Cardano Vasil's hard fork update went live yesterday. Charles Hoskinson described this as the hardest update the company had to do as an ecosystem. More: - Cardano was founded by Charles Hoskinson in 2015.
- He is also one of the co-founders of Ethereum.
- Cardano is a peer-to-peer blockchain that aims to solve issues like scalability, interoperability, and other regulatory challenges.
- Cardano's native token is ADA, with a market cap of $15.39B.
- What is the hard fork upgrade?
- Investopedia described a hard fork upgrade as a significant change to the network's protocol that will make previously invalid blocks and transactions valid.
- Cardano's (ADA) blockchain Vasil hard fork upgrade went live yesterday, and Plutus script upgrades will be available for developers on Sept. 27. The following changes will occur on the network:
- Faster transaction speed
- Decentralized application development (more developer friendly for smart contracts)
- Reduced transaction fees
- The upgrade will increase the size of the block, meaning there is more room to store data.
- Transaction sizes will be smaller, which will increase the network throughput and reduce transaction fees.
- Each transaction costs $0.16, and the upgrade will reduce the cost even further.
- Scaling dApps are programmed using Cardano's programming language called Haskell.
- Over 40% of dApps on Cardano are NFTs.
- Transaction speeds will increase because developers can store and reference information without output. The current transaction speed is roughly 20 seconds, which will improve.
- Vasil is an Input-Output Global (IOG), described by developers as the "most extensive upgrade attempted" on the network.
- Output Hong Kong announced yesterday on Twitter, "Vasil mainnet HFC event successful," while another Twitter user wrote, "Congrats to Cardano team on Vasil hard fork. More hard work in crypto paying off."
Decrypt 
| |
Compute North, a crypto mining data center, filed for Chapter 11 bankruptcy. The company raised $385M, which consisted of $85M in a Series C equity round and $300M in debt financing. More: - Compute North is the largest data center provider for crypto miners.
- It has four facilities in the U.S.: two in Texas, one in South Dakota, and the other in Nebraska.
- The company's operations include Bitcoin mining, and it also generates revenue by selling equipment.
- Several factors led the company to bankruptcy, including the ongoing crypto winter, the plummeting price of Bitcoin, and the rising cost of power that made it difficult for the company to survive.
- Compute North's 280MW facility in Texas was pending approval in April when the company was finally able to restart operations; the Bitcoin price had already undergone multiple downward cycles.
- The Texas heat wave did not help much, either.
- Assets are between $100M and $500M.
- Compute owes $500M to 200 creditors, according to the court filing.
- The company will appear in court this Friday to seek to initiate bankruptcy proceedings.
- The firm will continue business as usual for now.
- CEO Dave Perrill stepped down from his role this month and will continue to serve on the board. Meanwhile, Drake Harvey will take the role of president.
- Partners include Compass Mining and Marathon Digital:
- Compass mining released a statement on Twitter saying, "the bankruptcy filing should not disrupt business operations. We continue to monitor the situation and will provide further updates as they become available."
- Marathon digital affirmed that this "filing will not impact our current mining operations."
Coin Desk
| |
 A message from DOIT INTERNATIONAL Global spend on public cloud services is predicted to be $1.1 trillion by the end of 2023. The cloud offers unprecedented potential for efficiency and innovation because of the agility, scalability, reliability and speed it can unlock. But for as many challenges as cloud technology solves, many businesses still struggle to simplify IT budget and spending. “Managing cloud cost is not always about reducing it–it’s about optimizing spend to the right level to truly enable your business,” says John Purcell, Chief Product Officer at DoiT International. In the digital native’s guide to understanding and optimizing public cloud costs, you’ll learn about: - Confronting cost challenges
- Understanding complex cost models
- Managing cloud costs effectively
Download this guide to get started. Get the Guide
| |
Coinbase dismissed proprietary trading allegations. The company completed a transaction worth $100M and paused trading due to scrutiny from regulators. More: - Last year, Coinbase hired senior Wall Street traders to launch the Coinbase Risk Solutions group to trade and stake cryptocurrencies using its own money.
- The group completed a $100M transaction that some employees described as "proprietary" trading.
- Proprietary trading occurs when a bank or firm trades stocks, bonds, and commodities from its account, using its own money instead of clients'.
- The company told Congress that it did not buy or sell crypto for its accounts and issued a statement saying:
- "Coinbase does not, and has never, had a proprietary trading business. Any insinuation that we misled Congress is a willful misrepresentation of the facts."
- The company clarified that Coinbase Risk Solutions was created to facilitate client-driven crypto transactions.
