Polkadot’s blockchain consumes less energy per year than several of its peers, according to a study by CCRI, which compared leading PoS and PoW blockchain networks to the energy consumption of an average American household. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Polkadot is the network with the lowest energy consumption
📍A report on the energy consumption of blockchain networks places Polkadot as the most efficient blockchain. According to a report published by the Crypto Carbon Ratings Institute (CCRI), Polkadot, Tezos and Tron are the three most energy-efficient networks in the blockchain industry.
The CCRI published data on the energy demand of the Tron network and the major blockchains currently in existence in the ecosystem, although it clarified that the earlier time points of its analysis, between August and October 2021, may limit the networks' comparability with Tron, the network on which the study was focused.
Still, although the study conducted by the CCRI focused on evaluating Tron’s hardware requirements, node electricity consumption, and carbon intensity, the data shows Polkadot as the least energy-intensive and therefore most efficient blockchain among the networks analyzed, which include Tezos, Tron, Avalanche, Algorand, Cardano, Solana, Ethereum, and Bitcoin.
Source: Crypto Carbon Ratings Institute (CCRI)
All networks were compared in the study to the energy consumption of an average American home per year.
Another Bitcoin whale wakes up after nearly a decade asleep
📍Another 10.000 BTC moves after being dormant for years. After remaining inactive for almost a decade, a Bitcoin whale has decided to move its BTC to several wallets. The curious thing about this move is that the 10.000 BTC held by the entity were distributed among a large number of wallets, in small amounts, as detailed by market analyst Maartunn on his Twitter account.
Maartunn noted that none of the BTC the entity has moved was sent to an exchange, so it is unlikely that this move was made for sale. Still, the analyst cited a thread by CryptoQuant CEO Ki Young Ju, in which he talked about how entities distribute their assets across a large number of wallets that do not require KYC (Know Your Customer), either because it is an entity that cannot use KYC services or a visionary person who defends the right to privacy, among other cases.
Iran and Russia see crypto as an alternative to sanctions
📍Iran's trade minister has approved the use of Bitcoin for imports. From Russia, the country's prime minister also sees cryptocurrency as a potential alternative for making cross-border payments.
The Metaverse attracts state-owned investment company Temasek
📍Singapore-based state-owned investment company Temasek Holding Pte is investing $100 million in Animoca Brands. Temasek Holding is leading a new round of investment for metaverse company Animoca Brands, which develops one of the most popular virtual worlds on blockchain, The Sandbox. As reported by Bloomberg analysts, the investment will be made through convertible bonds.
In the past month, Animoca Brands has raised over $120 million in investment from venture capital firms and major banks such as Japan’s MUFG Bank and Liberty City Ventures, among others.
VARA's new guidelines for cryptocurrency advertising
📍Dubai's Virtual Asset Regulatory Authority (VARA) has announced new regulations for cryptocurrency advertising. Dubai's cryptoasset regulator, which opened headquarters in the metaverse The Sandbox Last May, it published new regulatory guidelines applicable to cryptocurrency advertising. According to local media outlet Gulf News, the authority is creating a new regulatory framework to address the global cryptoasset industry, without affecting innovation and market development.
In this context, the new regulations announced by VARA are aimed at all media and advertising platforms established in Dubai or, that use the means available in the city, to promote cryptocurrencies or related products. The authority includes everything related to crypto advertising, such as forms of disclosure, communications, publication of information, awareness creation, customer engagement and investor solicitation, within the new regulations established, the media reported. All this to guarantee transparency and ensure the protection and stability of investors.
Digital asset service providers, including advertising agencies or platforms, must be licensed in Dubai to operate legally.
Continue reading: FedNow: the alternative to the Federal Reserve's CBDCs
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