Welcome to the protocol, CoinDesk’s weekly wraps of the most important story of cryptocurrency tech development. I’m Ben Schiller, the opinion of CoinDesk and featured editor.
In this issue:
- Ethereum’s Wall Street Cheerleader
- Avalanche fees reduce fees by 75%
- Combines bitcoin
- UBS checks zkync for gold
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Network news
Ethereum’s Wall Street Guy: Ethereum is faced with an identity crisis. Its native token, Ether (ETH), is incredible against competitors, and long -term builders are beginning to ask if the chain technology is falling – and whether its community is losing focus. The Ethereum Foundation, the nonprofit that the development of Ethereum stewards, is blamed for many of the network’s struggles. Co-founder Vitalik Baterin led a massive shake of the organization’s leadership, but his main influence on the process led to his own controversy. Meanwhile. In the midst of this chaos, a new project, Etherealize, aims to bring ETH to Wall Street. Former banker Vivek Raman founded Etherealize bridges the gap between traditional finances and Ethereum, positioning the ETH as a serious type of property. Raman, who spent a decade on banking before discovering the crypto, believes that his traditional financial background gives him a unique perspective. He spent the past four years putting the basis for Etherealize, which was chosen to launch in January-a time of increased market optimism driven by the expectations of a crypto-friendly White House, even the Ethereum grapples with internal disputes and stagnation prices. In an interview with CoinDesk’s Margaux Nijkerk, Raman talks about how he came to create Etherealize, how that group was marketing ETH on Wall Street and discussing banks’ views on layer-2-2 . Read more.
Avalanche cuts user costs: The cost of using avalanche, a defi-focus smart-contract blockchain, has fallen from implementing the Upgrading Avalanche9000 On December 16, the transmission of the number of transactions to more than one third. Since upgrading, the Proof-of-Stake Blockchain’s Use fees known as gas average almost 75% less than the months before, the data from Flipside and Bitquery Show. The number of transactions increased by 38% on average 354,691 a day. Avalanche, the fifth largest smart-contract blockchain by the value of the native token market, boasts of a multichein C-chain structure, which holds smart contracts, P-chain for staking and coordination management and coordination of Validator and X-chain for asset transfer processing. The upgrade composed Seven improvement measures, including ACP-125, have lowered the base fee to run intelligent contracts with C-chain to 1 Navax from 25 Navax. A Navax is a billion of an Avax. The upgrade also Replaced Validator fee of 2,000 Avax Validator with a monthly subscription of 1 to 10 Avax, opening doors for projects of all sizes to introduce layer 1 (L1) protocols in avalanche. Upgrade will make each part of the Avalanche Tech stack cheaper by reducing C-chain fees and removing capital requirements for L1 validators, Stephen Betolph, Chief Protocol Architect of Ava Labs, Decrypt said in November. Read more.
UBS ZKSYNC TEST: Swiss Banking Giant UBS said it completed a proof-of-concept of the UBS Key4 that offers gold at the Ethereum Layer-2 Network Zksync. The simulation, conducted on a ZKSYNC test network, is a sign of a modified interest in blockchain technology in traditional financial institutions. This is not the first UBS experiment with the blockchain. The bank had previously launched a tokenized Money investment funding to moneyUmint, also built in Ethereum. UBS ‘Key4 Gold is one of the bank’s offerings that allows Swiss clients to buy a direct claim to physical gold. “It allows fractional gold investment with real-time pricing, deep liquidity, safe physical storage, and optional physical delivery,” the team said in a press release shared with CoinDesk. The project is already on the bank’s private blockchain, the UBS Gold Network, but the team is looking for ways to measure its project while maintaining its privacy. “They ended up conclusion that only zero-knowledge had made sense for them, and so they wanted to really practice it in practice for a product that they already have live and what it would look like if they use the Validium Instead, “Pearl Imbach, a Senior Manager of Business Development in Matter Labs, the main developer company behind Zksync, CoinDesk told an interview. Zksync was a zero -knowledge rollup, a kind of Layer 2 Scaling System aimed at increasing the speed of blockchain transactions and reducing their fees, by using Zero-knowledge cryptography. A validity is A different type of layer-2Similar to a rollup, but stores off-chain transactions data. The test transaction may signal that UBS may look closer to the use of Layer-2 technologies to empower some of its activities. However, the bank did not say if they would come out of their own layer-2, and the Imbach of Matter Labs CoinDesk said that a rollup might not be right for them. “Is this the right product (for UBS)? Perhaps not, but this is something that we are just talking about, and thinks of what could be a good case of use for them,” Imbach said Kay CoinDesk. Read more.
BTC Arbitrum carries: Arbitrum, one of the leading layer-2-2 networks, has announced a new integration with Bitcoin by Bitcoinos, a smart contract system for the leading crypto. The integration provides for a “hybrid rollp” that provides many ways for Bitcoin holders to interact with Ethereum. “The integration of Bitcoinos into Arbitrum shows how our technology can support the innovative expansion of the Bitcoin ecosystem,” said Nina Rong, head of partnerships with the Arbitrum Foundation. “This cooperation shows the ability of arbitrum to enable unbidging and programmability for Bitcoin, while maintaining basic network security principles. We are excited to see Bitcoinos using our network to – Unlock the massive $ 2 trillion Bitcoin Liquidity Pool for Defi and Smart Contract Application. ” Arbitrum already has the highest TVL of any Ethereum L2 (about $ 16 billion) as well as 8,333 wrapped in Bitcoin (WBTC).
Center for money
Top cat
- Taproot Wizards uses $ 30 million in new funds to generate an ecosystem of applications using The proposal improving op_cat bitcoinA function like Ethereum-like a smart contract for Bitcoin.
Bitcoin ransom down payment
- The amount of ransoms paid to Bitcoin falls as more victims refuse to pay, Chainanalysis said.
Regulation and policy
- Stablecoin’s fresh law will come to the US Senate, the first of many expected crypto bills that will be set to be attached in the coming weeks. The Bill From Senator Hagerty of Tennessee has divided the responsibility of administration for stablecoin issues between federal states and governments.
