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Mercedes Benz Taps Polygon (MATIC) to Launch Data Sharing Platform 

Mark Brennan
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Mercedes Benz Taps Polygon (MATIC) to Launch Data Sharing Platform 

Polygon’s widespread adoption across various sectors continues to gain momentum. 


Daimler South East Asia, part of the Mercedes Benz Group, has leveraged Ethereum Layer-2 scaling solution Polygon to launch a blockchain-based data sharing platform. 

The platform dubbed Acentrik will enable enterprises to buy and sell data. Although Acentrik was launched by a Mercedes-Benz associate, the blockchain platform can be used to trade different data ranging from insurance information to clinical trials, among others. 

Unlike most platforms with similar initiatives, Acentrik’s data are not stored on the blockchain. According to the Ledger Insight report, a non-fungible token (NFT) is used to represent each dataset, with a metadata hash stored with it. 

Polygon’s Use in the Initiative

Buying and selling of the data will be conducted on Polygon and Ethereum Rinkeby test network, the report adds. As part of efforts to protect the monetary value of the data, enterprises are expected to make payments for the data using stablecoins. 

However, since transactions are conducted on Polygon, users will be required to pay gas fees using the network’s native cryptocurrency, MATIC. 

Once the transaction is complete, the buyer can access the underlying data stored on AWS 53 or IPFS. 

Meanwhile, Sandeep Nailwal, the co-founder of Polygon, took to Twitter to celebrate the feat, saying: 

“Mercedes Benz is the latest brand to be Powered By Polygon Onwards!” 

The initiative further showcases the widespread adoption of the Polygon network by top brands. Polygon continues to showcase its potential as one of the top blockchain platforms enterprises can rely on. 

Data Sharing Importance

There is a need for data sharing across various industries, including tech. Machine learning and Artificial Intelligence require a lot of data to function effectively. Some enterprises have enough data at their disposal, which took them years to gather, while others are not lucky enough to start early. 

Fortunately, enterprises that are not privileged to start early can take advantage of the data sharing initiative. 

Trent McConaghy, the co-founder of Ocean Protocol, disclosed in an interview that Google’s self-driving car initiative Waymo is ahead of other enterprises simply because it has been working on the solution for years. 

MATIC Soars Over 10% in 24 Hours

Meanwhile, MATIC, the native cryptocurrency of Polygon, is up over 10% in the last 24 hours after a quick market rebound, according to data from Coingecko. 

At press time, MATIC was trading at $0.88 across major cryptocurrency exchanges, including Binance and Coinbase. 

Ethereum Runs 10th Shadow Fork On Testnet Ahead Of Final Merger To PoS In September

Mark Brennan
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Ethereum Runs 10th Shadow Fork On Testnet Ahead Of Final Merger To PoS In September

 

Ethereum is ‘slowly buy surely’ moving towards Proof Of Stake (PoS).



Ethereum developers have executed a shadow fork in preparation for the last testnet fork before the network transitions to a proof-of-stake system.

ETH 2.0 has been awaited for a year, with developers shifting the deadline every now and then. Now, it seems that the final home run to the next system is near. Apparently, Ethereum developers have already run a shadow fork that’s expected to test for variables to be involved in the final testnet fork in August before the network undergoes a transition to a PoS system in September this year.

Shadow Fork Executed Earlier Than Expected

According to sources, including Ethereum’s DevOps engineer Parithosh Jayanthi, the shadow fork was executed 26 hours ahead of its expected time. This is because of the apparent change in computing difficulty, the network’s hash rate increase, and the developer team’s optimal preparedness. No glitches were reported during the shadow fork.

The shadow fork will not be the last test before the merger. The next testnet fork, dubbed Goerli, will be executed on August 10, after which the system will be ready for the final merge and change from Proof-of-Work (PoW) to Proof-of-Stake (PoS).

PoS Merger Expected To Happen In September

Following successful testnet net runs and shadow forks, the PoS merger on the Ethereum network will take place in September this year. Experts working on the system have expressed optimism that, if all goes well, the merger could happen on September 19.

Ethereum’s transition to PoS has been a contentious issue, with the deadline having been shifted multiple times in the past two years. This was to allow for complete development and thorough testing of the system before the final change.

Why Ethereum Wants To Move To Proof-of-Stake

For some time now, experts have been critical of Proof-of-Work systems due to their intensive energy usage, something that people like Elon Musk see as an environmental hazard. On the other hand, Proof-of-Stake systems are energy efficient, only relying on investors’ stakes to secure the system.

