Blockchain Intel Tuesday #3

December 14, 2021 - It has been a busy past week with significant volatility for cryptocurrencies with BTC dropping below $45k, ETH below $3.6k, and turmoils spread across several blockchain projects from crypto congressional hearing, more fallouts from Badger DAO hack, and many more. Let's dive in.

Blockchain News
  • Visa added crypto-focused services. Visa announced the launch of its Global Crypto Advisory Practice, a new service within its Visa Consulting & Analytics (VCA) business that will advise clients on all aspects of crypto investment and adoption - This includes NFTs, digital currencies, and other cryptographic ecosystems.

  • Crypto Executives Testify on Capitol Hill. Six execs from Coinbase, Bitfury, FTX, Paxos, Stellar Lumens Foundation and Circle testified before the House Financial Services Committee urging for a single entity to manage oversight to digital assets and their providers, and for lighter more flexible regulation for the industry.

  • Vitalik Buterin published his endgame thesis providing the roadmap for the future of the Ethereum network. Proposed second tier of staking, added ZK-SNARKS to check block validity, offered the use of data availability sampling to check block availability, and lastly, suggested the use of side channels for secondary transactions. All these recommendation target to reduce network resource consumption, increase transaction speed, and lower network fees.

  • Polygon Acquires Startup Mir Protocol to bring ZK-proof rollups to Polygon supporting Ethereum Layer 2 Solution. This is the second major deal for Polygon which merged an earlier deal with Hermez Network, another ZK-rollup that uses mathematical proofs to verify and settle transactions.

Hacks and Scams