever According to ancient money history, governments cannot sustain massive spending levels without their money depreciating, devaluing, and eventually becoming worthless

Centralized financial systems cannot be trusted.

We are not used to the government confiscating assets, except in cases of criminal activity like the FBI seizing drug dealers' assets Bankrupt governments take

If a platform were to suddenly cease to exist, the book would still remain in the owner's possession. Additionally, NFTs offer the ability to own a specific copy within a series of copies, similar to that of a first or second edition. With this, the publishing industry is presented with the potential to explore new avenues of creativity and ownership. It's your possession, period - NFTs are more similar to print books from this perspective. Regardless of what an outside party does, it won't disappear. Rather than owning a copy, you own a specific copy within a series of copies with NFTs. Additionally, it's harder to pirate an NFT book, and to challenge a creator's copyright. All the details are in the blockchain. NFTs for books are amazing for

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FEATURE

Soltype is the leading platform and marketplace for Literary NFTs on Solana. It provides a userfriendly interface for authors and publishers to mint, sell, and promote their ebooks in NFT form

Centralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

Robert Stone

many reasons. Using smart contracts with NFTs for publishing is another gamechanging feature.

Royalties to the Author for Life

finance, cryptocurrency speculators are slowly learning the lessons of the past decade

payout over time or even after the death of the author. Smart contracts offer a great solution to this issue, allowing for a more efficient and secure payment process.

Book NFT`s will become Standard

When a book is published, the royalties (due to the various parties involved) are typically paid out a few times a year, with long delays. However, with the use of a smart contract, these contractual payments can be embedded directly into the transaction, resulting in an immediate and automatic payout. Furthermore, contingencies can be included for changes in

We should all realize that an alternative to government-backed finance has one crucial flaw: no backing from the government After centuries of mistakes by

A top-five rival crypto exchange was provisionally rescued by the founder of the largest crypto exchange, Binance In the equivalent of a bank run, clients abandoned FTX After the problems were deemed too severe to overcome, Changpeng Zhao walked away. FTX has now filed for bankruptcy as its CEO resigned FTX's future looks grim, and the crypto economy's ripples have been devastating for some projects

The potential of NFTs lies in their ability to generate long-term revenue streams for authors and other stakeholders. Unlike ebook sales, which typically offer a 30% cut to authors, NFTs allow for a 10-15% share of royalties to be collected on resales indefinitely. This provides an exciting opportunity for authors to benefit from a continuous income stream, even after the initial sale.

Despite the deal, there would have been an obvious danger: Binance cannot be rescued by anyone due to its immense size� It will be left to the market to resolve a potentially systemic crypto crisis without the deal Even Mr Zhao, known as CZ, poses an obvious danger of relying on one person

What DeFi Can Do

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

There are already some people who predict that NFT`s will become the standard way for books to be sold in the future. At Soltype, you can do that. With the use of Solana blockchain and NFT technology. Truly own your eBooks and treat them as an investment. If you are prepared to collect unique eBooks from limited editions and well-known authors, Soltype is just for you. Soltype is the leading platform and marketplace for Literary NFTs on Solana. It provides a user-friendly interface for authors and

Finance, DeFi allows users to earn interest rather than banks If criminals gain control of the central, private keys, putting that much power in one body can be dangerous The decentralized ethos would place that authority in a decentralized autonomous organization, if that was not possible, at least instituting a multisignature system

publishers to mint, sell, and promote their ebooks in NFT form. Soltype is committed to giving readers true ownership of the ebooks they purchase on their platform.

Soltype eBook NFTs are NFTs with real utility. The collecting public is encouraged to collect limited editions and heretofore unseen eBook NFTs, and unlock their unique encrypted content.

The Story of Riglan

Riglan is the first eBook NFT collection released by Soltype. A coming-ofage story about a young

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

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FEATURE

to exist since they don't offer anything new� The NYSE is better if you want to own centralized companies and trade assets in a centralized market

RIGLAN

boy who discovers his dad isn’t just the projectionist at the family movie theater in their small town of Shady Maple. Riglan, a young hero, embarks on a thrilling journey to uncover the truth about his family and the responsibility they carry.

Problems with Centralized Financial Systems

Centralized financial systems can fail.

The Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System,"

published by Satoshi

His father is known as the projectionist at the local movie theater in the small town of Shady Maple, but unbeknownst to Riglan, his dad is a Story Protector, part of a long-standing legacy that maintains the authenticity of stories and keeps the dangerous influences of Bad Ideas in check. However, a new threat

Non-fungible

Soltype Releases Riglan: The first eBook NFT Collection From Marvel Writer, Ben Earl

tokens (NFTs) are digital records that prove ownership of a unique digital asset. These assets can range from art, music, graphics, tweets, memes, and gamesanything that exists in a digital format

Centralized financial systems can inflate the money supply.

has arisen that threatens to upset the delicate balance of the StoryVerse. A mysterious force is controlling the Bad Ideas, causing them to collide with other stories and wreaking havoc with catastrophic consequences.

Wealthy nations have generally experienced an economic decline due to heavy wartime expenditures, lavish social welfare, or both During the 1960s, President Lyndon Johnson's The Great

With his mother kidnapped and rumors of the TimeTaker's return, Riglan is forced to join his dad, grandma, and best friend Tarrah on a mission to save the StoryVerse from destruction. Time is of the essence as they race against the clock to prevent reality from unraveling, leading to the end of the world as we know it.

Centralized financial systems cannot be trusted.

We are not used to the government confiscating assets, except in cases of criminal activity like the FBI seizing drug dealers' assets Bankrupt governments take

In conclusion, Soltype's release of the Riglan collection represents an exciting new frontier in the world of NFTs and digital collectibles. With its unique blend of blockchain technology, digital books, and exclusive content, Riglan offers a one-of-a-kind ownership experience that is sure to appeal to collectors and book lovers alike. We look forward to seeing where this innovative new market takes us in the years to come.

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FEATURE

Future Privacy on the Blockchain is at Hand From the Manta Network

ROBERT STONE

Centralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

Privacy and zkSNARKs: How Do They Work?

With zk-SNARKs, cryptocurrency transactions can be private and encrypted on the Blockchain while still being validated by the network. Using zkSNARKs, the sender can show that they have the funds they want to transfer without publicizing that information.

Robert Stone

P0xeidon Labs, the developer of Manta Network's Web3.0 privacy protocol, invites its community to participate in the ceremony that creates the infrastructure for generating Zero Knowledge Proofs (ZKPs) for the launch of its private payments application.

Polkadot Privacy Project is working on improving Web3 privacy. P0xeidon Labs is creating the largest "Trusted Setup" ever. The p0xeidon lab's team is an international group of world-class contributors on a mission to enable web3 privacy for

We crypto aficionados keep re-learning the lesson of decentralization the hard way In the absence of U S regulations and crypto's centralized development, FTX collapsed A decentralized and transparent protocol would never have been able to melt down Sam Bankman-Fried's crypto trading empire We should all realize that an alternative to government-backed finance has one crucial flaw: no backing from the government After centuries of mistakes by

finance, cryptocurrency speculators are slowly learning the lessons of the past decade

everyone. At p0xeidon labs, they believe privacy is a fundamental human right, and the company works to build and deploy the tools to make privacy normalized and accessible to the world. Powered by zeroknowledge proofs, p0xeidon Labs leads innovation in the cryptography space and pledges to bring privacy to every Web3 project.

What are ZeroKnowledge Proofs?

