Togg partners with Ava Labs to deploy the Avalanche blockchain and smart contracts in its cars to build new solutions for smart mobility. These and more news stories are in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Development and Technology
📍Togg will use Avalanche and smart contracts to increase the efficiency and mobility of its cars. Turkish car manufacturer Togg has partnered with the company blockchain Avalanche developer Ava Labs to introduce new technologies to its electric cars, in order to improve their efficiency and mobility. Togg wants to implement the Avalanche scalability blockchain alongside the blockchain developers Avalanche. smart contracts, the Internet of Things (IoT), artificial intelligence (AI) and machine learning to integrate new functionalities into their vehicles, leading their users to enjoy new and exciting experiences.
Ava Labs will help Togg develop a protocol that will allow it to keep a detailed, reliable, real and immutable record of the vehicles' needs, in terms of spare parts, maintenance, among others. As announced on Twitter, this is a strategic partnership to build the future of smart mobility solutions.
Bitcoin and Blockchain Adoption
📍Sao Paulo FC will begin accepting bitcoins and other cryptocurrencies as a payment method. Sao Paulo FG's 20 million fans will be able to purchase tickets to the Brazilian football club's matches using cryptocurrencies as a payment method. On its Twitter account, Sao Paulo FC confirmed the news, noting its alliance with a Latin American crypto trading platform.
📍Nayib Bukele defends the construction of bitcoin city in the face of Steve Hanke's attack. El Salvador's President Nayib Bukele responded to strong criticism from American economist Steve Hanke, who called the president's plans to build bitcoin city a “farce.” Hanke lashed out at Bukele, who announced in late 2021 that he would build a mega city to boost Bitcoin at the foot of a dormant volcano.
“Nayib Bukele’s proposed Bitcoin city is as prepared as Florida for snow. The announced power source for the city is a dormant volcano. This is more attention-grabbing nonsense…”, Hanke said on his Twitter account. In response to Hanke's aggressive statements, Bukele responded: “Of course it’s an INACTIVE volcano!… Most geothermal energy is extracted from wells near INACTIVE VOLCANOES! Why would you build a city under an ACTIVE VOLCANO?”, said the president while mocking Hanke's ignorance.
It should be noted that El Salvador uses geothermal energy from volcanoes as its main source of renewable energy. Since October, the Latin American country has been mining bitcoins on the network from its mining center still under construction.
Miners
📍Spain, which dominates just over 0,05% of the global Bitcoin hash rate, could become a major player in crypto mining. According to considerations According to MP María Muñóz, Spain has the potential to attract new Bitcoin miners, especially those who are being affected by the political conflicts that are currently taking place in Kazakhstan. Muñóz stated that the European country has favorable conditions to become an important participant in Bitcoin and other crypto-asset mining. The Spanish MP also highlighted that in the face of the instability of countries such as Kazakhstan and Iran, Spain could be a “safe destination” for BTC miners. By mid-2021, the country dominated close to XNUMX% of the country’s Bitcoin miners. 0,05% of Bitcoin's hash rate, according to the Cambridge University mining map.
Meanwhile, due to the conflicts in Kazakhstan and the correction of more than 30% of the crypto market, the hash rate Bitcoin has fallen to 176 PE/sAs of January 7, the global mining power of the Bitcoin network exceeded 181 EH/s.
Cybersecurity
📍Another cryptocurrency exchange falls victim to online wallet attacks. LCX lost nearly $7 million in cryptocurrency funds when its online wallet was breached by a hacker this weekend. According to reported On Twitter, Ethereum-based assets such as ETH, USDC, EURe, LCX, and others were moved to an unknown address, identified as the hacker's wallet. Security firm PeckShield reported the attack on exchange, indicating losses of $6,8 million at the time of the hack.
LCX had suspended cryptocurrency deposits and withdrawals from its platform moments before the attack occurred. It is not known whether the company will compensate users affected by the theft of their funds.
Continue reading: Get to know the Bitcoin price predictions for 2022
