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    Anna Key

    Weekly Digest: Reddit to Support NFTs & ETH Rebranding

    Weekly Digest: 28 January

    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 favorites to your CoinJoy Feed

    📌 Reddit Plans To Add Support For NFT Avatars

    Last week Reddit followed Twitter’s footsteps by implementing NFT avatar support. The platform has opened a separate subdomain nft.reddit.com, where Reddit developers are free to experiment with their NFT initiatives. This is not the first time Reddit has shown interest in NFTs.

    In 2021, the platform released a collection of its own Ethereum-based NFTs called CryptoSnoos. At the moment Reddit’s officials are testing out the waters, however, users might be able to start purchasing CryptoSnoos avatars with digital tokens and setting them as their profile photos in the near future. 

    📌 Hacker Helped Recover Password With $2 Million in THETA

    American crypto holder Dan Reich and his friend purchased $50,000 worth of THETA crypto in 2018. As soon as they decided to withdraw the money at the end of 2020, they realized that they had completely forgotten the wallet password. For almost two years they had been trying to figure out how to open the wallet but never succeeded.

    This is why they asked Joe Grand, a hacker known under the name Kingpin, for help. It took him three months to come up with the solution. He bought several wallets of the same type and created a script that later helped him decipher the wallet's five-digit password. According to The New York Times, there is about $140 million unable to be recovered due to the loss of passwords.

    📌 Ethereum Developers Abandon The Terms ETH1 And ETH2

    Ethereum has decided to drop the terms ETH1 and ETH2 in favor of ‘execution level’ and ‘consensus level’ respectively. According to the development team, the ETH2 term creates a ‘wrong mental model’ for newcomers, who tend to believe that ETH1 will cease to exist in the near future since it is the older version of ETH2.

    However, both of these components are an essential part of the Ethereum ecosystem. Ethereum’s transition to the Proof-of-Stake consensus algorithm was deployed under the general Ethereum 2.0 theme. However, it became clear that it would take longer than expected for it to be fully implemented. In order to avoid confusion, the leading development team decided to abandon the terms ETH1 and ETH2. We have yet to see how this will affect ETH prices in the future. 

    📌 On February 22, Nirvana Will Launch An NFT Collection

    Nirvana, a famous American rock band, is launching a collection of NFTs on February 22nd. The collection will consist of exclusive photos of the band members. The photos, taken before the release of Nirvana’s second album Nevermind in 1991, will be made available to the public for the first time. 

    February 22nd is no random date since it is the band’s late lead vocalist Kurt Cobain’s birthday. 27 images and 15 exclusive works taken at Nirvana’s concert in Philadelphia will be listed for sale. They include B&W photos, ‘mind-expanding’ color pictures, and moving GIFs. A single image starting price is 1 ETH (about $2,406), while one GIF will cost at least 67ETH (over $160,000). All proceeds will be donated to charity. 

    📌 Stellar Lumens to add Smart Contracts, Partners with MoneyGram to Expand Ecosystem

    Stellar XLM, one of the main Ripple’s XRP rivals, has announced that smart contracts are expected to make their debut on the XLM network later in 2022. According to Stellar’s VP of Tech Strategy, Tomer Weller, MoneyGram has joined the project in order to provide support for crypto-to-cash conversions in roughly 300,000 international locations.

    This year Stellar’s team is focusing on building scalability by using ‘trust-minimized innovations’. Stellar XLM’s prices, however, dropped by 3.21% after the news announcement, due to the entire crypto market dipping at that time. 

    📌 Etherscan Messaging Feature Introduced, Allowing Users to Send Wallet DMs

    Blockscan, the team behind Etherscan, has recently launched a beta version of Blockscan Chat. The platform allows users to send instant messages to other wallets by connecting their own wallets first.

    This feature, despite seeming like another messaging platform, unlocks various opportunities for Ethereum users. For example, NFT collectors will be able to finalize their purchases while also staying completely anonymous and avoiding expensive gas and transaction fees from NFT marketplaces.

    Naturally, such new features are prey for fraudsters. Scammers send malicious links or online forms to any addresses via the Etherscan messaging platform. Remember not to give away your personal information. Block suspicious addresses on Blockscan Chat by using a built-in spam feature. 

    📌 Ethereum Whales Buy $88M Shiba Inu Tokens

    Over the past few days, the largest Ethereum holders have purchased $88 million worth of Shiba Inu. According to the data provided by a wallet tracking pool WhaleStats, holders acquired trillions of Shiba Inu tokens over a 60-hour time period. This resulted in SHIB becoming the biggest token position by dollar value among the top 100 ETH wallets.

    On January 24th, 2022, two ETH wallets allegedly added 3.6 trillion SHIB to their holdings. Furthermore, holders added $73.4 million worth of SHIB tokens in just two hours over a series of eight separate transactions.

    Despite being 75% down from its ATH, Shiba Inu has gained 14,900,000% value over a year. Shiba Inu strives to outgrow its ‘meme crypto’ status by becoming something more than just a meme. SHIB’s supporters are anticipating the launch of the project’s very own metaverse world titled ‘Shiberse’ soon.  

    Weekly Price Changes: 28 January

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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. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.