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    Weekly Digest: Putin Won't Ban Crypto & ETH 2.0 Altair Upgrade

    Weekly Digest 15 October

    Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.

    Please enjoy and don’t forget to add your favourites to your CoinJoy Feed

    📌 Polkadot (DOT) Parachains are Coming in Mid-December. Here’s What You Need to Know

    After 5 years of research and development, the highly anticipated milestone of the layer 0 blockchain will be live after 1 month. Polkadot parachains are highly specific blockchains operating on the top of Polkadot and Kusama networks that can be customized for an unlimited number of cases and integrated into the main blockchain (Relay Chain). The engineering team delegated by Web3 foundation to create the initial implementation for Polkadot assumed that all the obstacles to launch on Polkadot are over and that parachains, auctions, and crownloads code are ready for the initial production release. But parachains' auctions have already been successfully running on Kusama, Polkadot “canary network” since the launch of Statemine in June.

    📌Ripple Becomes a Part of the Digital Pound Foundation

    One of the world's leading providers of enterprise blockchain and cryptocurrency solutions has joined the Digital Pound Foundation that aims to promote the central bank's digital currency to create a CBDC based strategy. Digital Pound will accelerate UK transition to the digital economy and Ripple’s participation in DPF will support the innovations collaborating with a diverse ray of members making sure the UK is still on the edge of the financial innovations. 

    “The Bank of England is actively working to navigate the practical and technological challenges of designing, implementing and operating a digital Pound that could play an important role in expanding access to central bank money by households and businesses” — Ripple Foundation 

    📌Coinbase Jumps on NFT Bandwagon, Announcing ‘Social’ Trading Platform

    Coinbase is joining NFT hype and getting ready to launch its Social Trading non-fungible tokens platform. The announcement appeared in the blog post on the official page, but it doesn’t contain many details, mainly saying that the new p2p NFT marketplace will fill in the gap in the lack of NFT purchasing experience on the platform. The official statement promises to provide a simple and user-friendly interface with social features such as a news feed with the recommended NFTs based on the user's activity and preferences. Initially, the platform will be available for users from the USA with the intention to expand it and will only support ERC-721 and ERC-1155 tokens with the ambition to integrate more chains soon. 

    “We’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.” — Coinbase Blogspot

    📌 WeChat started blocking Binance and Huobi in SERPs

    The users of the Chinese Wechat messenger App noticed that the search results for Huobi and Binance are being censored and not appearing for the users anymore no matter which language is used. The compulsory restrictions have been reported before but not from the WeChat — Chinese analog of Twitter Weibo and Badu search engine. Though the users find the way around the restriction, adding extra words to the search, for example searching for Huobi app instead of just Huobi. 

    📌SHIB Becomes Top 11 Coin, Sitting Right Behind DOGE on CoinGecko

    Trending meme cryptocurrency Shibu Inu reached 11th place according to its market cap scale on CoinGecko following its meme “older brother” Doge that has almost 2 times higher number of market capitalization. Though the graphics on CoinmarketCap are different, placing SHIB in 14th place, while Doge is taking 10th spot as well. It can be connected to the recent interest from a hale who purchased 6 trillion SHIB and the listing on Coinbase, though the token price is still 37% lower than its ATH. 

    📌OpenSea delists DAO Turtles project citing financialization concerns

    OpenSea NFT marketplace last week has delisted DAO Turtles for violating the rules related to performing financial activities. The collection of pixelated turtles was dropped on October 4 and has seen a volume of over $2 million. According to the OpenSea employee, DAO Turtles violated the terms of service-connection to the subjects of registration and licensing, including listing, creating, and buying the commodities.  What rules exactly were violated is not clear yet as OpenSea didn’t provide any comments on the topic so far. The users are concerned that other big-name projects can also be blocked. 

    📌Closer to ETH 2.0. – Altair Upgrade

    Ethereum’s transition to Proof-of-Stake protocol is coming closer with a “warm-up” Altair upgrade that’s scheduled for October 27th. This upgrade supports seamless transitions and helps the network to improve and contend with the upcoming Gen 3 blockchain. It will also bring light client support for the coe consensus on the Beacon chain to help clients and developers to prepare for upcoming upgrades. New protocol doesn’t affect ETH or the participants of PoW consensus chain, but the validators staking on Beacon chain have to update to the latest version to avoid getting stuck in an “incompatible chain”. 

    As Ethereum increases its scarcity levels, ETH tokens will eventually detach from the BTC pairing, and could rally without a catalyzing agent.” — Dailycoin 

    📌 This crypto investor lost an NFT worth $342,000 on a mere $12,600 loan

    NFT collector has lost a non-fungible token worth around $300K because he couldn’t repay the 3.5 ETH ($12k) loan that he took 3 months ago, placing his NFT from the Art Block Curated series worth 11 ETH as collateral. Just before the expiration of the loan term the value of the NFT increased up to 85  or even 200 ETH and as the collector wasn’t able to repay the loan the NFT now worth at least $300 k was passed to the lender.

    “This is not the first time that this Elevated Deconstructions NFT will be used as collateral for a DeFi loan. And in both cases, the borrowers were unable to repay their loans.” — Cryptoslate 

    📌 Binance Coin (BNB) Shoots 15% Amid Strong Accumulation By Whales

    Surpassing the major consolidation of the last weeks Binance coin finally showed strong price action by gaining 15% on October 13 and thus overpaced Cardano one more time, again becoming 3rd large crypto by the market cap and also bringing its wales the increase in holdings. The price flip is partly caused by the recent developments of the ecosystem and also the announcement of its new billion-dollar blockchain fund, half of which will be distributed to the various emerging sectors like Gaming, Metaverse, VR, AI, and Fin services. 

    “We aim to introduce the decentralized world of gaming, social networking, financial service, and more to the general masses to spread awareness around WEB 3.0” — Binance official announcement 

    📌Vladimir Putin Says Cryptocurrencies Can Become Legitimate Payment Currency

    Vladimir Putin, the president of Russia in his recent interview with CNBC mentioned that crypto assets can be used as a means of payment, surprising the community as the recent warnings issued by the Russian government keep reminding of the high risks coming with crypto trading. The Russian president noted that the technology is still not stable, but it has a potential for development. This comment shows that Russia hasn’t dismissed crypto possibilities and can consider digital assets as the way to overcome trade sanctions from the US put in 2014. 

    “We will see how it will go further, maybe someday it may also be a means of accumulation. We see this market fluctuate. It’s a bit early today.” — Vladimir Putin 


    Crypto Price changes 15 oct

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    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.