Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories in the development of cryptocurrency technology. I am Margaux Nijkerk, the reporter of the Ethereum protocol in the Coindesk technological team.
In this number:
- Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisors and Hidden Middlemen
- Ethereum could supercharge the transaction speed at 2,000 TPS thanks to the new bold proposal
- Bitcoin’s debate on the most loose data limits recalls the controversy of divisive ordinals
- The Coinbase base network achieves the state of ‘Stage 1’, reducing the risk of centralization
Network news
Top of the Movement File: It was rumored that the movement, a bustling cryptography startup supported by Trump’s World Liberty Financial, closed a $ 100 million series B round. On the other hand, after a Coindesk investigation, the network is now in the center of an intimacy scandal with privileged information that has exposed a shabby corner of the creation of cryptographic agreements. Movement Labs is investigating whether it was deceived to sign a market manufacturing agreement that awarded a dark intermediary control of more than 66 million movement tokens, which caused a sale of $ 38 million after the Token debut. Internal contracts show Rentoch, a company without a fingerprint, appearing on both sides of the agreement, once as a web3port subsidiary and once as an agent of the Movement Foundation, asking questions about self -care. Foundation officials initially set the Rentech agreement as “possibly the worst agreement” they had seen; The experts warned that he created incentives to pump Move’s price before throwing tokens to retail investors. The incident has exposed a crack within the main leadership of the movement: executives, legal advisor and advisors are under scrutiny for their roles in facilitation of the agreement despite internal objections. – Sam Kessler Read more.
The ETH proposal aims to raise the gas limit: The researcher at the Ethereum Dankrad Feist Foundation presented EIP-9698, a plan to let the blockchain gas limit grow in the autopilot in the next four years. The EIP introduces a “exponential” deterministic program baked in the predetermined client values, which pushes the gas limit up by a small pre -established amount each era. These predictable gas limit increases allow current validators to maintain their high machines, reducing the need for sudden updates. If approved and implemented, the gas limit ceiling would rise from 36 million units to approximately 3.6 billion, allowing an estimated of 6,000 simple transfers per block and more than 2,000 transactions per second (TPS). The current Ethereum TPS is around 15-20 TPS. – Shaurya Malwa Read more.
Bitcoin Blockchain data debates are reign as developers weigh the data limits: Bitcoin developers disagree on how the oldest and largest block chain in the world must handle storage information in the chain, with a proposal to relax the long -standing limits in the size of the data contained with a fierce fierce debate that reminds of the 2023 battles on the order. The OP_RETURN Blockchain function allows people to attach a small piece of additional data to a transaction. It is often used for things such as notes, time brands or digital records. The proposed change would eliminate the limit of 80 bytes in these data, a limit originally designed to discourage spam and preserve the financial integrity of the block chain. Supporters argue that the current limit makes no sense because users are already avoiding using Taproot transactions, to hide data within parts of the transaction for cryptographic signatures. Bitcoin Core developer, Luke Dashjr, described the proposal “Utter Insanity” and warned that loosening data restrictions would accelerate what he sees as the degradation of Bitcoin’s financial purpose. – Sam Reynolds Read more.
The base reaches the state of accumulation of stage 1: Base, the popular layer 2 of the cryptocurrency exchange coinbase (COIN), is now a curled up “stage 1”, said the company, establishing its path to complete decentralization. The transition to a curled up “Stage 1” occurs when other layers 2 have also reached that milestone, which causes these networks to depend less on centralized entities. The measure means that base will now have a security council, a network of ten “independent entities, which we choose from all over the world,” said Tom Vieira, head of products of the base, in an interview with Coindesk. – Margaux Nijkerk Read more.
In other news
- Blackrock is preparing to bring Blockchain to the administrative office of one of its largest funds, presenting a class of digital shares of its treasure money market of $ 150 billion through Bny Mellon. The new “DLT actions”, abbreviated from distributed accounting technology, will not have cryptography. Bny Mellon, the exclusive distributor of the background, intends to use blockchain to reflect the records of shares ownership, an incremental step that could pave the way for a broader adoption of tokenized cash, digital assets or liquidation infrastructure based on blockchain in traditional finances. Sam Reynolds Read more.
- Free, a tokenization firm that works in close collaboration with the tastes of the Brevan Howard coverage fund, the investment management firm Hamilton Lane and the Digital Nomura Digital Assets Unit, plans to tokenar a value of $ 500 million of telegram debt such as the Bond Telegram (TBF) fund with blockchain headquarters in the TONE network that is linked to The messaging platform. TBF will offer accredited exposure to investors to some of the around $ 2.35 billion pending bonds issued by Telegram, providing institutional degree performance products that will also be available as a guarantee for loans in the chain and development of products in Ton, Free said. – Ian Allison Read more.
Regulatory and political
- Coinbase (COIN) presented a report in the case of the Supreme Court of the United States that involves a application for the internal data income service on hundreds of thousands of customers in 2016, arguing that the Court should “protect the privacy interests of Americans in digital information stored by third -party service providers.” – Jesse Hamilton Read more.
- Arizona has broken a new land in what has been a career among US states to see what the first to establish a cryptographic reserve as a formal part of its fiscal strategy, obtaining the legislation approved with most Republican legislators in support. It is not clear if Governor Katie Hobbs, a Democrat, will seek favorably the legislation that was rejected by most Democratic legislators. She has vetoed a long list of invoices in this session, and if you also veto this, the matter is closed for the year. – Jesse Hamilton Read more.
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