Banco Santander has published a new article on the consensus mechanisms of blockchain networks, such as the Proof of Work (PoW) used by Bitcoin. This and more news is in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Banco Santander and blockchain consensus protocols
📍The new report from Banco Santander highlights the pros and cons of the most popular consensus protocols in the blockchain industry. Banco Santander has published a new article to continue educating about Bitcoin and cryptocurrencies. Titled “Bitcoin mining and consensus: How to reach an agreement for validating the blockchain?”, in which he talks about the consensus mechanisms of blockchain networks, such as Proof of Work (PoW), which the Bitcoin blockchain uses, and Proof of Stake (PoS), to which Ethereum migrated last September.
In the article, Banco Santander highlights that both mechanisms are used by blockchains to add new blocks and validate transactions.
As for Bitcoin, it indicated that PoW is the way in which the network reaches consensus among its nodes, presenting proof of the completion of work so that all nodes agree on the validation of transactions without depending on a central authority. The Spanish bank also highlighted that PoW is the way in which the Bitcoin network solves the Byzantine generals problem or Byzantine General's.
He also compared the process of bitcoin mining to gold mining, explaining about the halving, which halves the block rewards miners receive approximately every four years, and why other alternative consensus mechanisms to PoW were created. In this regard, the bank pointed out concerns related to the energy consumption of the Bitcoin network and its environmental impact.
Other consensus mechanisms discussed by the bank in its recent paper were Proof of Stake, Proof of Authority and Proof of Capacity.
At the end of June, Banco Santander had published an article explaining The advantages of the Bitcoin payment layer, Lightning Network, offers global payment systems.
New Bitcoin Investor Revealed
📍US presidential candidate Robert Kennedy Jr. appears to hold between $100.000 and $250.000 worth of BTC. The presidential candidate's or a member of his family's bitcoin investment was revealed in a divulgation official statement made to the United States Office of Government Ethics (OGE). Robert Kennedy Jr. pointed out the investment in bitcoins in section 6, where assets of himself, his spouse and his children are described.
The presentation was made on June 30. Until then, it was unknown that the nephew of former President John F. Kennedy owned Bitcoin. In fact, during a conference held in May, the presidential candidate had assured that he did not invest in the cryptocurrency. However, Kennedy Jr. has defended the potential of Bitcoin and the financial freedom it offers, to the point of integrating the cryptocurrency into his political campaign and accepting donations in BTC to finance it.
Multichain-related funds blocked
📍Major stablecoin issuers have frozen several million dollars worth of the Multichain protocol. Three crypto addresses linked to the potential Multichain hack have been blocked by stablecoin issuers Circle and Tether Limited. The three addresses held a total of $65 million, according to data provided by Web3 protocol 0xScope on Twitter.
The latest reports indicate that the remaining funds withdrawn from the protocol are being exchanged to FTM to be withdrawn through centralized exchanges (CEX). The funds withdrawn from Multichain in the potential hack are estimated to be over $125 million USD.
BTC transactions in games and on ChatGPT
📍Two companies have teamed up to explore the potential of Bitcoin in the gaming sector. Game as a Service technology company Beamable has partnered with fintech Zebedee to explore new Bitcoin features in games. Specifically, the companies will work on a solution that allows BTC transactions to be integrated into server-side games without requiring a system operations team or coding skills, the company said. Bitcoin Magazine.
The partnership between the two companies will allow game developers to more easily implement BTC transactions, expanding the resources offered to developers and improving player accessibility to the market-leading cryptocurrency.
On the other hand, developers at Lightning Labs have launched new tools that allow Bitcoin payments to be integrated into the artificial intelligence developed by OpenAI, ChatGPT. The new tools, announced late last week, will allow developers to Building Large Language Model (LLM) tools that incorporate Bitcoin and Lightning Network.
Continue reading: Almost 70% of bitcoins in circulation are “HODLed”
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