With the transition to PoS, Ethereum validators won’t have to deploy massive computing systems to solve complex mathematical equations to secure the system and earn ETH. Instead, they’ll commit their ETH, which must be more than 32 ETH per entity. The PoS system is expected to make Ethereum 99% more energy efficient and environmentally friendly than it is right now. 

As Reported By The Crypto Basic, Ethereum founder Vitalik Buterin said that once ETH 2.0 goes live, Ethereum will be more than halfway complete, and by the end of it all, the network will handle over 100k TPS (Transactions Per Second).

Ethereum Merge Drive Speculations As ETH Daily Active Addresses Reach New ATH Leapfrogs Previous Record By 48%

Albert Brown
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Ethereum Merge Drive Speculations As ETH Daily Active Addresses Reach New ATH Leapfrogs Previous Record By 48%

 

The Ethereum merge continues to drive speculation.


In a tweet on Wednesday, Santiment Feed reveals that on Tuesday, the Ethereum network set a new record for the number of daily active addresses, reaching 1.06 million, 48% higher than the previous record.

“Ethereum shattered records Tuesday after an incredible surge in address activity broke its All-Time High by a wide margin. 1.06M $ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record,”  Santiment tweeted.

While Santiment says their team is still investigating the cause of such an incredible sudden spike, the surge can be the result of the recent FOMC meeting where FED raised the interest rate by 0.75%; WuBlockchain on Thursday reports that the Ethereum merge remains the current focus of speculation in the crypto market following the market rally on Wednesday, that saw Ethereum gain more than 15%.

“Coingecko shows that in this round of gains after the Fed announced a 75bps rate hike, the Ethereum merge concept is still the main target of speculation,“ WuBlockchain tweeted.

 

The highly anticipated Ethereum merge would see the migration of Ethereum to the proof-of-stake (PoS) Beacon chain, leaving Ethereum Classic as the largest programmable proof-of-work (PoW) network.

Notably, the merge promises to bring several benefits to the Ethereum network, including improved throughput and lower fees. It is tentatively scheduled to go live on the Ethereum main net on September 19.

On the other hand, Ethereum Classic (ETC) outperformed Ethereum once again as miners continue to migrate in the wake of the coming merge. On Tuesday, CoinDesk reports that AntPool CEO Leon Lv revealed that the mining pool had invested $10 million to support the development of the Ethereum Classic blockchain with plans to invest more, While Ethereum’s founder Vitalik says mining lovers can join ETC.

Top Two ETH Whales On Buying Spree, Add Additional 527 Billion Shiba Inu, 1.06 Trillion In 24 Hours

Zabi
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Top Two ETH Whales On Buying Spree, Add Additional 527 Billion Shiba Inu, 1.06 Trillion In 24 Hours

 

Key Ethereum (ETH) Investors continue to buy an astounding amount of Shiba Inu (SHIB) in 24 hours.


Two Key ETH Investors tagged “Gimli,” and “BlueWhale0159” recently purchased a whopping 527,500,000,000 (527B) SHIB, worth $5,961,725 ($5.96M).

As reported by The Crypto Basic, the same Two ETH Whales Bought 534 Billion Shiba Inu yesterday; Overall, the two biggest ETH Whales have accumulated a gigantic total of 1.06 Trillion SHIB, worth $12,955,204 ($12.95M) in 24 hours.

“Gimli” Purchased $4.59 Million Worth of SHIB in the Past 24 Hours:

WhaleStats, a portal that tracks the actions of major Ethereum holders, recently reported that the 251st biggest ETH Whale named “Gimli” has just scooped up a massive total of 407,500,000,000 (407.50B) SHIB, worth $4,592,525 ($4.59M) in one significant transaction.

 

After the above transaction, “Gimli” has performed a total of three “BUY” transactions in 24 hours to accumulate a whopping total of 794,499,999,999 (794.49B) SHIB, worth $10,029,274 ($10.02M).

“BlueWhale0159” Gobbles Up $1.36 Million Worth of SHIB in Past 24 Hours:

On the other hand, the 401st biggest ETH Whale, labeled “BlueWhale0159,” gobbles up an astounding total of 120,000,000,000 (120B) SHIB, worth $1,369,200 ($1.36M) in one significant transaction.

