Polygon Studios CEO Ryan Wyatt is calling on Terra developers to migrate to its blockchain, offering capital and new resources. This and more news can be found in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Bitcoin and Blockchain Adoption
📍Terra could fork later this month. Terra founder Do Kwon has put forward a proposal to fork the Terra network and start a new blockchain. Similar to what happened with Ethereum in 2016, the Terra developer wants to abandon the current blockchain for a fresh start.
In her plan “Terra Ecosystem Revival Plan 2,” posted on a Terra forum, Kwon raised the possibility of splitting the network, calling the current blockchain “Terra Classic” and the new blockchain “Terra.” The proposal includes getting rid of algorithmic stablecoins and creating a new LUNA, which will be used to reward part of users’ losses in the form of an airdrop.
Voting on the proposal is set to begin next Wednesday. It is not yet clear what decision the community will make, and it seems to have divided opinions on the plan. On Twitter, several users have commented that they prefer to keep the current network and implement a token burning system that would reduce the supply of LUNA, which currently exceeds 6,53 billion tokens, according to CoinMarketCap.
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📍Polygon Network and others benefit from Terra migration. Although Do Kwon called on Terra developers to show their support for the blockchain revival, many are migrating to more reliable projects.
Through Polygon Studios, the second-layer solution Polygon is attracting Terra developers to migrate to its blockchain. Polygon’s gaming and NFT-focused studio is supporting the migration with resources and capital. Its CEO, Ryan Wyatt, said on Twitter that its teams are working to welcome Terra developers and their respective communities to the vibrant Polygon ecosystem.
Another blockchain project that is attracting the interest of Terra developers is the Fantom network.
NFT and DeFi Markets
📍Spotify launches NFT pilot in the United States. A select group of users in the United States can now view and trade NFTs within the music streaming platform, though Spotify will reportedly only serve as a showcase site and will not sell the NFTs directly.
Users can reportedly access the preview of the NFTs from their Android phones. Billboard magazine noted that the non-fungible tokens belong to music artists such as DJ Steve Aoki and indie rock band The Wombats.
CBDC and Central Banks
📍Fabio Panetta expects a digital euro by 2026. During his speech at the National College of Ireland, Fabio Panetta, member of the Executive Board of the European Central Bank, He spoke about the digital euro as a new form of central bank money that will facilitate digital payments and everyday transactions across the eurozone. According to Panetta, the euro digital currency could potentially arrive in 2026.
Rules and Regulations
📍The US State Department has warned of North Korea's network of IT workers around the world. A report released by the State Department, in conjunction with the US Departments of Justice and Treasury, highlights the national security risks posed by the network of IT workers that the North Korean government maintains around the world.
According to statement published this MondayNorth Korea has sent thousands of highly skilled tech workers to work online in various parts of the country to generate revenue and steal intellectual property and information, among other things.
One area of particular interest for North Korea, the State Department notes, is cryptocurrencies. Its workers are sent to find jobs at related companies to develop software and applications for various businesses, including crypto assets.
Given the potential threat, US agencies are calling on companies to avoid hiring North Korean staff, who often use VPNs to hide their location. In the statement, the State Department notes that companies that hire or support these workers will face legal consequences.
Continue reading: Why has Maker (MKR) risen this week?