Zero-knowledge proofs let you demonstrate the truth of a statement without sharing the statement's

content or revealing how the knowledge is gained. Zeroknowledge protocols utilize algorithms that take data as input and return 'true' or 'false' as output.

It has become increasingly difficult to achieve online privacy in recent years, which is why protocolbased solutions are crucial. Polkadot is currently integrating with a number of projects. Four solutions stand out on the privacy front.

What DeFi Can Do

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

Using zkSNARK technology, MantaPay allows users to send crypto across Polkadot and Kusama networks. Kusama is Polkadot's testnet. According to Manta Network, the ceremony will last up to two weeks and involve around 5,000 participants from 133 countries, creating the largest and most widespread trust setup in Web3 history.

Supercomputing Systems AG

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

All Substrate-based blockchains are expected to benefit from its enhancement of privacy. Cryptocurrency crosschain swaps can then be conducted privately, with no intermediaries involved. Supercomputing Systems AG has built a framework called SubstraTEE, using the Trusted Execution

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FEATURE

Environment, and has built an off-chain computing framework called SubstraTEE.

Advanca

to exist since they don't offer anything new� The NYSE is better if you want to own centralized companies and trade assets in a centralized market

A privacy-oriented computing and storage infrastructure will be important for Dapps. Polkadot-based Dapps can benefit from Advance Networkwork's privacypreserving infrastructure. Data access patterns can be concealed using storage notes. It is also a cross-chain solution, which makes it possible for other ecosystems to benefit from this level of privacy.

GunClear (Private and Secure Data Storage)

Problems with Centralized Financial Systems

Using Polkadot, GunClear aims to create the "future firearms community" through its digital application. It is a tool for gun owners, retailers, and manufacturers who want to tap into a digital solution. Managing firearms, ammunition, compliance documents, and permits are just some of the functions to explore. All data will be confidential, introducing an extra layer of privacy for gun owners.

Centralized financial systems can fail.

Encointer (Sovereign Identity System)

The Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System," published by

Money has been redesigned numerous times over the past decade. Encointer is applying blockchain

Satoshi

technology to create "the money of tomorrow." A testnet is available for this project, and a mobile phone application is also available. Creating local community money can introduce a degree of financial privacy and lead to a universal basic income.

What are "Trusted Setups"?

A trusted setup is a unique event in crypto that ensures the security of a newly launched privacy network will never be compromised. In a setup, members randomly generate cryptographic rules (public parameters) for a network and sometimes even destroy the machine that generated them.

"We've seen a tremendous amount of interest in our trust setup -- about 5,000 registrations so far. This shows how important privacy is to Web3, and the ecosystem is recognizing it," Kenny Li, co-founder, and COO of Manta Network, said in an interview.

Centralized financial systems can inflate the money supply.

banks do not simply print money buy government and private assets it is bonds government to spend more during economic crises and helps the private sector stay afloat. Before 2021, the U economy showed no clear signs of inflation, but things have changed

The event will begin at the ZK Hacker House in Columbia as part of Devcon, a conference for developers, researchers, and thinkers. During the setup ceremony, a decentralized process will be followed. Some toxic waste will be produced as a result of each participant completing complicated computations. The participant destroys the toxic waste and then reports the results.

Nixon to remove the United

There will be no native token for MantaPay, as explained by the team. For the Manta Network, however, there are plans to launch one. By combining Polkadot's NPoS consensus model with privacy protection, Manta Network is able to create its own layer-1 Blockchain that allows users to conduct private transactions between chains.

the money supply became too easy slowly but surely devalued due to this decision Today there is more money printing going on in the U S than any other time historically

share a shared secret, which is a collection of verified private keys. In the course of computing keys, cryptographers produce "toxic waste" that needs to be disposed of.

Getting rid of Manta Network's toxic waste

A key part of Manta Network's privacy preservation functionality is the generation of ZeroKnowledge Proofs (ZKPs) by the ceremony's participants. In this way, no private information is posted to the Blockchain, which ensures the validity of transactions�

Wealthy nations have generally experienced an economic decline due to heavy wartime expenditures, lavish social welfare, or both During the 1960s, President Lyndon Johnson's The Great

Both the prover and the verifier will perform a complex calculation, committing to a "shared secret" they will use to generate public parameters. The prover and the verifier

What is Toxic waste

The concept of toxic waste can be described as secret numbers that could be used to create fake ZKPs. Todd, a pseudonymous cryptographer at P0xeidon Labs, said that "anyone with those numbers can create tokens out of thin air."

He says, "The purpose of the trusted setup ceremony is to shred that waste into thousands of random pieces and hand each participant a piece. Your piece must be destroyed so that an attacker will never be able to identify the toxic waste."

Centralized financial systems cannot be trusted.

Trusted setups

We are not used to the government confiscating assets, except in cases of criminal activity like the FBI seizing drug dealers' assets Bankrupt governments take

There are some notable examples of trusted blockchain setups in the space, such as Zcash (ZEC) in 2016. Edward Snowden helped launch the privacy

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desperate measures

When Greece was in a debt crisis in 2016, Greek tax authorities seized $1 6 billion from half a million bank accounts

coin, which was the first practical implementation of zero-knowledge proving. In 2021, about 1,000 people contributed to Aleo, another project developing privacy tools for web3.

Due to Venezuela's lack of bank accounts, cash transactions are critical to the country's economy Banks in Venezuela limited withdrawals to 10,000 bolivars per customer in 2018 when the economy was on the verge of collapse There would be long lines at ATMs, and people would have to wait hours to withdraw money Its largest and most commonly used bill, the 100-bolivar note, was removed from circulation in 2016 Bills worth 100 bolivars become worthless immediately

In the past, the largest trusted setup was conducted by a U.S.sanctioned Ethereum mixing service, Tornado Cash. A total of 1,114 people participated in the ceremony, helping to launch the platform in 2020.

In an interview earlier this year, Vitalik Buterin, the cofounder of Ethereum, stated, "In the case of trusted setup ceremonies, we must keep in mind that not all trusted setup ceremonies are the same. 176 participants would be better than 6, and 2,000 would be much better."

On the day of FTXs collapse, Venture and Web3 companies reported that CEXs lost most of their assets under management or treasuries Those who have funds on FTX will likely lose them Maintaining minimal funds on CEXs only for immediate trading is a hard lesson to learn

cryptocurrency exchange spent lavishly to court regulators, just as large financial institutions did during the 2008 financial

advantage He obviously had no care in the world for the members of his exchange or the tenets of decentralized finance that

Centralized players are seeking DeFi regulation because they benefit from

The decentralized exchanges and finance platforms, Uniswap, Balancer, Curv, and others, have continued to function smoothly, allowing users to exit crypto positions and make investments

According to the team behind the project, Manta Network is preparing to set new records for trusted setups, thanks to the low requirements for participation. Due to the fact that ZKP is hardware agnostic, we do not have any hardware requirements. We support all major operating systems, including Ubuntu, Apple, and Windows OS," Li said. Participation in the ceremony is relatively easy as long as someone can follow the instructions. The registration process consists of a few steps, and once the contribution phase begins, you can also complete

that step. "The concept of privacy goes beyond just keeping transactions private; it encompasses your entire on-chain identity as well: everything you do on the blockchain, from your wallets to your transactions, is public and permanent." Without privacy solutions, Blockchain becomes a massive surveillance tool," said Li.