In the past 24 hours, “BlueWhale0159” carried out a total of two “BUY” transactions and added 267,000,000,000 (267B) SHIB, worth $2,925,930 ($2.92M) to her portfolio.

In total, the two whales have bought 1.06 Trillion SHIB, worth $12,955,204 ($12.95M) in a day. In response to the enormous accumulation from ETH Whales, the price of Shiba Inu jumped 6% over the last day to $0.0000114, with a 24-hour trading volume of $536,533,787 ($536.53M).

Market Rally As Bitcoin, Ethereum Rise 10% After Fed Raise Rates By 0.75%

Mark Brennan
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Market Rally As Bitcoin, Ethereum Rise 10% After Fed Raise Rates By 0.75%

 

This month, the crypto markets have rallied for the second time following US economic news.


On Wednesday, following the Federal Open Market Committee (FOMC) meeting, the Fed decided to raise rates by 0.75%, causing crypto and equity markets to rally, with Bitcoin and Ethereum rising over 8% and 15%, respectively causing the entire crypto market cap to rise above $1 trillion again.

Notably, there had been substantial fears that in the face of unwavering inflation data, as revealed in the CPI data released by the US Labor Department last week, the Fed would raise rates by 1%. However, this was not the case; the perceived risk markets showed significant gains.

It is worth noting that Fed chair Jerome Powell in his opening statement at the press conference following the FOMC meeting, hinted at reducing rate hikes in the coming months. 

“We will continue to make our decisions meeting by meeting and communicate our thinking as clearly as possible. As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” Powell said in his opening statement to the press.

He further said: “I do not think the U.S. is currently in a recession; it doesn’t make sense that the U.S. would be in recession.”

Meanwhile, it is the second time the crypto markets have reacted positively to major US economic news this month. Notably, the markets showed significant strength following the release of US CPI data, despite inflation being at 41-year highs.

At the time of writing, the crypto market continues to post gains. Bitcoin is up 9.5% in the last 24 hours, sitting above the $23k price point. Ethereum is again trading above the $1,600 price point, up 14.22% in the last 24 hours. Finally, Polygon MATIC, which led the previous rally following the US CPI data release, is up 13.67%, trading at about $0.88.

From a pure price action point of view, it would be interesting to see Bitcoin break past the $25k price point to form a new local high as it has broken the daily range yet again.

Ripple’s General Counsel Slams SEC’s Regulatory Approach, Calls for “Sensible Cryptocurrency Regulation From Washington”

Lele Jima
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Ripple’s General Counsel Slams SEC’s Regulatory Approach, Calls for “Sensible Cryptocurrency Regulation From Washington”

Stuart Alderoty, the General Counsel at Ripple, has once again slammed the Securities and Exchange Commission (SEC) for its cryptocurrency regulation stance. 

According to Alderoty, recent events in the Ripple vs. SEC lawsuit, as well as comments from Rep. Brad Sherman (D-California), suggest that there is a need for sensible cryptocurrency regulation from Washington. 

“Rather than provide regulatory clarity through rulemaking, the SEC seeks to bully the market by filing or threatening to file, enforcement cases. Unproven allegations masquerading as regulation is bad policy that hurts consumers and markets who are whipsawed by the whims of an unchecked regulator,” Alderoty said in a RealClearMarkets blog post. 

Rep. Sherman’s Comment On XRP 

During an oversight hearing of the SEC’s Enforcement Division held last week by the House Financial Services Subcommittee, Rep. Sherman said XRP is a security. 

The congressman subsequently urged the commission to go after cryptocurrency exchanges that facilitated XRP trading in the United States. 

Rep. Sherman’s comment angered several Ripple executives, including Alderoty and Brad Garlinghouse. 

Ripple CEO, Garlinghouse, noted that Rep. Sherman has good legal knowledge to know that only the court has the power to classify XRP as a security. 

However, Rep. Sherman decided to advance a political agenda over sound policy, Ripple CEO added. 

Need for Sensible Crypto Regulations

“Despite the norm that ongoing enforcement cases are not discussed at these hearings, Subcommittee Chairman Representative Brad Sherman took it upon himself to put his thumb on the scale of the largest enforcement case in crypto: SEC vs. Ripple,” Alderoty said. 

Per Alderoty, the off-base remark from the congressman confirms that U.S. policymakers need to establish sensible regulations for the country’s cryptocurrency space.  

