Iran's Economic Commission has agreed to set electricity prices for cryptocurrency mining, similar to those used for power exports. Deputy Energy Minister Homayoon Ha'eri confirmed the decision is awaiting final cabinet approval.
Encrypted enterprise Fairx has announced its failure due to a lack of funding. In an official tweet, the company stated that its business model was to introduce a new, licensed, fully regulated national bank. It also expressed that stablecoins are a flawed concept because the bank deposits attached to them are not legally owned by the token holders but by the stablecoin issuer.
Only 20% of surveyed Facebook users in the United States are willing to use Facebook's cryptocurrency Libra. Jefferies social media analyst Brent Thill revealed these findings during a CNBC Power Lunch segment, indicating significant user resistance.
Fidelity's crypto division, Fidelity Digital Asset Services (FDAS), has applied to the New York Department of Financial Services (NYDFS) to become a trust in New York. A trust license would allow all areas of its business to serve New York traders. Previously, Coinbase obtained custody qualifications along with Gemini and Paxos in October last year.
The Bakkt platform is expected to fully launch by the end of this quarter. According to a report by Fundstrat's Head of Data Science Sam Doctor, the U.S. Commodity Futures Trading Commission (CFTC) is aware of the growing public demand and interest in Bitcoin futures. The event attracted 150 investors or institutional service providers. Additionally, the Bitcoin futures settlement platform Bakkt began testing on July 22.
The U.S. government has seized Bitcoin worth $19 million from drug trafficker Hugh Brian Haney, who allegedly used cryptocurrencies for money laundering on the dark web. In 2017 and 2018, Haney transferred drug proceeds in Bitcoin to an account of a company engaged in Bitcoin and other cryptocurrency transactions, falsely claiming the Bitcoin came from mining.
Emerging Overseas Projects
Verasity aims to create a stable economic ecosystem through a video-sharing platform. It rewards viewers, content creators, and advertisers at various levels. The platform's token, VERA, is awarded to users for creating, sharing, and viewing videos. Viewers can earn VERA currency, with additional rewards for watching ads or sharing videos on social media.
Essentia is a next-generation interoperability and data layer project. It operates as an operating system on the blockchain, making it easier for users to interact with blockchain technology and for developers to create decentralized applications (DApps). The system supports multi-chain and cross-chain functionalities, decentralized storage, and integrates with traditional centralized IT systems and IoT hardware devices.
Notable Project Updates
Polkadot founder Gavin Wood announced that Polkadot is expected to conduct a public sale this year, offering 10% of its shares. The mainnet is scheduled to launch between mid-November this year and January next year. Prior to that, experiments will be conducted on the testnet Kusama, including some risky attempts. However, Gavin clarified that Kusama is not a testnet and will have 100,000 Polkadot tokens (Dot) allocated to it.
Tether will develop the stablecoin USDT on the Algorand network. The Algorand Foundation announced the partnership, with Tether's CTO Paolo Ardoino expressing excitement about expanding into Algorand's ecosystem. This collaboration showcases the potential for more project applications in the decentralized ecosystem.
Privacy coin project BEAM is set to execute its first hard fork on August 15. The update includes a change in the PoW algorithm from Beam Hash I to Beam Hash II, mandatory SBBS PoW, a minimum fee of 100 Groth, and support for relative time locks.
For the latest updates on EOS and ETH, refer to the respective weekly reports from Odaily Planet Daily.
Investment and Financing Overview
Spanish energy company Repsol has acquired an 8% stake in blockchain company Finboot. Finboot specializes in providing blockchain solutions for clients in sectors such as oil and gas, and retail.
Apple co-founder Steve Wozniak has invested in Malta-based blockchain energy company Efforce. Wozniak is now a co-founder of the company, which aims to become the world's first and leading tokenized energy-saving platform.
Horizon Blockchain Games has completed a $3.75 million seed funding round led by Initialized Capital, the venture fund of Reddit co-founder Alexis Ohanian. Other participants include Polychain Capital, Digital Currency Group, Coinbase, Golden Ventures, and Inovia Capital.
Enterprise open-source blockchain smart contract platform Second State has raised $3 million in Series A funding from SIG. ETC Labs, Marc Fluery (founder of JBoss and former executive vice president of Red Hat Software), also participated in this round.
Blockchain financial services institution Altonomy has completed a $7 million seed funding round led by Polychain Capital, with participation from Singapore investment institution 7 Blocks.
Decentralized communication cloud network Beowulf has received investments from encrypted wallet Consentium and blockchain project Mars. The specific amount was not disclosed.
Frequently Asked Questions
What is the Bakkt Bitcoin Futures Platform?
Bakkt is a Bitcoin futures settlement platform designed to provide institutional investors with a regulated and secure environment for trading Bitcoin futures. It aims to address the growing demand for cryptocurrency derivatives.
Why are only 20% of Facebook users willing to use Libra?
The low willingness is due to significant user resistance, possibly stemming from concerns about privacy, regulation, and trust in Facebook's handling of financial data. Many users are skeptical about adopting a cryptocurrency managed by a social media giant.
How does Verasity reward its users?
Verasity rewards users with its VERA token for creating, sharing, and viewing videos. Additional rewards are given for watching ads or sharing content on social media, creating an incentive-based ecosystem for all participants.
What is the significance of Tether launching USDT on Algorand?
Launching USDT on Algorand enhances interoperability and collaboration within the decentralized ecosystem. It allows for faster transactions, lower fees, and increased scalability, benefiting users and developers alike.
What are the key updates in BEAM's hard fork?
The hard fork includes a transition to a new PoW algorithm, mandatory SBBS PoW, updated fee structures, and support for relative time locks. These changes aim to improve security, efficiency, and functionality of the privacy coin.
How does Essentia improve blockchain usability?
Essentia acts as an operating system on the blockchain, simplifying user interaction and DApp development. It supports multi-chain and cross-chain operations, decentralized storage, and integration with traditional systems, making blockchain technology more accessible.