As a Core Value, Privacy is Paramount

According to an anonymous participant in the setup, "Web3 represents the frontier of new technology, and user privacy is critical to its success." I am able to participate in a future I believe in through a trusted setup, even though I'm

are any silver linings� Decentralized projects could benefit from regulation that doesn't overprotect incumbents or harm actual decentralized projects, offering institutional investors the clarity they need to deploy capital By making it riskier to perpetrate scams, we could rid our space of many of them Layer 1 blockchains that deprioritized decentralization as a design goal have been hit the hardest

concerned about protecting my personal data, especially financial information."

The upcoming milestone comes as the demand for privacy is increasing amid the boom of the crypto industry, aiming to protect users' assets. As the latest version of the internet developed for open, trustless access, Manta Network envisions expanding its ZKP privacy technology to the entire Web3 ecosystem. In addition to earning a non-fungible token (NFT) and a Discord title in Manta's community channel, participants in the trusted setup ceremony will not receive any financial incentives, illustrating how it is truly a community effort.

As smart investors, builders, and users have already noticed, the FTX collapse was a failure of CeFi, not DeFi This time around, many seem to have learned their lesson

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In the case of trusted setup ceremonies, we must keep in mind that not all trusted setup ceremonies are the same. 176 participants would be better than 6, and 2,000 would be much better."

OUR MISSION

What are the chances of recouping cryptocurrency losses in court?

Investors are trying to recover their losses in U.S. court following a downturn in cryptocurrency prices and the crash of one stablecoin. Here are some of the challenges investors may face in cryptocurrency litigation.

What is the lawsuit about?

Labs spokesperson, "The claims are unfounded."

One of the world's largest stablecoins, Tether, is being accused of rigging cryptocurrency markets in a lawsuit filed in New York. In addition, Ripple, the company behind XRP, has been sued for selling unregistered securities in California. Motions to dismiss both lawsuits were denied.

Jr. have been accused of pumping and dumping cryptocurrency. A request for comment was not responded to by Kardashian or Mayweather.

Obstacles in the Legal System

Centralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

Individuals who promoted cryptocurrencies, as well as companies that created them, have been sued. According to Kyle Roche, who represents cryptocurrency holders in several lawsuits, U.S. claims over cryptocurrency often involve alleged violations of federal securities and commodities laws, which prohibit fraud and manipulation and require registration of products and operators. In the latest lawsuit, Terraform Labs, the company behind Terra USD, is accused of causing the collapse of the stablecoin.

Robert Stone

On June 17, a cryptocurrency investor sued the Seoulbased company and Chief Executive, Do Kwon, alleging they failed to register Terra USD's digital assets as securities and defrauded investors through several venture capital funds. to a Terraform

In response to the allegations, Ripple said it disputes them and will defend itself. A request for comment from Tether was not responded to. Investing in cryptocurrency exchanges has also been a target for investors looking to recover losses.

finance, cryptocurrency speculators are slowly learning the lessons of the past decade

According to investors, Binance U.S. falsely marketed TerraUSD as a safe asset before it collapsed on June 13. Coinbase was accused of selling 79 digital assets as unregistered securities in March.

The allegations

have been denied by Binance and Coinbase.

Celebrities who have publicly endorsed cryptocurrency are also being sued by investors. Reality TV star Kim Kardashian and boxing legend Floyd Mayweather

Several lawsuits brought in 2020 against exchanges, alleging they fueled an illegal boom in digital coins, failed after judges dismissed them as too late or lacking a connection to the U.S. For newer lawsuits, timing should not be an issue, but cryptocurrency holders could still face obstacles when suing overseas companies in the United States. Singapore-based exchange KuCoin won a default judgment against token holders in New York after a Singaporean court refused to require it to provide information.

pose additional obstacles for cryptocurrency holders. According to Coinbase, private litigants cannot enforce registration requirements against the exchange since Coinbase is not a party to the transactions.

Has Anyone Ever Won?

An inquiry to KuCoin went unanswered.

What DeFi Can Do

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

The investor will also have to show that their tokens qualify as securities or commodities under securities or commodities laws. There have been some court rulings that certain cryptocurrencies fit the bill, but the issue remains unresolved. The process of going after exchanges may

SEC settlements have reclaimed some funds for investors in a handful of digital assets, while many cryptocurrency lawsuits are still pending. Investors may still lose out even after a settlement because they face long delays.

An agreement was reached last year between blockchain company Block.one and token holders, alleging that it had violated securities laws. According to court filings, more than 100 token holders filed claims worth more than $75.7 million. Final approval of the settlement has not yet been granted.

—Crypto Weekly

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

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Know Anyone That Hates Crypto with a Passion? We All Do.

ROBERT STONE

Centralized Finance's Flaws are Exposed For All to See and Learn From

Wof decentralization

the hard way In the absence of U S regulations and crypto's centralized development, FTX collapsed A decentralized and transparent protocol would never have been able to melt down Sam Bankman-Fried's crypto trading empire

We should all realize that an alternative to government-backed finance has one crucial flaw: no backing from the government After centuries of mistakes by

The collapse of several key players and a dramatic drop in coin prices have brought the cryptocurrency sector to its knees. There is also a possibility that the industry won't be able to withstand it, according to some who deem themselves experts. Nobel laureate Paul Krugman has warned that stricter rules could lead to the industry ceasing to exist because of its troubles. "Cryptocurrency needs to be regulated," he said.

According to Krugman, crypto losses over the past year have been vast.

As of this writing, bitcoin's value has plummeted from over 68 thousand dollars to below 17 thousand dollars. However, it was just above 15 thousand a few days ago. Having fallen by roughly 70% from over $3 trillion to below $850 billion, the crypto sector's market capitalization plunged by roughly 70%. The veteran economist criticized crypto exchanges and

immense size� It will be left to the market to resolve a potentially systemic crypto crisis without the deal Even Mr Zhao, known as CZ, poses an obvious danger of relying on one person

lenders for facing mounting financial and regulatory pressures. When bitcoin was designed as a peer-to-peer digital-payments system that eliminated the need for financial intermediaries, he wondered why they exist at all.

limits their risk exposure, and provides deposit insurance. The same protections do not apply to crypto investors, he said." Krugman warned that crypto exchanges might become obsolete if regulators crack down on the industry, partly because they won't be able to offer pie-in-the-sky returns. "It's hard to see how these firms are better than normal banks," he said. Cryptocurrency loomed so large a few months ago and is headed for oblivion, even if Bitcoin's value doesn't go to zero, which it still might." For at least a decade, Krugman has been scathingly critical of crypto. He calls it wasteful, worthless, and a tool for scammers and thieves. So doesn't this Krugman sound the same as your friend, coworker, or relative that hates crypto with a passion?

What DeFi Can Do

"Crypto firms and traditional banks rely on people's trust to operate. In contrast, conventional banking is regulated by the federal government, which supervises their actions,

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

As we learn more about the psychology of hatred, we will be able to comprehend why Krugman hates Crypto so much. He has been hating Bitcoin since it was $50 a half-decade ago. You would think that he would get tired at some point, or have better things to do with his time, but no. In fact, he wishes ill will to people who use Crypto.

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to exist since they don't offer anything new� The NYSE is better if you want to own centralized companies and trade assets in a centralized market

This is exactly why religious fanatics relish the idea that non-believers will go to Hell.

A lot of economists hate Crypto and say it is a bubble. However, these very economists can't see a bubble if it is right in front of them, and history is filled with crises that they never predicted. It makes them happy to be able to say "Ha! We told you it was a bubble!" due to their own failures in doing it in their own fields.

Why do some people hate Crypto so much? Isn't it just a piece of software? Wouldn't the normal response to not liking a specific computer software be to just not use it?

