🚀 Ethereum is preparing for Dencun, 🕵️ Worldcoin transforms Esports
Welcome to the Daily Tribune on Saturday, February 10, 2024 ☕️
Hello Cointribe! 🚀
Today is Saturday, February 10, 2024, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly sunny 🌤️
24-hour crypto summary ! ⏱️
🚀 Ethereum Dencun: A new technical and economic era!
The Ethereum Foundation has officially announced the deployment of the Dencun upgrade, scheduled for March 13, 2024. This major upgrade, highly anticipated by the community, promises to bring significant structural changes to the Ethereum blockchain. Dencun represents a turning point in the evolution of Ethereum by introducing a shift to the Proof of Stake (PoS) consensus, replacing the current energy-consuming mining system with a network of validators. This transition to PoS aims to significantly reduce the network's energy consumption while offering a drastic reduction in transaction fees, divided by 100. Furthermore, the upgrade promises scalability improvement through block widening and the introduction of solutions such as sharding, with the goal of supporting up to 100,000 transactions per second.
Beyond the technical improvements, Dencun will also have a notable economic impact on the Ethereum ecosystem. The end of new ETH issuance through mining, replaced by the creation of only 900 ETH per day, is likely to strengthen the scarcity of Ethereum and promote an increase in its price. In addition, the destruction of transaction fees, made possible by the EIP-1559 mechanism, will contribute to a reduction in the total number of ETH in circulation, exerting a deflationary effect. With the introduction of stake rewards offering an estimated return between 5 and 15%, Ethereum is entering a less inflationary and more sustainable era.
The Ethereum Dencun upgrade represents a major turning point for the blockchain, marking its definitive transition to Proof of Stake (PoS). This transition promises to significantly reduce the network's energy consumption, a frequent subject of criticism among cryptocurrency detractors. In addition, the reduction in transaction fees and the improvement in scalability could make Ethereum more competitive against faster and less expensive blockchains such as Solana or Cardano. However, the impact on decentralization and security remains to be seen, as PoS potentially favors power concentration in the hands of the largest ETH holders.
💡 Future stablecoins: Backed by US Treasuries!
The M^0 protocol, developed by M^0 Labs and supported by Pantera Capital, presents itself as a revolution in the world of stablecoins, offering institutions the ability to easily issue stable tokens backed by US Treasury bonds. This innovation promises to transform the stablecoin market by enabling the creation of high-quality institutional crypto dollars, backed by one of the safest assets in the world. The M^0 protocol, designed as a \"monetary middleware for the digital age,\" uses smart contracts to simplify the issuance of these stablecoins, aiming to create a fully decentralized and interoperable stable currency.
The approach of M^0, inspired by the success of MakerDAO, aims to establish a new standard for the issuance of stablecoins by eliminating the need for centralized intermediaries. This initiative could not only facilitate institutions' access to the cryptocurrency market but also enhance trust in stablecoins by guaranteeing their coverage by US Treasury bonds. With a planned launch for the second half of 2024, M^0 aims to become the reference infrastructure for fintechs wishing to issue stablecoins, marking a potential turning point towards a safer and regulated stable currency era.
The introduction of stablecoins backed by US Treasury bonds by the M^0 protocol could strengthen the bridge between traditional finance and the crypto world, offering a more stable and reliable alternative to existing stablecoins. However, the widespread adoption of such instruments raises regulatory and surveillance concerns, particularly regarding their potential impact on monetary policy and global financial stability. The ability of these stablecoins to maintain their peg in the event of a financial crisis also remains a major concern.
📈 Bitcoin Halving: Predictions of a price surge!
The Bitcoin halving, a highly anticipated event in the crypto ecosystem, is set to occur in April 2024, sparking a wave of interest and speculation among analysts and investors. This process, which cuts in half the reward allocated to miners for each validated block, is expected to decrease the rate of creating new bitcoins from 6.25 BTC to 3.125 BTC every ten minutes. Historically, halvings have led to a \"supply shock\" in the market, significantly reducing the number of new bitcoins entering circulation. This decrease in supply, coupled with increasing demand, is often followed by a significant increase in the price of bitcoin. Analysts predict that the 2024 halving will not be an exception and anticipate a price explosion due to this supply and demand dynamics.
Furthermore, the recent approval of several Bitcoin Spot ETFs by the Securities and Exchange Commission (SEC) and the accumulation of bitcoins by ETF issuers indicate a growing institutional interest in bitcoin. This trend is reinforced by the adoption of regulated custody services, such as Coinbase Custody, which improve accessibility and trust in the bitcoin market. Bitcoin Spot ETF issuers, including BlackRock and Fidelity, have begun accumulating significant amounts of BTC, signaling confidence in bitcoin's long-term value and potentially exacerbating the post-halving supply shock. These developments suggest that the 2024 halving could mark the beginning of a new era of valuation for bitcoin, strengthening its position as a major financial asset in the global market.
