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2022-09-28 22:40:01 Proof of Stake Risks Concentrating Power to Crypto Exchanges, Wallets: IMF

The International Monetary Fund (IMF) highlighted some potential issues surrounding a proof-of-stake (PoS) approach to blockchain infrastructure as part of a recent paper, making suggestions for a regulatory framework that could limit global digital asset risks. PoS is an alternative to the proof-of-work (PoW) consensus mechanism, which Bitcoin uses, and the older pre-merge version of Ethereum used. The report also made a host of other recommendations, including calling on the Financial Stability Board (FSB) to step up, saying that it is "well placed to take the lead in coordinating and establishing global standards to support national regulation of crypto assets.”

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2022-09-27 21:10:00 Polkadot looks to 10x transaction speed in new updates

Polkadot (DOT) announced new updates to its roadmap, including the asynchronous backing optimization that will increase its transaction speed by at least 10x. In a Sept. 26 blog post, Polkadot stated that it has been working to improve the network’s parachain scalability. The asynchronous backing will be the first significant upgrade to the Polkadot parachain consensus algorithm since it launched in December 2021. It would increase performance on the network to between 100,000 and 1,000,000 transactions per second (TPS) from the current 1,000 TPS. It will also make parachain blocks reusable if they fail to reach the relay chain in the first attempt. According to the post, this update will be ready for deployment on Kusama by the end of 2022.

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2022-09-26 21:52:00 Bitcoin mining hash rate reaches a record as shift to renewables accelerates

Bitcoin’s (BTC) price struggling below $20,000, the asset’s mining activity appears to be thriving, with competition among miners continuing to grow. Consequently, this scenario has resulted in the Bitcoin mining hash rate hitting a new record high. Indeed, as of September 25, Bitcoin’s mining hash rate spiked to a new all-time of 226.633 EH/s. The hash rate, which refers to the total computational power used to process transactions, started peaking up in August when Bitcoin showed signs of short-term recovery. However, the hash rate has soared while Bitcoin’s price continues to struggle. Overall, the rising hash rate translates to Bitcoin becoming more difficult to mine and partly indicates the asset’s next price movement.

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2022-09-25 20:31:02 California Governor Vetoes Bill to Establish Licensing Framework for Crypto Companies

The Governor of California, Gavin Newsom, has vetoed a proposed bill that seeks to create license requirements for crypto companies in the state. The bill sponsored by Democrat Assemblyman Tim Grayson was passed by the state assembly and senate last month. The Digital Financial Assets Law will create a much-needed framework for the crypto space. The bill was first read on the floor of the California State Assembly in February this year. Both the senate and state assembly eventually passed it on August 30. But Newsom doesn’t think it is necessary, citing the cost of a new regulatory program. Newsom wrote that this bill “would require a loan from the general fund in the tens of millions of dollars for the first several years.

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2022-09-24 20:02:07 Ethereum 2.0 Deposit Contract Hits New All-Time High of 13.9M ETH

Ethereum and the larger market continued to see red signals in terms of price after witnessing short-term gains. However, despite the cautionary tales and price headwinds, stakers and holders continued to build the post-Merge Ethereum castle. Ethereum blockchain’s historical shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Until mid-September, Ethereum had over 429.6K active validators on the network. Additionally, increased interest from newcomers too was seen in the rising number of new validators on the network. Over the last 6-months, the gradient of new validators increased markedly in the lead-up to and following the Merge.

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2022-09-23 21:40:06 Helium Is Finally Moving From its Custom Blockchain to Solana

The move is intended to help Helium remain competitive and “meet the demands of current and future users.” The community members of the Internet of Things (IoT) blockchain network, Helium, has voted for a complete transition to Solana to improve network scalability. The HIP 70 proposal published by the Helium Foundation has been in the works for several months. After the completion of the migration, a new version of the Helium Wallet App will be unveiled. The history of the Helium Layer 1 blockchain will remain public, and users can access the new application by updating their current wallet app. The holders of the HNT token will also be able to use other wallets within the Solana ecosystem, including Phantom or Solflare. For the uninitiated, Helium is a Google-backed startup founded in 2019.

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2022-09-22 22:10:06 Australia’s Financial Watchdog Expands Team to Better Regulate Crypto

Australian Securities and Investments Commission (ASIC) increased the size of its crypto team, The Guardian reports, after the popular blockchain shifted from a proof-of-work (PoW) to a proof-of-stake (PoS) system. The change has prompted U.S. Security and Exchange Commission Chairman Gary Gensler to state that PoS-based tokens could be classified as securities. Ethereum is under renewed scrutiny following last week’s merge event, as the ASIC looks set to decide on whether the market's second-largest cryptocurrency is subject to its oversight. Should ASIC decide to bring PoS tokens like Ethereum, Cardano, and Solana under its remit.

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2022-09-21 20:20:09 Almost 94% of the Total Supply of Binance BUSD Held in Just Four Wallets

While Binance is pushing for higher adoption and dominance of its stablecoin, it will be crucial to see how the exchange addresses hyper-centralization issues. A few days ago, the world’s largest crypto exchange by market volumes, Binance, made an announcement about releasing an auto-convert feature for USD Coin (USDC) and other stablecoins with Binance USD (BUSD). The last few months saw several stablecoins become unstable amid high market volatility and the larger market’s bearish blues. However, Binance’s stablecoin, Binance USD (BUSD), has remained afloat, keeping its $1 peg alive, despite market pressure.

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