Ignorance

Nakamoto in October 2008, contained nine pages Although Nakamoto conceived of Bitcoin before the 2008 financial crisis, his white paper was released at a fortuitous time

white paper was released in October 2008, the concept of Bitcoin was probably formalized in late 2006, and Bitcoin software was coded around May 2007

Multiple large banks

Nixon to remove the United the money supply became

historically

Problems with Centralized Financial Systems

Centralized financial systems can fail.

The Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System," published by Satoshi

There is no doubt that fear and ignorance are the driving forces behind any kind of hate. Fear of the unknown. Fear of something that challenges your beliefs. Fear that it is too late to change. Fear of freedom. Fear that others will use this freedom against you. Because of fear, it is easier to demonize something you don't understand. In reality, fear is ignorance. Crypto has been tested in a live global economy for fourteen years and is independently verifiable, testable, repeatable, and mathematically provable. If you are not lazy, you have no reason to be ignorant about cryptocurrency.

starting in March 2020

People

hated the Internet too

Another interesting fact. In the beginning, the Internet had its detractors too, who could not bring themselves to see the big picture. There is a very popular Newsweek article written in 1995 called "The Internet? Bah!" by Clifford Stoll. Here's an excerpt:

went bankrupt during the 2008 financial crisis to avoid a global financial meltdown Globally, the 2008 financial crisis cost trillions of dollars and damaged trust between big banks and the public, who ended up paying the price As a result of such a crisis, everyone realized the danger of centralized intermediaries If these banks fail, all money held in them is lost forever except for up to 100k coverage with FDIC insurance

Centralized financial systems can inflate the money supply.

"After two decades online, I'm perplexed. It's not that I haven't had a gas of a good time on the Internet. I've met great people and even caught a hacker or two. But today, I'm uneasy about this most trendy and oversold community. Visionaries see a future of telecommuting workers, interactive libraries and multimedia classrooms. They speak of electronic town meetings and virtual communities. Commerce and business will shift from offices and malls to networks and modems. And the

freedom of digital networks will make governments more democratic. Baloney."

"Do our computer pundits lack all common sense? The truth in no online database will replace your daily newspaper, no CDROM can take the place of a competent teacher and no computer network will change the way government works."

And the U S government responded by spending roughly $5 5 trillion on various relief measures with varying levels of effectiveness A $1 trillion infrastructure bill and a $3 5 trillion social welfare and climate change bill were proposed and passed by the Democrats not long ago, and doing so has resulted in inflation. To make conventional currency work, all trust is required that the central bank not debase the currency, but fiat currencies have a history of trust breaches Governments have a monopoly over the money supply, and they use it

Wealthy nations have generally experienced an economic decline due to heavy wartime expenditures, lavish social welfare, or both 1960s, President Lyndon Johnson's The Great

The music never stops in the cryptoverse, and the band marches on.

Interesting how people apply their angst to how they think when they don't like something and expose themselves to the ignorance and blindness they hold dear. They block themselves from true understanding with their hate-propelled

governments take

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FEATURE

ill-informed thoughts about any subject, and crypto is the focus of many a detractor beside Paul Krugman. The world is full of them. Nobel laureate or not, Krugman cannot clearly see through the self-induced fog that drifts around him to understand the subject at hand.

free commerce like the rest of us do without a thought.

ratings and unable to afford high charges, this reduces some of the main barriers to accessing financial services. In addition, it allows migrant workers to send remittances without using time-consuming and costly services like MoneyGram and Western Union.

cryptocurrency as a means of payment or for a network of agents to exchange crypto into local currency. The local economies of Kenya have risen to the crypto occasion.

Centralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

There is much more than fear, uncertainty, and denial to do with the crypto revolution. Crypto is about much more than speculation, crashes, or scammers. Crypto represents something transcendent. Crypto as a decentralized entity may be slowed down in the short term by laws bans or regulations, but governments can do nothing to stop it in the long term. There are a few good reasons for this. Read on, and I will go into depth about just one of those reasons.

We rich westerners have yet to learn, for the most part, how crypto has caught on with those 1.7 billion or 20% of the world's people who remain unable to use a bank or transfer value from one place to another without paying dearly for the effort. A World Bank report states that two billion more people do not use their bank accounts because they do not earn enough money or receive loans that could improve their lives. Are you starting to notice this now? Crypto is here to stay, and the only way to stop it is to turn off both the Internet and electricity.

Robert Stone

How the Crypto Revolution is assisting the unbanked

Poor people the world over are disregarded by the banks and barred from using them through KYC regulations. It is estimated that billions of adults worldwide still do not have access to banking services or can't afford them. These are the people who are hardest to reach - and many of them are women, poor, less educated, and living in rural areas. They depend on crypto to join in

Once all of you begin to understand the technical foundations of Cryptocurrencies, you will realize that you are engaging with a paradigm-shifting technology that will likely revolutionize the world. It is only about your education rather than your angst. Let me teach you. Crypto cuts out the intermediaries with their hands in the pot and their bureaucratic tendencies.

finance, cryptocurrency speculators are slowly learning the lessons of the past decade

Anyone can register and open a digital account. All we need is a smartphone and internet access. Neither banks nor credit companies act as gatekeepers nor charge hefty fees. For people living on little and often with poor credit

Secondly, cryptocurrency and the underpinning technology allow direct support to be providedsuch as cash transfers or vouchers - without bogging down in bureaucracy. As an alternative to transferring funds through local banks, the World Food Programme (WFP) used Ethereum to provide meals to refugees in Jordan. A refugee receives an account and can use it to purchase food in the refugee camps. They are identified through biometric data, which has the advantage of bypassing other identity methods.

This local infrastructure is crucial but not self-evident. A platform may partner with a local organization to make a difference with merchants and agents. This kind of crypto economy around the world has yet to be reported much in western media. Most of us in the west don't even know it exists.

Why crypto works so well

Let's use Kenya as an example.

What DeFi Can Do

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

Crypto enthusiasts refer to the mobile payment system M-PESA in Kenya – which is used by 90 percent of all Kenyans – to illustrate that digital banking is possible in countries with high rates of poverty and relatively poor infrastructure. People in poverty need to be able to spend their crypto every day, unlike wealthy investors who buy crypto for longterm returns. This requires shops to either accept

Cryptocurrency uses blockchain technology, a decentralized database that no single entity controls or can alter. Blockchain stores transactional records and creates a decentralized digital payment system. The purpose of this is to eliminate the ability of intermediaries such as banks and governments to block, censor, invalidate or reverse payments and transfers. There's usually a database in which your fiat money exists, but you must go through the bank to move it to someone else. With crypto, you don't have to.

Any digital cryptocurrency transfer cannot be altered by any centralized authority or user because blockchain is a digital public ledger. Financial transactions are

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

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transparent and traceable using the ledger, resulting in a peer-to-peer network of transactions. It is all out there in pseudonyms, so even if you don't know who's doing what, you now know it is happening.

Crypto is open, transparent, and trustless.

This all creates an open, transparent, and trustless system. Trustless, in this case, doesn't mean no trust (although many people have lost trust in the current financial system) but rather not needing to trust every human participant in the system. Instead, crypto relies on code.

Robert Stone

Cryptocurrency ultimately means your access to currency is determined by your ability to get online, not by what a bank or government allows. Anyone with the necessary software and hardware, such as digital wallets and the internet, can instantly access digital currencies. Access to crypto still requires some form of gaining access. It is mostly "fiat" currency and accessing features such as money orders and cash that often involves "touching" the financial system. By leveraging these shifts, cryptocurrency technologies create a more inclusive financial landscape and eliminate inefficiencies in our current economic structure.

