🚀 The Ethereum Spot ETF faces the SEC's verdict
Welcome to the Daily Tribune on Friday, January 26, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, January 26, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 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 ! ⏱️
📅 SEC sets the date for the Ethereum Spot ETF
BlackRock, the financial giant, recently submitted an application for an Ethereum spot ETF, generating significant interest in the crypto world. However, the U.S. SEC has decided to postpone its decision to March, leaving the sector in suspense. BlackRock's Larry Fink remains confident in the approval of this ETF, which, if approved, could propel Ethereum into the institutional finance sphere.
The SEC has until March 10th to approve, reject, or initiate other procedures against this proposed fund. Bloomberg analyst James Seyffart predicts that approval could come in May. However, SEC Chairman Gary Gensler has expressed reservations, suggesting that the agency may not be ready to approve ETFs linked to cryptocurrencies other than Bitcoin. BlackRock's application for this Ethereum Spot ETF was filed in November 2023.
An approval would mark a turning point, integrating Ethereum into the institutional financial circuit and potentially increasing its legitimacy and adoption. However, the caution of the SEC reflects the continuing regulatory uncertainties surrounding cryptocurrencies other than Bitcoin.
🤖 AI and Bitcoin: A Promising Duo
Palantir co-founder Joe Lonsdale recently suggested that artificial intelligence (AI) could become a major player in the Bitcoin market. According to him, AI could use cryptocurrencies like Bitcoin for coordination operations.
The use of Bitcoin by AI agents could include purchasing market data to improve their performance and decision-making. A group of AI agents could even use cryptocurrencies to create a collaborative platform, facilitating the sharing of information and coordination of actions. This development suggests an increasing role for AI in the financial sector, with Bitcoin and major altcoins at the heart of this transformation.
The integration of AI into the Bitcoin market suggests a shift towards more autonomous and sophisticated financial systems. AI using Bitcoin for coordination indicates potential for increased automation and efficiency in cryptographic transactions. This could lead to new forms of financial markets where decisions are made by advanced algorithms.
🌟 Solana launches token extensions: A Blockchain Revolution
Solana has recently announced the introduction of token extensions, a major innovation that promises to redefine standards in the crypto space. These extensions are not just additions but key elements to enhance security, compliance, and token usability in various industries, including stablecoins and real-world assets. They offer innovative features such as transfer hooks, adjustable transfer fees, and confidential transfers.
Solana Labs' Anatoly Yakovenko sees these extensions as a fundamental element that sets Solana and its crypto apart. Companies like Paxos and GMO-Z.com Trust Company have already adopted these new extensions. Sheraz Shere of the Solana Foundation envisions a future where crypto companies massively adopt these extensions, with key partnerships like Visa and Google. Despite recent volatility, Solana's SOL crypto shows signs of underlying strength, indicating that Solana is redefining the future of blockchain.
The introduction of token extensions by Solana is a major innovation that signals a shift towards more advanced and customizable token features. This could significantly enhance the security, compliance, and efficiency of tokens, opening up new possibilities for blockchain applications.
🚫 The Mystery of Bitcoin's Empty Blocks: A Technical Explanation
In 2023, 147 empty blocks were mined on the Bitcoin blockchain, equivalent to one empty block every 60 hours. These empty blocks are typically caused by mining pools, with Antpool mining over 44% of these blocks. Mining pools, which are cooperatives that help miners smooth their income, are responsible for selecting transactions for blocks. However, empty blocks often result from communication latency between pools and miners.
Miners hash the block header, which contains essential information, rather than the transactions themselves. To save time, some pools send an empty block of transactions to quickly communicate the hash of the previous block, allowing miners to start hashing earlier. With the introduction of the Stratum V2 protocol, pools only need to communicate the hash of the last block, reducing the probability of empty blocks. Currently, only the Demand and Ocean pools use Bitcoin Stratum V2.
The presence of empty blocks in the Bitcoin blockchain, mainly due to communication strategies between mining pools and miners, highlights the technical and efficiency challenges of Bitcoin mining. Although these empty blocks are not problematic in themselves, they reflect the limitations of Bitcoin's current infrastructure and the need for continuous improvements.
Crypto of the day: Akash Network (AKT)
Akash Network (AKT) stands out in the blockchain ecosystem with its innovative approach to decentralized computing. As an integral part of the Cosmos ecosystem, Akash Network offers a decentralized cloud platform aiming to provide a more efficient, secure, and cost-effective alternative to traditional cloud solutions. This innovation meets the growing need for cloud computing services in an increasingly data-driven world, while offering the flexibility and security inherent to blockchain technology.
Akash's native cryptocurrency, AKT, plays a central role in its ecosystem, primarily serving to facilitate transactions and operations on the platform. AKT has been distributed through public and private sales, as well as reward and staking programs. AKT holders benefit from several advantages, including participation in network governance, staking rewards, and the ability to use AKT to pay for cloud services. The use of AKT in this decentralized ecosystem promotes greater transparency and equitable distribution of computing resources.
Recent Performance of Akash Network (AKT)
Current price: Approximately $2.74 (conversion to euros required)
Percentage change: +8.79% (1-day increase)
Market capitalization: Approximately $620.24 million (conversion to euros required)
Rank on CoinMarketCap: #93
Social Recovery Wallets: A Brief Overview !
"Social Recovery Wallets" represent a significant evolution in securing digital assets in the cryptocurrency ecosystem. These innovative wallets depart from conventional security methods, such as recovery phrases or private keys, which are often vulnerable to loss or theft. Instead, they adopt a trust-based approach, integrating recovery mechanisms that rely on personal networks of trust. This revolutionary method combines the robustness of blockchain technology with the reliability of interpersonal relationships, offering a more dynamic and adaptable security solution.
Notable Examples:
Argent Wallet: This Ethereum wallet allows users to designate \"guardians\" - friends, family, or other trusted devices - to assist in wallet recovery in case of access loss.
Gnosis Safe: A multisignature wallet offering a social recovery option, where a group of trusted individuals can authorize access recovery.
Key Advantages:
Enhanced Security: Reduces the risk of total loss of access due to forgotten passwords or compromised private keys.
Flexibility: Allows users to change their recovery contacts, adapting to changes in their social networks.
Accessibility: Makes cryptocurrency management more user-friendly, especially for less technically inclined users.
Practical Uses:
Wallet Management: In case of access loss, designated contacts can assist in wallet recovery without compromising private keys.
Investment Security: Protects cryptocurrency investments against human errors or security breaches.
Decentralized Governance: Encourages a community-oriented approach in managing digital assets.
These wallets represent a significant step towards more robust and user-friendly security solutions in the cryptocurrency space. By combining blockchain technology with the power of trusted social networks, they offer a balanced approach to protecting digital assets while making their use more accessible to a wider audience.