“This is all precisely why Congress needs to fix this mess and provide a comprehensive legislative framework for crypto,” he said. 

Meanwhile, Rep. Sherman debunked a FOX Business report on the issue, saying that his comments were mistaken. 

He noted that aside from the subcommittee event, he has never spoken about Ripple with any SEC official. The congressman noted that he sometimes discusses cryptocurrency in general with SEC Chair Gary Gensler. 

Terra Passes A Proposal To Add 3 New Updates On Terra Chain, Network To Be Halted For The Upgrade

Mark Brennan
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Terra Passes A Proposal To Add 3 New Updates On Terra Chain, Network To Be Halted For The Upgrade

 

The Terra ecosystem is upgrading its network after passing a proposal to install three new updates.


A few days ago, Terra fielded a proposal for the community to vote on. It was dubbed Proposal 894. Apparently, there are some issues that were overlooked during the creation of the blockchain network. The issue pertains to the creation of special accounts and how transactions are run on them. The proposal has since been passed by the community, and Terra is already making plans for the upgrade.

The Upgrades

There will be three main updates for the Terra chain:

Update 1: To enable the creation of vesting accounts through normal transactions

Initially, the Terra chain was coded in such a way that it could only allow vesting accounts to be created during Genesis. After this update, vesting accounts will be able to be created via transactions on the network.

Update 2: To rectify the specifics of an incorrectly whitelisted wallet address

During Genesis, an exchange wallet was whitelisted with a missing letter, leading to the wallet receiving no LUNA during initial allocation. This update seeks to rectify this mistake and unlock the 1.137 million LUNA initially intended for the wallet.

Update 3: Allow users to initiate transactions to send vesting tokens to the Community Pool

As of now, users can’t send or donate tokens allocated at Genesis to the community pool. This particular update aims to make this possible and allow users to donate tokens to the Community Pool.

Network To Be Halted At Specific Time

For these updates to be implemented, the Terra Chain will have to be halted for some time at block height 890000 at around 12:00 UTC on July 29th. This will allow Terra validators to execute the upgrade. Basically, validators will be required to update their software to the latest version to remain on the network after the upgrade.

 

Over 356 Million Ripple (XRP) Transferred Between Two Exchanges And Unknown Wallets

Mark Brennan
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Over 356 Million Ripple (XRP) Transferred Between Two Exchanges And Unknown Wallets

Hundreds of millions of XRP coins have been transacted between two popular exchanges and unknown wallets. 



Over three hundred million units of Ripple (XRP) coins have flowed from popular cryptocurrency exchanges Bitstamp and FTX to unknown wallets, and vice versa, in the past hours. 

According to a series of tweets shared by popular cryptocurrency whale tracker WhaleStats, nearly 356.5 million XRP tokens were transacted among Bitstamp, FTX, and unknown wallets. 

Details of the XRP Transactions

The first transaction took place earlier today, with 29.5 million XRP ($9.95 million) sent from an unknown wallet to Bitstamp.  

Afterward, 34 million XRP valued at around $11.41 million at the time of the transaction were sent from FTX to an unknown wallet. 

Moments later, a total of 139,999,950 (139.9) XRP, worth around $47.18 million, were transferred in two separate transactions from Bitstamp to two unknown cryptocurrency wallets. 

Later on, an unknown wallet transferred 40 million XRP to Bitstamp, while another 40 million XRP flowed from the cryptocurrency exchange to an unknown wallet. 

Both transactions were worth approximately $13.59 million at the time it was completed on the blockchain. 

Additionally, 40 million XRP ($13.52 million) were later sent from an unknown wallet to Bitstamp, while another 33 million XRP were transferred from Bitstamp to an unknown wallet. 

It is worth noting that a total of 356,499,950 XRP have been transacted between the exchanges and unknown wallets in the past hours. 

More XRP Transactions Recently 

In the last couple of days, millions of XRPs have been transacted between exchanges and unknown wallets. 

Prior to these developments, large XRP transactions of this sort were usually recorded when Ripple conducted its monthly token unlock. 

However, more XRP is being transacted between exchanges and unknown wallets in recent times after Ripple’s co-founder Jed McCaleb offloaded his remaining stash of the cryptocurrency. 

According to reports, 165 million XRP flowed between exchanges and unknown wallets yesterday. 