Isn't fiat disappointing?

finance, cryptocurrency speculators are slowly learning the lessons of the past decade

If you find yourself disappointed with the current financial system. The times we live in have shaken us a bit. We may soon be able to transform our personal and shared financial experiences with cryptocurrency and replace the old antiquated system controlled by government monopolies worldwide.

The reason you should get involved with crypto is the fact that it changes the fundamental principle of the way things work. One of the most important is the unabated money printing

going on in economies worldwide that ultimately results in picking the pockets of its citizens whenever a monopolistic government whim arises. If you are a heart-centered, active, awake human being, then you should care about cryptocurrency, if for no other reason than you would like to make a difference in the world.

What DeFi Can Do

Final Thoughts

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

There are many more reasons why crypto never goes away, but those are stories for another time. I am going to end now with an appropriate quote from the creator of Bitcoin, Satoshi Nakamoto.

"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts."

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

— Satoshi Nakamoto (February 11th, 2009)

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Centralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

COMING SOON! EXCHANGE

UTILITY TOKEN

$1.5 million invested in the first 60 days! Owned and Founded by one of the largest ever Shiba inu whales with a holding worth over $5.7 Billion at its peak! All Marketing & Development Costs Are Funded Personally by Shibtoshi Himself! Exclusive NFT Collection

SQUIDGROW,

SQUIDGROW, SAFEST GROWING MEME

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the legendary Mike Miller (Marvel & DC Official Movie and Comic Artist)

FTX failed because it was a company of con men inserting themselves between crypto and the people.

ROBERT STONE

ACentralized Finance's Flaws are Exposed For All to See and Learn From with the Fall of FTX.

significant part of the unrest in crypto over the past weeks can be traced to one individual, Sam Bankman-Fried. He has a deeply controversial personality. No matter how you feel about him, he has been making headlines for some time now. But whether he's misleading or just incompetent at managing money is irrelevant. Despite the magnitude of the FTX scandal, it is just an aspect of a far larger issue.

Robert Stone

There needs to be more knowledge of what cryptocurrencies are for and how to use them. The lack of knowledge is a widespread problem every crypto investor should pay attention to. The media coverage touting "institutional adoption" that will usher in a golden age of crypto has fueled this ignorance by leaps and bounds. Institutional adoption and speculation aren't crypto's true purpose. The system aims to remove the intermediary so that transactions can flow freely and securely between empowered individuals without needing an intermediary, thus making

finance, cryptocurrency speculators are slowly learning the lessons of the past decade

What DeFi Can Do

Many reasons can lead to centralization, some of which are noble and intentional The carelessness of others is evident � By bringing the freedoms of the blockchain to traditional

In my view, centralized offerings will not survive in the long run It's called survival of the fittest. We are in a state of evolution, and there's no reason for them

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FEATURE

to exist since they don't offer anything new� The NYSE is better if you want to own centralized companies and trade assets in a centralized market

financial transactions faster, better, and cheaper with much more security than traditional finance provides. FTX failed because it was a company of con men inserting themselves as an intermediary between crypto and the people.

Cryptocurrencies are

Problems with Centralized Financial Systems

Centralized financial systems can fail.

The Bitcoin white paper

"Bitcoin: A Peer-to-Peer Electronic Cash System,"

published by Satoshi

about the elimination of the middlemen of traditional finance.

Funds should be fully controlled by the people investing them, and no single entity should control the system. Crypto grew and thrived in its early days because users understood one principle: If you don't own your keys, your crypto belongs to no one. As opposed to entrusting your money to an exchange, you used to maintain a cryptocurrency wallet. If those who lost millions in FTX had put their assets in a private wallet, they would not have lost them. The hundreds of thousands of users of FTX who left their assets on the exchange are ultimately responsible for crashing crypto, in addition to Sam Bankman-Fried and his cohorts.

large banks went bankrupt during the 2008 financial crisis to avoid a global financial meltdown Globally, the 2008 financial crisis cost trillions of dollars and damaged trust between big banks and the public, who ended up paying the price As a result of such a crisis, everyone realized the danger of centralized intermediaries If these banks fail, all money held in them is lost forever except for up to 100k coverage with FDIC insurance

Centralized financial systems

can inflate the money supply.

Exchanges provide an easy way to trade crypto without the learning curve, providing comfort to the user. However, you shouldn't sacrifice your financial freedom if you want comfort. You share your private keys with these centralized platforms in exchange for storing and depositing your assets. Never leave your assets on one of these exchanges. If you surrender your keys, these institutions can manipulate your funds however they like, including locking them up. Not only may those who run the exchanges be less than honest, but these centralized

exchanges are vulnerable to being hacked. FTX, once the world's third-largest crypto platform, was responsible for holding and safeguarding your assets. Rather, the company lent them out to an affiliate hedge fund. If the money had been in private wallets, FTX could not have lent out its customer's funds. Crypto, which has nothing to do with FTX, is viewed as the scapegoat because the big FTX crash is being reported on every news channel. In their ignorance, people blame cryptocurrencies for running off with their money, while centralized crypto exchanges (CEXs) are to blame.

banks do not simply print money� Instead, they buy government and private assets Most often, it is bonds� It allows the government to spend more during economic crises and helps the private sector stay afloat. 2021, the U S economy showed no clear signs of inflation, but things have changed

Traditional finance regulations can add more layers of government control to crypto, effectively turning it into another government-controlled currency. They propose regulating all exchanges and outlawing decentralized finance altogether as a solution to the problem. Educating yourself on using decentralized crypto platforms correctly is essential to achieving financial independence through crypto.

Thus, the FTX ordeal remains a stark reminder that centralized systems are crypto's worst enemies. Despite that, it is not yet an enemy that is winning. Despite the current shakeup in the broader market, crypto remains unscathed. While centralized

Wealthy nations have generally experienced an economic decline due to heavy wartime expenditures, lavish social welfare, or both During the 1960s, President Lyndon Johnson's The Great

platforms have struggled, DeFi has kept things running. Traditional finance continues to be weakened by its weaknesses, while DeFi offers financial independence, decentralization, and transparency. DeFi continues to grow and evolve every single day.

Centralized financial systems cannot be trusted.

We are not used to the government confiscating assets, except in cases of criminal activity like the FBI seizing drug dealers' assets Bankrupt governments take

Those who understand crypto's vast potential of taking the power of money away from government monopolies will remain faithful, hopeful, and unshaken, following the tenets of decentralized finance in our financial lives. Is it better for the world's people if governments could not print more money at any whim? When the people of the world take their power back, governments will be made to use blockchain when conducting financial transactions because they are transparent and highly unhackable mechanisms of immutable truth that cannot be altered or forged. Every governmental action with the money the people give to their governments for the services provided as employees of the people will have complete transparency on the blockchain. No more missing billions from the Pentagon. How about no more wars? Crypto may make that possible when governments can't print money anymore. In the end, wars will become obsolete because when the people take control, they won't happen. The military-industrial complex will de-construct.

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A New Userbase for Polygon-Based Avatars on Reddit is Breaking Records

ROBERT STONE

The number of polygon avatars on Reddit has been growing rapidly. By now, most people stumble upon NFTs daily, especially when scrolling through their social networks, regardless of whether they support the technology.