The upcoming Bitcoin halving is widely anticipated as a bullish catalyst, based on historical precedents. However, this dynamic could also accentuate market volatility and test the resilience of the crypto ecosystem in the face of growing institutional demand. As Bitcoin Spot ETFs gain popularity, the risk of increased concentration of bitcoins held by institutional entities raises questions about decentralization and fair market access for individual investors.
🎮 Worldcoin & Esports: An identity revolution powered by AI!
In a pioneering initiative, Community Gaming has integrated Worldcoin's World ID, powered by artificial intelligence (AI), to enhance the security of esports tournaments. This partnership between Community Gaming and Tools for Humanity, a contributor to the Worldcoin project, aims to revolutionize identity verification in the esports space. By using AI to authenticate participants, this collaboration aims to eliminate cheating and ensure a fair and secure competition. Chris Gonsalves, CEO of Community Gaming, highlights the importance of this advancement, noting a 15% increase in cheating over the past year. The adoption of World ID is expected to significantly reduce these incidents, thus providing a fairer gaming experience for all.
Worldcoin introduces an innovative solution with its Orb device, which uses AI to scan users' irises and generate a unique identification code. This fast and secure process creates a World ID for each player, ensuring reliable and inviolable identity verification. With over 1.5 million users already verified, World ID has proven its effectiveness in various applications, establishing a new standard of security in esports tournaments. This technology offers tournament organizers unprecedented flexibility, allowing them to choose from multiple security levels to adapt to the specifics of each event. As a result, organizers have observed a 25% reduction in fraudulent behavior, marking a major turning point in securing esports competitions.
The integration of Worldcoin's World ID into esports tournaments could revolutionize how authenticity and security are managed in online competitions. However, this technology also raises significant concerns regarding privacy and surveillance, particularly regarding the management and storage of biometric data.
Crypto of the day: Avalanche (AVAX)
Avalanche stands out in the blockchain universe with its unique approach to solving the blockchain trilemma: security, scalability, and decentralization. By using a fast, energy-efficient consensus mechanism particularly suited for decentralized applications (dApps) and decentralized finance (DeFi), Avalanche offers a robust platform for the development of blockchain ecosystems.
Its native crypto, AVAX, serves both as a governance token, allowing holders to participate in network decisions, and as a means to pay transaction fees, ensuring the security and smooth operation of the network. The initial distribution of AVAX was conducted through a public sale, emphasizing broad distribution to promote decentralization. AVAX holders not only have the opportunity to stake their tokens to secure the network and receive rewards but also actively participate in the evolution of the platform.
Recent performance
Current price: $38.90
Percentage increase/decrease: +7.37% (1-day increase)
Market cap: $14,294,991,632.43
Rank on CoinMarketCap: 9
zk-SNARKs vs zk-STARKs: In the heart of blockchain privacy
In the ever-evolving world of blockchain, the quest for privacy and efficiency has led to the development of advanced technologies such as zk-SNARKs and zk-STARKs. These acronyms, which seem to come straight out of a science-fiction novel, actually represent major advancements in how transactions and data can be verified anonymously and securely.
The working principle
zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) and zk-STARKs (Zero-Knowledge Scalable Transparent Argument of Knowledge) are two zero-knowledge proof technologies that allow proving a statement is true without revealing any information other than the truth of the statement itself. zk-SNARKs, used in projects like Zcash, offer a high degree of privacy but require an "initial setup proof" which can pose security risks if mismanaged. zk-STARKs, on the other hand, eliminate the need for this initial setup, offering increased transparency and potential resistance to quantum computing power.
Advantages and disadvantages
zk-SNARKs shine with their efficiency and relatively small proof size, making them practical for blockchains aiming for privacy. However, their implementation complexity and concerns surrounding the initial setup phase can be seen as disadvantages. zk-STARKs, while offering better transparency and theoretically superior security, suffer from larger proof sizes, which can be a barrier to widespread adoption.
Conclusion
zk-SNARKs and zk-STARKs represent two complementary approaches in resolving the privacy versus transparency dilemma in blockchain. The choice between the two depends on the specific needs of the project, particularly in terms of privacy, security, and efficiency. As blockchain technology continues to evolve, we are likely to see additional innovations that combine the best of both worlds, paving the way for even more secure and private applications.