Blockchain Trilema Solved? (Edition 007)
Assocaited Press goes on the blockchain, Fantom tries to solve the Blockchain trilema and more.
Hello. Welcome to this week’s edition of the Crypto Weekly Roundup Newsletter. We’ll be talking about Assocaited Press goes on the blockchain, Fantom tries to solve the Blockchain trilema and more.
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Associated Press partners with Chainlink to put its journalistic information on a blockchain: The Associated Press will make its trusted economic, sports and race call datasets available to leading blockchains via Chainlink, the world’s largest decentralized network of oracles, enabling smart contracts on any blockchain to securely interact with the AP's real-world data.
Smart contracts can now use this cryptographically signed data to execute contracts. The data can be used to automate key processes that happen on-chain, including informing markets of election race calls, triggering an on-chain trade when a company’s quarterly financials are released, or augmenting the appearance of non-fungible tokens based on real-world events.
“AP has established itself as one of the most trusted independent news organizations in the world for real-time news in all formats. Given its large and continually growing repository of facts and data, combined with Chainlink’s proven oracle infrastructure for providing reliable data feeds across leading blockchain networks, it makes sense for the AP to launch a Chainlink oracle node and support innovation within emerging smart contract industries,” said William Herkelrath, managing director at Chainlink Labs.
This work with Chainlink is a continuation of AP’s industry-leading foray into blockchain-based markets. AP collaborated with Everipedia to publish U.S. race calls on the Ethereum blockchain in 2020. The news agency sold the first media NFT in early 2021 and continues to tokenize news for collectors. Most recently, AP broke new ground by delivering data to feed and inform digital generative artworks.
Fantom Deploys High-Speed PoS to Solve the ‘Blockchain Trilemma’: In this research piece, Mason Marcabello lays out in lucid detail how Fantom is addressing web3 challenges with a new Proof-of-Stake mechanism called “Lachesis.”
Blockchain trilemma: To maintain an optimal state of functionality assets need to compromise between one of three core components simultaneously: scalability, security, or decentralization. With Bitcoin, for example, we can see that while Proof of Work helps provide strong security and a purer embodiment of decentralization, the speed of its transactions are slower as a result.
Still, a nascent cluster of platforms like Fantom are solving this trilemma. Fantom achieves this with its high-speed Proof of Stake consensus mechanism called “Lachesis.” It doesn’t compromise on security or decentralization to scale.
Crypto Exchange FTX Hits $25 Billion Valuation in Latest Funding Round: FTX, the second most popular crypto exchange after Binance, has announced it’s riding on a new valuation of $25 billion after raising $420,690,000 in a funding round of 69 investors, including the Ontario Teachers Pension Plan and asset management giants BlackRock and Tiger Global. We love our memes
Mainstream Adoption:
NBA Enters Into Multi-Year Deal With American Crypto Exchange Platform Coinbase
Russian oil industry asks regulators to let them mine crypto using wasted flare gas
Germany’s World Wildlife Fund to sell NFTs to raise money for endangered species
AMC theatre chain which already accepts BTC, ETH, Doge, LTC and BCH might issue its own currency
Facebook finally launched its crypto wallet Novi, only to be immediately warned by Elizabeth Warren and other senators.
Robinhood Crypto Wallet Waitlist 'Well Over a Million People': CEO
Walmart Has Begun Hosting Bitcoin ATMs
Fiat-Crypto Interface:
France tests crypto assets in series of government bond deals
ProShares Bitcoin Futures ETF ‘BITO’ Hauls In $570M of Assets in Stock-Market Debut. The fund also saw $1 billion of trading volume on the first day, making it the second-most heavily traded new ETF on record
Valkyrie Launched the Second Bitcoin Futures ETF in US on Friday
Investments into Crypto:
Coinbase spent nearly $800K on lobbying in 2021's third quarter as part of influence revamp
zkLink, a cross-chain DEX that utilizes zk-rollups technology, has raised $8.5 million in a seed funding round.
UK-based crypto custody firm Copper is set to raise $500 million.
Peter Thiel’s Valar Ventures led a $27 million Series A for crypto payments firm XanPool.
Other News:
Jack Dorsey says Square may build a bitcoin mining system
Polygon pays a white-hat hacker Gerhard Wagner $2M for a bug that could have compromised $850M in user funds
Binance burned 1,335,888 BNB, or the equivalent of approximately $639,462,868 USD from circulation.
Bitcoin Price crashes from 60,000$ to 8,200$ in 1 min on Binance.US attributed to Institutional Trader Algorithm Bug
Flow Blockchain Now ‘Controlled by Community,’ Says Dapper Labs
Solana-based play-to-earn game Monkeyball raised $3 million.
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