36 www.cryptoweeklymag.com April 2023 | Volume 49

Ablockchain-backed collectible avatar has now been integrated into Reddit's platform, making it the latest social network to support NFTs. The online message board community Reddit has been a significant force behind the adoption of NFTs, according to an executive who revealed that over 3 million Polygon

to exist since they don't offer anything new� The NYSE is better if you want to own centralized companies and trade assets in a centralized market

wallets had been created for them. Now sales are surging. According to blockchain data platform Dune analytics, the total sales volume of Reddit NFTs has exceeded $8.5 million. According to the Dune dashboard, more than 3.7 million avatars have been distributed and are in circulation so far.

In some cases, those avatars were premium NFTs bought from the site, with initial fixed prices that ranged from $10 to $100. Reddit Floor data indicates that users have purchased about 90,000 NFTs worth about $100 million. More than 100,000 Reddit communities (or subreddits) were also given out or airdropped free NFTs to some of the site's most devoted users, allowing many people to experience NFTs for the first time. According to user Umbra1661, who owns dozens of Reddit NFTs, the surge of interest in Reddit NFTs can be attributed to Reddit's "huge power" of engaging its community. "Due to Reddit's huge power, I believe in the project's success. However, I like the art as well!"

Problems with Centralized Financial Systems

Senses by pseudonymous artist Rojom, and a Spooky Season collection by Poieeeyeee. You don't need a crypto wallet to buy them, so you can use your credit or debit card and store them with Reddit's wallet.

Franklinisbored, a prominent Ape collector, said, "seasoned collectors are likely to buy Reddit NFTs because of their popularity. The reason whales like Reddit NFTs is that it is easy and successful at bringing in a large group of new players. As a result, they are showing their support and confidence in their execution."

For those who haven't heard of an NFT, it is a blockchain token representing ownership of unique items, such as avatars and profile pictures (PFPs), video game items, and digital artwork. As a result of an ongoing decline in the crypto market, prices and sales volume have fallen in recent months in the NFT market, which peaked in 2021 at $25 billion and continued until early 2022.

Also, Reddit's reputation as a trusted platform and the user mentioned their long-term utility. The original appeal of artwork as a digital identity remains strong despite the space's innovation in recent years. Even for non-crypto natives, Reddit NFTs confirm that PFPs are the best NFT use case. With its many stylized subcollections, the project was seen as an excellent trading opportunity by others, leading to a rise in secondary market prices and an increase in sales.

If you purchase one of the limited-edition Reddit NFTs, you can use it both on and off avatars on Reddit. It is far less expensive than owning an NFT from Yuga Labs' Bored Ape Yacht Club collection, which allows you to create merchandise and TV shows based on the bored ape you own. Additionally, the avatar will have a glow-like effect next to your comments in communities when you mix and match products available in the avatar builder.

Centralized financial systems can inflate the money supply.

Centralized financial systems can fail.

An array of artists contributed various visual styles to each avatar based on Snoo, the Reddit alien mascot, and anyone can purchase blockchain-based profile pictures for a fixed rate. Among the most popular and valuable collections within the Reddit project are Foustlings by Tyler Foust, The

The Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System," published by Satoshi

www.cryptoweeklymag.com

TheRedditAvatarWhale, a Reddit avatar collector who claims to have spent $50,000 on avatars, said in a Reddit post that acquiring Reddit NFTs is appealing because it simplifies the process of collecting NFTs for a larger audience.

According to the user, traditional NFTs have a steep learning curve, which makes them difficult to acquire.

Ultimately, Web3 and NFTs will help us optimize our polluting consumption economy while improving end users' ownership of their digital assets by reshaping our symbiosis between the physical and digital worlds. Consumers should adopt conscious consumerism and invest in digital and NFT initiatives that will make a difference.

Wealthy nations have generally experienced an economic decline due to heavy wartime expenditures, lavish social welfare, or both During the 1960s, President Lyndon Johnson's The Great

Society, combined war of attrition led President Nixon to remove States from standard reserves required money supply, the money too easy slowly but due to this there is more printing going U S than historically

As the world's economy II, the United enjoyed a economic arrogance to think that will continue collapse is almost day National and nations forever According ancient money governments sustain massive levels without depreciating, and eventually worthless

Centralized financial

cannot

We are not government assets, except of criminal the FBI seizing dealers' assets governments

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December 2022 | Volume

FEATURE

HIDDEN GEMS

PROJECT 1

Shade Protocol (SHD) SILK

Squid Grow

shadeprotocol

SquidGrow is a meme coin developed by Shibtoshi, one of the largest whales who held Shiba Inu, worth millions at one point of holding. It's one of the safest and fastest-growing tokens on the Binance Smart Chain, with a fully doxed team behind it. They aim to "keep growing until we reach the top; '' a project so full of ambition is not one to miss out on.

Developed on Secret Network, Shade Protocol consists of a network of privacypreserving Dapps to the high speed of the Secret Network, Shade has not only created a product that is privacy-friendly, scalable, and interoperable, but is also very easy to use

With Shibtoshi being a day one Shiba Inu holder, the possibilities for marketing and outreach have been endless. There's a reason this project is perhaps THE fastest growing on the entire BSC - it's trusted, it's safe, and it's only going upwards.

ShadeProtocol

Despite their inherent security, traditional stablecoins, such as those pegged to gold or fiat, have a major weakness; they lack privacy Using a stablecoin means that the merchant knows far more about you than with a credit card or debit card, allowing them to discriminate against you

holders the option to make their transactions private or public. With advanced flexibility and auditable privacy, SILK is a 4th generation stablecoin

Since inflation remains a growing concern globally, Shade Protocol offers a stablecoin that doesn't adhere to a single fiat currency or asset, but can react to global trends as they change With Shade Protocol, everything will be under one umbrella, including a decentralized exchange

more use cases to come. The staking pool is a high APY unlocked pool where staking your SquidGrow tokens rewards you with more tokens. There is no penalty to unlock your staked coins. The staking pool, generating an APY of 50%, is available for 30 days, so users can sit back and relax while passively earning rewards.

There's also an LP staking pool where LP tokens can be staked for a massive APY, sometimes up to 500%! The other current utility is SquidGrow lottery, where tickets can be purchased directly through the website, and a new draw is held every day.

Shade_Protocol

PROJECT 2

SquidGrow was born with a vision to make the record of fastest growing price, and it succeeded. Shibtoshi emphasizes the whitepaper's three core values: transparency, trust, and longevity. SquidGrow is on the scene for the long haul as both the team and the community are driving efforts for real use cases disassociated from the token usage.

Based on the Secret Network and SNIP20 private and fungible token standard, SILK gives

The utility for SquidGrow revolves mostly around staking and holders; however, Shibtoshi has promised

Dogeliens are coming The new king of meme coins has come from Puptopia to save the earth from mediocre cryptocurrencies

As governments consider how to interact and use cryptocurrencies, and more nations adopt cryptocurrencies as a hedge against inflation, at the same time the world's population becomes more familiar with cryptocurrency, stablecoins will remain a major topic of discussion The answer to the question of what a stablecoin should be, can be found in SILK

The more numbers your ticket matches in each draw, the more you win. A deflationary mechanism revolves around the lottery tickets, as 10% of each lottery pool is burned every draw.

