PRViously on Crypto : ETH Bug Causes It To Split While ATOM and SOL Dominates the Cryptoverse!
Three cheers for yet another week of hodling, PRVArmy! We suppose that everyone’s in a good mood, especially after we officially announced The Great Migration🕊️. And whether you’re busy auditing your PRVs for the big leap, or just in the zone Hacking The Vault, you can leave the task of researching to us!
This week on PRViously on Crypto, we’ve got two galactic coins owning the spotlight as they break resistance, a major blockchain security vulnerability, and a handful of countries making bold statements about decentralized finance.
Let’s get you up to speed with the latest happenings in the crazy world of cryptocurrency! 🤪
Ethereum splits due to a bug
Barely two days ago, the Ethereum network was reported to split due to some bug in the old version of Geth, causing more than 50% of its network nodes to split from the mainnet. The incident was tweeted by Go Ethereum.
In lieu of this event, developers urge Ethereum users to avoid any transaction on the network for a while until things are sorted. For safety purposes, it may be necessary to avoid any digital exchanges on related chains as well, including Binance Smart Chain (BSC), Polygon, and DAI.
One of the observed effects is the deterioration of a few on-chain metrics such as the recorded dip of active addresses over the past day. Transaction traffic also dropped in the same one-day window and gas fee reached a higher level than average.🔺
Ethereum developer, Marius van der Wijden, however, assures the public:
“Infura and the big exchanges seem to be on the good side of the fork, so all transactions through metamask should be golden.”
Countries have different opinions about crypto
In other news, India’s central bank considers the creation of a digital rupee in parallel with its directive in establishing the Central Bank Digital Currency (CBDC).
In a report last Thursday, RBI Governor Shaktikanta Das divulged that the bank sees it best to be “extremely careful” in its management of a potential digital national currency, even as developed countries around the world are now diving into digital fiat.
In fact, experts are convinced that cryptocurrencies have been a major game changer in the lives and financial capacity of billions of people across third-world countries. The warp-speed growth of decentralized finance in these demographics is attributed to innovative initiatives undertaken by several crypto brands in emphasizing each project’s benefits. 🚀🌑
In a chain of events, Cuba was among this week’s headliner countries as it embraced cryptocurrency with open arms onto its islands.
The Cuban government, referring to Banco Central de Cuba (BCC) asserted:
“The BCC… may authorize the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange, and collection activities or payments.”
In essence, the move was in line with President Miguel Diaz’s statement last May wherein he discussed the adoption of cryptocurrencies to help Cuba’s economy recover from the pandemic fallout.
However despite the promising roadmap for crypto on these countries, China thinks otherwise.
Deputy Director of the Financial Consumer Rights Protection Bureau, Yin Youping recently alleged that digital assets of the likes of Bitcoin are not legal tender and have no “actual value.” 🤷
It didn’t stop there! Youping added that cryptocurrencies are “pure investment speculation,” urging people to steer clear of them.
Do you agree? 🤔
Charting new galaxies
Regardless of your answer, it would seem that two coins in the cryptoverse have been unstoppable for the past few days!
Cosmos ($ATOM) gained momentum as the long-awaited rollout of Ethereum (ETH)’s London hard fork did little to address the network’s high transaction fees and delayed confirmations. The price of ATOM rallied 180% from a low of $8.87 on July 20 to a high of $24.77 on Aug. 22 as its 24-hour trading volume surged from an average of $250 million to $1.87 billion. ⚛️
This surge was attributed to Cosmos being a project focused on interoperability that envisions (and dubbed) as the “internet of blockchains” thanks to its Inter-Blockchain Communication (IBC) protocol.
Furthermore, its recent launch of Emeris, which introduced cross-chain exchange capabilities, has definitely been its price catalyst.
August has really been good to SOL as this is not the first time the coin solar surged in recent weeks. Solana secured its ranking as the 10th most valuable crypto by market cap when its value shot up by over 20% last August 16.
One of the project’s utilities is the recently launched SOLSEA, an open NFT marketplace released by All-Art Protocol. Also, the Solana Foundation unveils their directive on the Delegation Program, with its detailed explained through a thread:
Solana Foundation continues:
“The Delegation Program promotes the growth and security of the #Solana network by strategically delegating SOL to new and existing validators who meet certain performance and decentralization criteria.”
How will these two coins change the dynamics of the cryptoverse? It’s pretty exciting when you think about the possibilities!
But not as close as exciting as what PrivacySwap has in store for you, as we embark on The Great Migration towards PRV V2! Excited to arrive at our destination? Stay with us and you might just end up with an adventure that is definitely one for the books! 😉
And with that teaser, we conclude this week’s PRViously on Crypto! We hope you’re now all caught up with the latest happenings, trends, and hottest news!