- The $100M transaction was a "structured note," said the company's spokesperson.
Coin Desk
| |
The latest proposed bill in the U.S. to regulate crypto could make it illegal to issue or create "collateralized stablecoins." The House Financial Services Committee could vote on the bill as early as next week. However, this timeline could change due to the upcoming midterm elections. More: - Earlier this year, TerraUSD, UST, designed to maintain its 1:1 peg to the U.S. Dollar, collapsed.
- Regulators are now studying the failed experiment and what caused the UST crash in May.
- The Federal Reserve, the Office of the Comptroller of the Currency, The Federal Deposit Insurance Corp., and the SEC will direct the Feds to study Terra-like tokens after the collapsed Terra ecosystem and the impact of a CBDC.
- During this study, there could be a temporary ban on Terra-like stablecoins.
- Members of Congress, including Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.), have been trying to agree on stablecoin legislation. It's unclear if the final draft has been approved.
- The new bill, once completed, may do the following:
- Permit banks and nonbanks to issue stablecoins.
- Make banks seek approval from the OCC.
- Make nonbank issuers of stablecoins register with the Fed within 180 days.
- Ban companies from commingling customer funds, including stablecoins, private keys, and cash.
Bloomberg
| |
 A message from LAIKA If you’re trying to close deals, SOC 2 is probably a thorn in your side. What is it, and who cares? Your business needs SOC 2. But building compliance from scratch is complicated, time-consuming, and the cost can be crippling. Laika has you covered. Uncomplicate SOC 2 with our guide for growth-minded founders. In the guide by Laika you’ll learn: - What is SOC 2 compliance and why it matters for your startup
- How to close more deals faster by becoming SOC 2 compliant
- How to prepare for SOC 2 compliance
- What to expect in terms of time and cost
- What to do after the report is in
What makes Laika the authority on SOC 2? They’re the only compliance automation solution that was built by compliance experts. Learn how to turn compliance from a pain point into a secret edge over your competitors. Download Now 
| |
Xi Jinping, China's president, is optimistic about blockchain technologies' future and encourages more companies and citizens to develop the technology. Jinping believes blockchain will play a key role in the next industrial revolution, which has led to a surge in patent applications. More: - Jinping is not keen on cryptocurrencies but believes in crypto's underlying blockchain technology.
- The president called upon citizens, stakeholders, and tech companies to participate and innovate in this sector.
- According to Jianwei Wang, the deputy director at the Ministry of Industry and Information Technology, China accounts for 84% of blockchain patents worldwide.
- Chinese companies have filed 4,435 blockchain patents within one year alone.
- In 2021, China ranked No. 1 for filing 33,000 patents for blockchain technology, taking up 63.2% of global applications.
- The next largest blockchain patents come from the U.S. and South Korea
- China may have the largest volume of patents, but PatSnap says the quality of patents is lacking due to the cost of patent filing being close to zero.
- Some Chinese companies are just filing them to "look innovative."
- Only 19% of the patents are approved in China due to quality issues; meanwhile, in the U.S., 26% are approved.
- South Korea has approved 45% of patent applications.
Coin Telegraph
| |
DARPA, America's Defense Advanced Research Projects Agency, will roll out a tool analyzing the impact of crypto on U.S. national security. More: - DARPA is hiring Inca Digital to develop this tool, allowing the agency to study crypto's impact on national security.
- The research will also include the role crypto plays in illegal financial transactions.
- Inca's CEO Adam Zarzinski says digital assets hold promise. However, they can also be used for "money laundering, market manipulation, and state actors that may pose risks to U.S. national security."
- The new tool is being designed to map out money laundering activity and terrorist financing and to monitor evading sanctions across the crypto industry.
Decrypt
| |
Quick Hits: *This is sponsored content.
| |
Upcoming events at Inside: - September 28 - AMA with Leigh-Ann Buchanan (Founder of aīre ventures) (Register Here)
- October 05 - AMA with Ram Bartov (Chief Accounting Officer at TripActions)* (Register Here)
- October 11 - AMA with Mike Malone (Smallstep)* (Register Here)
- October 19 - AMA with Zecca Lehn (Responsibly VC) (Register Here)
- October 25 - Meet Our Fund 4, an Inside.com Summit (Register Here)
- November 02 - AMA with Bill Glenn (Executive Chairman at Crenshaw Associates) (Register Here)
*This is a sponsored listing.
| |
 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
DoiT's intelligent technology portfolio provides you with the power to simplify and automate the way you manage your cloud — all at no extra cost. | |
| |
Comments
Post a Comment