Shibtoshi has stated that "future utilities will only be announced when exact time frames are 110% able to be met". There is so much more to come from this token, and it's only going up from here, so get in on SquidGrow now before you miss your flight to the moon!

dogeliens

poochain

DogeliensOfficial

PROJECT 2 PooChain PooChainPortal

dogeliens

The meme coin newcomer that could overthrow Dogecoin and Shiba Inu, Dogeliens Token (DOGET), is also one of the newly introduced ideas and has raised a huge amount in a heartbeat

$POOP is the native token from Poochain, a project that aims to create a unique blockchain exclusively for meme tokens. Users can create, distribute and market their own tokens through Poochain, making for a smoother and easier experience for meme token traders and creators. $POOP is the governance token for the network and will be utilized within the Poochain ecosystem.

uninitiated and those wishing to learn about cryptocurrencies Their purpose is to create one of the best blockchain-based training platforms to attract extra individuals to the crypto industry Dogeliens completed this by establishing the ‘College of Barkington,’ which provides customers with a broad assortment of content material

already been burnt with more to come in the near future. POOP is only at its inception in the grand scheme of things. The team has so many features laid out in their roadmap that it makes it one of the most promising and safest investments in the meme token circle. Many roadmaps are filled with empty promises and a lack of evidence. Poochain has it all planned out clear as day.

Dogeliens (DOGET) is an upcoming meme coin that aims to offer individuals an enjoyable cryptocurrency that both maintains the meme coin pleasure whilst including utility value These combine to make it a token you’ll want to consider Dogeliens is predicated on the Binance Smart Chain (BSC), which supplies the community with faster transaction processing and easy scalability

Poochain and POOP are projects to look out for because of the wide array of features already available. Not only is Poochain a whole new blockchain, but they also have their own swapping platform, an official dApp (decentralized app), and a whole staking process. There are many more features and experiences to come, but Poochain has already shown how far ahead of the game they are compared to other meme tokens aiming to achieve the same thing.

The buy tax for POOP is 9%, and the liquidity pool is locked for one year. 2.4% of POOP tokens have

The coin supplies video games and academic info to newbies, aiming to assist the

Dogeliens Academy, a new educational platform, will be launched by Dogeliens This platform will provide a virtual class with video content so that everyone may learn more about blockchain technology Dogeliens will also provide DeFi services like staking and trading, which will be supported by the platform’s DOGET tokens The token is also required for users to mint NFTs to engage in the platform’s play-to-earn (P2E) games and obtain DOGET token prizes� While Dogeliens aspires to imitate Dogecoin, it will not remain in its shadow Instead, Dogeliens will grow and recruit additional next-generation utilities within its ecosystem

The team behind Poochain has even released a swanky new trailer for their upcoming dApp, allowing holders to stake POOP tokens from their phone and swap and exchange POOP coins wherever they go. It's simple and accessible, and there's so much potential behind the project; it truly is one of the most promising and exciting projects to arise in recent months.

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Dogeliens (DOGET)

squidgrow Squid_Grow SquidGrowPortalEntry

Get staking your POOP coins now and start earning BNB through APY returns today. Join the next meme token adventure and the future of meme token blockchains on Poochain! poo_chain

HIDDEN GEMS

PROJECT 3

Dogeliens

dogeliens.io

cookiesale

DogeliensOfficial

cookiesaleio

dogeliens

Cookie Sale Kodi (KODI)

Dogeliens are coming. The new king of meme coins has come from Puptopia to save the earth from mediocre cryptocurrencies. The Meme Coin Newcomer That Could Overthrow Dogecoin And Shiba Inu, Dogeliens Token (DOGET), is also one of the newly introduced ideas and has raised a huge amount in a jiffy. The other two tokens discussed in this article are Ethereum (ETH), the second largest crypto project, and Aptos (APT), which completes a project abandoned by one of the largest companies, META.

Cookie Sale launched in February 2022, and aims to become one of the biggest launchpads for tokens on the BSC sleek design and easy-to-use interface, CookieSale looks to be adaptable and adoptable for developers and a safe environment for investors works side by side with Kodi’s marketing & advertising agency Pitch. This benefits developers and holders of Kodi as well As a developer, you will be able to use CookieSale as an “A to Z” platform

CookieSale will be bought back into Kodi and then airdropped to holders, holding 10 million or more Kodi tokens

The coin supplies video games and academic info to assist most people to gain an understanding of cryptocurrency extra quickly. They aim to create one of the best blockchain-based training platforms to attract extra individuals to the crypto business. Dogeliens completed this by establishing the 'College of Barkington,' which provides customers with a broad assortment of content.

Backed by powerful auditing companies such as Certik, SpyWolf, Brewlabs, Dessert Finance, Contract Checker, and HashEx developers will be able to choose between three pre-audited contracts or create their own and have it audited separately Other key features include liquidity locking, anti-bot features, custom airdrops, visual cues to aid in identifying safer investments, and more

Dogeliens (DOGET) is an upcoming meme coin that hopes to offer people an enjoyable experience that maintains the meme coin's pleasurable mystique. It also includes elements of usefulness that make it a token you’ll consider for eternity. Dogeliens is predicated on the Binance Smart Chain, which supplies the community with faster transaction processing and easy scalability.

From advertising to zhooshing up your “cookie” there will be something that satisfies almost anyone’s tastes As a Kodi holder, a percentage of the revenue generated through

PROJECT 4

Shade Protocol

shadeprotocol

Kodi’s mission is to create a one-stop-shop IDO platform and provide investors with an interactive Entertainment Network that will keep users engaged, informed, and entertained while investing in the crypto space

ShadeProtocol

Shade_Protocol

cookiesale kodicoin kodi_coin

Clear Vision

Developed on Secret Network, Shade Protocol consists of a network of privacy-preserving Dapps. Due to the high speed of the Secret Network, Shade has not only created a product that is privacy-friendly, scalable, and interoperable but is also very easy to use.

Despite their inherent security, traditional stablecoins, such as those pegged to gold or fiat, have a major weakness; they lack privacy. Using a stablecoin means that the merchant knows far more about you than with a credit card or debit card, allowing them to discriminate against you.

Kodi`s vision is to create an ecosystem that will be a driver in promoting a safer economic environment for crypto investors to participate in and for developers to grow their projects. Kodi is creating an industry-first Entertainment Network that will become THE place for crypto investors to socialize, have fun, win prizes, and learn about everything crypto Is there anything more about Kodi? How do you, as an investor benefit? Kodi by itself, is an entertainment project Kodi plays games post podcasts, do AMAs, have tournaments, live streams, and play plenty of music� At Kodi there are two subsidiaries� "Pitch" being the in-house advertising agency, which is a one-stop shop, all things content creation, both in crypto and fiat. Branding, websites, commercials, you name it Kodi does it The Pitch Advertising Agency and

Based on the Secret Network and SNIP20 private and fungible token standard, SILK gives holders the option to make their transactions private or public. With advanced flexibility and auditable privacy, SILK is a 4th

One notable feature that stands out amongst other launchpads is that CookieSale will only charge a flat fee for listing Developers will be able to launch the right way, without the fear of a large sell from the launchpad taking profit.

Dogeliens Academy, a new educational platform, will be launched by Dogeliens. This platform will provide a virtual class with video content so everyone can learn more about blockchain technology. Dogeliens will also provide DeFi services like staking and trading, which the platform's DOGET tokens will support. The token is also required for users to mint NFTs to engage in the platform's play-to-earn (P2E) games and obtain DOGET token prizes. While Dogeliens aspires to imitate Dogecoin, it will not remain in its shadow. Instead, Dogeliens will grow and recruit additional next-generation utilities to its ecosystem.

CookieSale launchpad Cookie Sale will work in unison to become the go-to destinations for developers to build their brands and launch their projects With Cookie Sale, you can launch your project from A to Z Gone are the days of taking your token supply Kodi simply charges a flat fee, no strings attached.

