The Year of the Rabbit is off to a good start, as several signals suggest that altcoin season might be around the corner: US inflation is waning, altcoins like SOL and APE are gaining and moving trades, and the altcoin market cap broke the 50-day exponential moving average (EMA) earlier this month.
Note: Market prices captured in US$ at the time of reading. Explore more on Crypto.com/Price.
Amazon jumps into the metaverse. The online retail giant may soon become the latest Fortune 500 company to venture into the space. Amazon is planning to launch a “digital assets enterprise” that is expected to center on blockchain-based gaming that rewards players with NFTs.
The Shanghai update is coming. Ethereum moves one step closer to the Shanghai upgrade with the successful release of its latest shadow fork, which had only a few minor technical issues reported.
MakerDAO puts 100M into Yearn. A MakerDAO community vote was passed in favour of deploying up to US$100 million worth of USDC from the Maker reserve on DeFi protocol Yearn Finance. Maker estimates that this amount of USDC on Yearn will earn an annual yield of 2% using the proposed strategy.
Seoul opens Metaverse city hall. The Seoul government has opened the city’s Metaverse project to the public. Residents of South Korea’s capital city are able to access official documents, file complaints, and receive answers in a virtual environment.
YSL’s makeup NFTs. Yves Saint Laurent, a French luxury fashion house with €5.57 billion in annual revenue, has filed Metaverse and NFT trademark applications. The company will offer downloadable virtual goods, such as makeup, skincare, and more for use in virtual worlds and metaverses.
Join 3,000-plus attendees in a three-day event and meet with the startups, investors, corporates, and developers that are changing the world. Right in the heart of Barcelona, the event will feature 200-plus speakers across a variety of panels, keynotes, workshops, and fire-side chats on the current state of blockchain, crypto, DeFi, NFTs, Metaverse, and Web3.
In a nod to the 80s and 90s, graphic artist Skie’s second NFT collab, called ‘plastic 77’ — a dystopian environment with futuristic but crumbling cities dressed in neon lights — drops this Monday, 30 January, and includes 🪂 NFT airdrops.
With its dark themes, saturated colours, and unusual modes of transportation, Skie’s art creates a parallel Metaverse, where the sun has collapsed and the only light sources are LEDs and Skie’s hallmark neon. Using various forms of art — 3D, photo manipulation, visual effects, graphics, and web design (with knowledge of landscape architecture) — Skie’s passion permeates throughout his art. It looks like a world of fake, of plastic — and there is no going back.
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Crypto Level Up
Coins and Tokens — What Sets Them Apart?
Cryptocurrencies are often interchangeably referred to as either ‘coins’ or ‘tokens’. However, these are actually two different concepts. Here is what sets them apart:
Nativity. Coins, such as BTC and ETH, are native to their blockchain and available upon the network’s launch. Conversely, tokens are created on top of a blockchain that already has its own native cryptocurrency. Examples include SHIB and USDC.
Versatility. Coins are most frequently used for payments and HODLing. Tokens, on the other hand, often have another primary use, such as securities/equities, access to goods and services, or also simply as a means of payment.
Ease of Creation. Coins need to be mined according to the consensus mechanism that their individual blockchain uses. Tokens are minted on an existing blockchain according to the project’s specifications.
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Byzantine Generals Problem
The Byzantine Generals Problem describes the challenge of achieving consensus without a trusted central authority.
What Is the Byzantine Generals Problem?
Picture this hypothetical scenario: There is an army of soldiers surrounding the Byzantine Empire. These soldiers are ready to attack, but the generals must first decide on a common plan of action. If all generals attack at the same time, victory is guaranteed. But if they attack at different times, then the battle is lost.
These generals have no secure communication channels amongst themselves; the enemy could intercept or tamper with any messages. This begs the question: What can they do to ensure all generals attack at the same time?
The Byzantine Generals Problem is a highly relevant issue for cryptocurrencies, as they are a distributed computer system without a central authority. Like the generals trying to reach a consensus, these computers, also known as nodes, have the job of achieving consensus on cryptocurrency transactions.
This Week in Crypto History
Blockchain Industry Leaders Dine with Warren Buffett
TRON founder Justin Sun and four other blockchain industry leaders met with Warren Buffett on 23 January 2020 for dinner at the Happy Hollow Club. Sun was supposed to meet with the legendary investor for lunch on 25 July of the previous year after winning a charity auction for the opportunity to do so. The dinner may have cost over US$4.5 million — including the winning bid — but according to Sun, the insights he received were priceless.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.