Charles Hoskinson Reacts to Exclusion of Cardano (ADA) from Messari’s Top 25 Crypto Report 

Lele Jima
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Charles Hoskinson Reacts to Exclusion of Cardano (ADA) from Messari’s Top 25 Crypto Report 

Hoskinson asks gently why Cardano was not added to the Messari report.



Yesterday, Ryan Selkis, the founder of Messari, a leading provider of crypto market intelligence products, announced that the company now provides quarterly reports for the top 25 of the world’s largest cryptocurrency communities. 

“Messari now produces quarterly reporting for 25 of the world’s largest crypto communities. Here are the most interesting charts from the first 15 reports we’ve done on Q2,” Selkis said in a recent tweet. 

Some of the cryptocurrencies included in the list of Messari’s report are Uniswap (UNI), Tezos (XTZ), Polkadot (DOT), Solana (SOL), Ethereum (ETH), Binance Coin (BNB), Avalanche (AVAX), etc. 

Cardano Not In Messari’s List of Top 25 Largest Crypto Communities

Unfortunately, Messari did not include Cardano (ADA) in its Q2 report of the world’s largest cryptocurrency community, prompting enthusiasts of the crypto project to ask Selkis why the asset class was ignored. 

 A Twitter user with the username @session_cruz tweeted: 

“Where is Cardano? Disappointed, there isn’t a report for Cardano when by every metric it is one of the world’s 25 largest crypto communities. This makes me question the credibility of this report.” 

Responding to the user, Selkis urged members of the community to stay tuned. 

Hoskinson’s Reacts

Interestingly, Charles Hoskinson, the CEO of Input Output (IOG), the research and development fi of the Cardano project, also reacted to the development, saying: 

“No Cardano? Ok….” 

Hoskinson may not be surprised by the development as the CEO of Cardano IOG has always stated that Cardano has not received as much support from the industry’s big players.

The Cardano founder was particular about venture capitalists and media outlets, which have continued to ignore the Cardano project while they focus on other cryptocurrencies. 

However, Hoskinson is determined to ensure the Cardano project reaches its full potential, especially in terms of speed and security, as development activities for the network soar. 

Cardano’s Vibrant Community Helps Keep ADA Among 10 Cryptos

It is noteworthy that Cardano has one of the vibrant communities in the cryptocurrency space. 

Members of the Cardano community are always eager to publicize the cryptocurrency across various social media platforms to boost ADA’s adoption. 

These efforts have paid off over the years, as Cardano is still among the list of the top 10 cryptocurrencies by market capitalization, according to data from Coingecko. 

“Mad Scientist” Calls Ethereum A “Self-Assembled Ponzi Scheme”

Albert Brown
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“Mad Scientist” Calls Ethereum A “Self-Assembled Ponzi Scheme”

 

“Mad Scientist” Calls Ethereum A “Self-Assembled Ponzi Scheme,” Says Proof Of Stake Doesn’t Solve Its Problems.


A “mad scientist” from Skerry Technologies goes after Ethereum and bashes the coin from multiple standpoints.

Not a lot of people know Nicholas Weaver, the self-proclaimed “mad scientist” working at Skerry Technologies. Apparently, it seems that Weaver has a bone to chew with the Ethereum blockchain. According to him, the network is unreliable – at least it came off in that perspective during his recent interview with Bloomberg TV. He had a few points to make about Ethereum.

Proof Of Stake Delayed For Too Long

For some time now, Ethereum developers have kept on promising to upgrade the network into a proof-of-stake system. This has grown popular as the “Ethereum merger” that will technically migrate the network from the current proof-of-work model to the futuristic proof-of-stake model. PoS is touted as the more efficient model due to its less energy usage in mining.

From Weaver’s point of view, the fact that the delivery of the Merger system has been postponed multiple times makes Ethereum a bad system. The “mad scientist” went on to call Ethereum a “self-assembled Ponzi scheme” in terms of its internal economics. He noted that introducing PoS doesn’t solve this issue.

Next, Weaver had something to say about the network’s throughput. According to him, the Ethereum Global Computer is very slow – about a 1/5,000th as fast as a small Raspberry Pi computing module. Again, he argued that the migration from PoW to PoS won’t improve the system in this respect.

“Those Who Have The Most Money Make The Rules”

PoS models favor those with higher stakes, giving them more leverage in network governance during voting events. For this reason, the shift of Ethereum from PoW to PoS is a bad idea, according to Weaver, because it consolidates power among a few high-stakes entities and leaves the rest with no significant voting power.

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