So how do you benefit as a holder? Well, if you're, a holder of at least ten million KODI you receive BNB, rewards automatically deposited You also can participate in Kodi`s weekly games where you can win, BNB

But here's where things get really

generation stablecoin. Since inflation remains a growing concern globally, Shade Protocol offers a stablecoin that doesn't adhere to a single fiat currency or asset but can react to global trends as they change. With Shade Protocol, everything will be under one umbrella, including a decentralized exchange.

The answer to the question of what a stablecoin should be can be found in SILK.

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Two percent of every transaction goes straight into the Kodi treasury contract The treasury buys back Kodi tokens, creating an increase in price, and stores them in the treasury Twenty percent of these tokens are burnt and 80% gets used to top up the staking pools as needed revenue generated through pitch and cookie sale also gets added to the treasury contract This creates the everincreasing price floor, whilst also removing tokens from circulation Go say hi on their telegram community, or check out their website at Kodicoin com

kodicoinofficial

What is Bitcoin Mining Difficulty?

ROBERT STONE

PART TWO:

The Difficulty of discovering Bitcoin blocks is adjusted automatically depending on the number of miners who are competing to discover the blocks at a given moment in order to maintain a new Bitcoin block being discovered, approximately every 10 minutes.

Bitcoin is used because it is completely decentralized and not controlled by a

central authority. Detecting new Bitcoin blocks through mining is difficult due to Bitcoin mining difficulty, as the name implies. Satoshi Nakamoto hard-coded an algorithm into the source code of the Bitcoin network. By constantly adjusting the difficulty of the mining process, this algorithm ensures that blocks are discovered at an even pace regardless of how many miners are

ZK Rollups, and Validiums. I then discussed a bit about the contrast between layer 1 and layer 2 chains. Today I will finish up by explaining some of the more common layer 2's and what they do.

present in the network. Here, we will explore this concept extensively, highlight its importance, and describe how Bitcoin mining difficulty is determined and adjusted.

The Basics of Bitcoin Mining

As the network's native currency and its primary security measure, Bitcoin (BTC) is dependent on the

as they harmonize with the Ethereum ecosystem� There can be a balance between the advantages of a layer 2 blockchain and the limitations of another layer 2

Bitcoin mining process. Bitcoin's consensus system relies on mining - a system of agreement that ensures all distributed participants agree before new data is added to the blockchain. Anyone in the world can validate new transactions and add them chronologically to the blockchain via new blocks thanks to a decentralized transaction validation process.

The general layer 2 project mirrors Ethereum's mainnet's performance and functionality, but with lower fees (gas). Here are a few examples:

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Even though it may seem simple, the entire process - also called proof-of-work - requires computers to generate a winning code first. In this way, potential bad actors are discouraged from participating in the network and trying to corrupt the blockchain with invalid transactions by forcing validators to expend some form of energy.

ASIC miners, which can generate over one quintillion random codes per second, have become increasingly popular among miners as a means of increasing their odds of winning. They have increased their odds of winning by using specialized computing equipment, application-specific integrated circuits (ASICs). The number of guesses generated per second is exponentially higher than any regular laptop can produce.

The Difficulty of mining bitcoin increases whenever there is an influx of miners or mining rigs. When the number of competing miners drops (that is, if there are fewer miners competing to discover blocks), the protocol reduces the mining difficulty so that the remaining miners have an easier time discovering blocks. Add or reduce the zeros in the target hash to alter the Bitcoin network's mining difficulty.

When is the Difficulty of Bitcoin Mining Adjusted?

Difficulty

A mining difficulty adjustment compares the time it should take to locate 2,016 Bitcoin transaction blocks with the time it took to locate the last 2,016 blocks. To avoid confusion, 10 minutes is the accepted block time. Accordingly, the expected time for mining 2016 blocks is 20,160 minutes (2,016 multiplied by ten minutes).

The Importance of Bitcoin Mining Difficulty

With a 10-minute duration for finding new blocks, the Bitcoin difficulty algorithm maintains the stability of the entire system. A miner wins the privilege of proposing a new block of Bitcoin transactions by generating a winning code in roughly 10 minutes out of the entire network.

By increasing or decreasing the difficulty of mining Bitcoin, the algorithm maintains this frequency.

Approximately every two weeks (or every 2,016 blocks), Bitcoin's mining difficulty is updated. Each 2,016-block interval is known as the difficulty epoch, because the network determines whether the mining process has sped up or slowed down over the past two weeks based on the activity of miners. A mining difficulty increase will be applied if the time taken is less than 10 minutes. A block time of more than 10 minutes produces the opposite result.

PART TWO: LAYER 2 CONSENSUS MECHANISMS: WHAT ARE THEY AND HOW DO THEY WORK?

Robert Stone

Calculating Bitcoin Mining Difficulty.

ast week we went into a bit of depth about what layer 2 consensus mechanisms are, what they do, and how they work. We talked about Optimistic Rollups, ZK Rollups, and Validiums. I then discussed a bit about the contrast between layer 1 and layer 2 chains. Today I will finish up by explaining some of the more common layer 2's and what they do.

All miners strive to beat a specific hash (fixed-length code) called the target hash. The winner is the person who generates a random code that has a larger number of zeros than the target hash. More miners joining the network with more sophisticated equipment would likely discover blocks faster without such a system. Bitcoin's value would likely be inhibited by the random entry of new Bitcoin into circulation, resulting in an unpredictable rate of new Bitcoin entering circulation. Bitcoin's appeal is largely due to its steady, predictable inflation rate, compared to fiat currencies' unpredictable and rampant inflation caused by excessive quantitative easing. Because there are only 21 million coins in circulation, it's also a finite asset with a limited supply. Providing demand remains high, both of these factors should, in theory, stabilize Bitcoin's price.

Layer 2 Examples

Formulas are used to calculate bitcoin mining difficulty. However, the most common formula is: Difficulty Level = Difficulty Target/ Current Target. Difficulty Targets are hexadecimal representations of target hashes whose mining difficulty is 1. A current target, on the other hand, is the hash of the most recent block of transactions. The difficulty level of mining Bitcoin is determined by dividing the two values.

The network calculates how long it takes to mine the last 2,016 blocks. It is then multiplied by the most recent difficulty level based on the ratio of the standard 20,160 minutes (10 minutes x 2,016 blocks) to the time it took to scale the last difficulty epoch. By calculating the percentage change in mining difficulty necessary to bring the block time to 10 minutes, we are able to determine how much change in mining difficulty is needed. Due to an error in the original Bitcoin protocol, difficulty level adjustments are based on the previous 2,015 blocks instead of the theorized 2,016 blocks.

These are Some of the More Common Layer 2s:

It would require approximately 24 trillion hashes for a miner to find the winning hash, for example. However, it is possible to find it with significantly fewer guesses sometimes.

An Explanation of the Adjustment of Bitcoin Mining

In general, layer 2s (which anyone can build), provide a greater range of options for end users as they harmonize with the Ethereum ecosystem� There can be a balance between the advantages of a layer 2 blockchain and the limitations of another layer 2

General

Layer 2s Defined

The general layer 2 project mirrors Ethereum's mainnet's performance and functionality, but with lower fees (gas). Here are a few examples:

While a 10-minute block time is the goal, the mining difficulty cannot be increased or decreased beyond four times the current difficulty level. For each difficulty epoch, the upper limit is +300%, and the lower limit is -75%. This rule can prevent an abrupt change in mining difficulty.

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