Samson Mow’s Bitcoin adoption-focused company JAN3 wants to bring education about the most capitalized cryptocurrency on the market to policymakers as a strategy to encourage the creation of appropriate regulations and accelerate mass adoption. 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.
Education is key to regulation and mass adoption of Bitcoin
📍Educating policymakers about the potential of Bitcoin will help create appropriate regulations for the Bitcoin ecosystem, JAN3 executive said. During the Money On Chain podcast, Raúl Velásquez, director of JAN3, defended the importance of educating politicians about the potential and advantages of Bitcoin, as an unavoidable strategy to encourage the creation of more appropriate regulations for the cryptocurrency.
According to Velasquez, educating politicians about Bitcoin will increase knowledge and understanding about the advantages that cryptocurrency offers in the current system, which in turn will help in the creation of regulatory measures that are more friendly and less hostile towards Bitcoin and the crypto industry.
A market is born to trade Bitcoin's hash power
📍Lumerin Hashpower Marketplace is a marketplace platform where users can trade Bitcoin hash power. According to CoinDesk's report, the platform is based on Arbitrum, a second-layer network built on Ethereum.
The new marketplace allows users to purchase hashing power to increase their computing potential on Bitcoin, without the need to invest in ASIC equipment. In this way, users also have the possibility of increasing their mining opportunities on the Bitcoin blockchain, which is currently the most robust in the entire crypto industry.
Trading of Bitcoin hash power is done through smart contracts, which define the amount of hash rate to be purchased, the time for which the hash rate is purchased, and the price of the hash rate.
L2s steal the spotlight from Ethereum
📍The number of daily transactions, the number of active wallets, and the Total Value Locked (TVL) on Ethereum have all decreased since Shapella was activated. In a report published by JPMorgan, the investment bank noted that Ethereum’s growth since the implementation of the Shapella upgrade, which activated validator ether withdrawals on the network, has been “disappointing.”
According to the bank, activity on the Ethereum network has not grown since Shapella as expected and this could be due to the attention that L2 (layer 2) networks are gaining every day.
JPMorgan acknowledged the significant decrease in the energy consumption of the Ethereum blockchain since the transition of the consensus protocol from Proof of Work (which uses miners) to Proof of Stake (which uses validators). However, it also noted that the events of Terra and FTX and the increasing regulatory pressure from the United States are outweighing the positive impact of The Merge and Shapella updates. It also indicated that Lido remains a dominant staking platform, which has been reinforcing concerns about the centralization of the blockchain network.
But not everything is negative in JPMorgan's report. The American bank also noted that the arrival of Proto-danksharding, proposed in EIP-4844, could be positive for activity on Ethereum, as this update is focused on the scalability of the network. However, it is possible that Proto-danksharding will not be implemented this year, as the developers of the Ethereum Foundation are considering Postpone Dencun upgrade to 2024.
Meanwhile, layer 2 networks are capturing the interest of users in the crypto industry, due to the speed and low costs they allow when making transactions.
EURC launches on Stellar Network
📍The Stellar network will offer support for the euro-pegged stablecoin EURC. The euro stablecoin EURC issued by Circle, which is also responsible for the second most capitalized stablecoin in the market, USDC, is expanding into the blockchain ecosystem.
Stellar Network is the third blockchain to offer support for EURC, which has a current market cap of nearly $52 million.
EURC uses the same total reserve model as USDC, which currently has a market cap of over $25.400 billion.
With this new implementation, EURC will now be available on three blockchain networks, including Ethereum and Avalanche Network.
Alchemy acquires Satsuma
📍Alchemy has closed an acquisition deal with subgraph platform Satsuma. Although the amount of the acquisition was not disclosed, it is great news for code developers. Alchemy is a Web3 development platform that, through this acquisition, seeks to solve the challenges code developers face in accessing blockchain data as the industry expands.
Satsuma is will add to the Alchemy Subgraph service to help boost the development of data-intensive applications using subgraphs, which will allow developers to reduce data synchronization time and improve the indexing process.
Sleap: Hotel Booking on the Web3
📍Sleap is a new platform that allows you to book hotels natively on Web3. The project's creators announced Sleap as a solution to revolutionize hotel booking using blockchain technology.
The new platform makes it easy for Web3 native users to find accommodation in a wide range of hotels, pay for hotel services, and organize travel using cryptocurrency. The developers announced that users can connect their crypto wallets, such as MetaMask, to pay for accommodation services, offering a high level of convenience to native users of the crypto/blockchain industry.
Continue reading: Runes Protocol, the new Bitcoin protocol that seeks to compete with BRC-20 tokens
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
