Big tech is continuing to make big moves in Web3. This week, Amazon Web Services (AWS) furthered its presence in the crypto space by partnering with Cronos Labs to collectively boost Web3 start-ups through the Cronos Accelerator Program, which aims to support developers building Web3 applications through the Cronos ecosystem. AWS has a history of supporting start-ups, and they also ❤️ Cronos Labs. Builders can register their interest to participate in the expert-led program.
Also, as a special treat heading into the weekend, we have two opportunities for you to win! First, to celebrate the upcomingFormula 1® race weekend, fans have the opportunity to win exclusive Crypto.com x Aston Martin F1® team co-branded merchandise! Find out how you can enter. Second, you can win a Twitter Blue subscription by trading BTC or DOGE. Learn how you could be one of the lucky winners!
Market Spotlight
Note: Market prices captured in US$ at the time of reading. Explore more on Crypto.com/Price.
News Snaps
Bitcoin Rally Ahead?
While Bitcoin is already up more than 60% year-to-date, some are anticipating even more in the next 12 months. According to analysts from Bloomberg Intelligence and Matrixport, Bitcoin could move past US$50,000 following the anticipated Bitcoin halving in April 2024. In a separate forecast, research from Standard Chartered Bank says Bitcoin has the potential to reach US$100,000 by the end of this year.
Howdy From Austin
The industry came together in Austin this week for one of its largest annual global conferences: Consensus. The conference featured a variety of events and activations, with conversations focusing on collaboration with TradFi, the latest product and service innovations, what’s next for Web3, and analysis of the policy and regulatory landscape. Crypto.com was a proud sponsor of the event once again this year, and our recent launch of UpDown Options was featured in a live interview from the showroom floor with CoinDesk TV.
France Excited for MiCA
Following last week’s approval by European Union (EU) regulators of the Markets in Crypto Assets (MiCA) framework, L’Autorité des marchés financiers (AMF) in France has welcomed the landmark decision and is considering a ‘fast track’ system to enable registered crypto firms in France to be approved under the EU-wide rules.
Euro Coinvertible
Societe Generale’s crypto division, SG Forge, has introduced EUR Coinvertible (EURCV), a stablecoin pegged to the Euro on Ethereum that’s said to be the first such asset deployed on a public blockchain.
On-Chain Credit Scores
TransUnion, a major US consumer credit reporting agency, will offer credit scoring on public blockchains. The service will provide individuals’ credit scores to blockchain dapps when they apply for DeFi loans.
What’s Ahead
Bitcoin 2023, Miami
Bitcoin 2023 will be held in Miami Beach, Florida, from May 18 to 20, 2023. This is the fourth iteration of the largest global Bitcoin conference, and the three-day event consists of an industry day and two general admission conference days.
Bitcoin 2023 expects over 15,000-plus attendees, 2,000-plus companies, 250-plus sponsors, and 150-plus speakers.
Research & Insights
Monthly Feature Article | Restaking: EigenLayer
Security is one of Ethereum’s most important aspects, achieved using the Proof of Stake (PoS) consensus mechanism. Restaking is a new service aiming to utilise Ethereum’s robust security.
Key Takeaways:
- EigenLayer is pioneering the development of restaking. It aims to solve the issues of fragmented trust networks by enabling users who have locked their ETH in staking to ‘restake’ it in a separate smart contract.
- This essentially means putting up the same capital for additional slashing risk.
- This system reduces the cost of capital, as a new token does not need to be created as part of the trust layer for each of these projects.
- Without the need to bootstrap security and trust for middleware solutions, restaking could encourage innovation that previously was centered around the application level.
Read the full report, exclusive to our Private members. Not a Private member yet? Join by signing up, joining our Crypto.com Exchange VIP Program, or collecting a ’Loaded Lions’ NFT.
NFT Spotlight
Meet the Dirty Sockers – The most degen Socks on the blockchain
Ever wonder where all those Socks disappear to? They seem to just vanish out of thin air. Perhaps they chose to leave, to go live a life on their own terms. Or perhaps they felt compelled to congregate elsewhere, waiting for the right time to surprise us all and reappear.
And perhaps that time has come! Because on May 5, Dirty Sockers, a community-first PFP project on the Cronos blockchain, drops the first 1,000 out of a 10,000-piece collection of unique, generated NFTs with a variety of traits of differing rarity. These first Dirty Sockers — the Early Sockers — make a legendary collection, with premium holder values, utilities, cashback offers, an airdrop, and increased traits. Early Sockers are being released before the rest of the 10,000, giving OGs another chance to get in early.
Join the Dirtiest #CROFam project out there!
Dirty Sockers is a community of people who go their own way in life. Sockers like to live a unique life without social pressure, stupid norms, or other rules that Sockers do not agree with. That’s the character, the soul of the Dirty Socker.
A Dirty Socker, walking us outside the lines
Get your dirty socks HERE. For more dirt, dig into the white paper.
Product Picks
New Items in the Missions Rewards Store
Formula 1® Crypto․com Miami Grand Prix 2023 tickets, as well as a new, exclusive ‘D-800’ Cryptoverse NFT, have just been added to the Missions Rewards Store. On top of these, you can also redeem a three-month UFC Fight Pass subscription, or signed jerseys with diamonds. Check it out here.
ETH Flash Rewards Is Back
To celebrate Ethereum’s Shanghai Upgrade, Crypto Earn is bringing back the Flash Rewards campaign with the Ether (ETH) token. For a limited time only, users can earn an attractive reward of 6% p.a. on ETH for a 30-day allocation. Ends on May 11. Visit the blog for more details.
AMA
Live Video AMA With Kris Marszalek
Tune in to our live video AMA with Kris Marszalek, Crypto.com’s CEO and Co-Founder on May 2 (Tuesday) at 13:30 SGT. We’ll be streaming it on YouTube, Twitter, and Facebook, and Kris will be answering questions from the community. This is one AMA you won’t want to miss!
Submit your questions here and set a reminder on YouTube while it’s top of mind.
Crypto Level Up
How Blockchain and Artificial Intelligence Can Work Hand in Hand
At first glance, blockchain and artificial intelligence (AI) might not appear to be the best allies, but these two technologies are surprisingly compatible. Discover how blockchain improves AI and vice versa, along with the industries where they can potentially work together.
Blockchain Improves AI
One challenge facing AI right now is the confidence people have in the accuracy of its outputs. Blockchain’s immutable digital record can help individuals better understand an AI service’s framework and algorithm, which increases trust in its recommendations.
AI Gives Blockchain a Boost
AI can boost the intelligence of blockchain-based business networks by reading, analyzing, and linking various data points. What’s more, it can do all of these quickly and comprehensively. AI algorithms can also detect fraudulent activity on a blockchain, staving off bad actors from the network.
Use Cases for Blockchain and AI
In healthcare, a patient’s records can be stored on the blockchain, while AI can scan the data to provide treatment recommendations to medical professionals. In a similar vein, the pharmaceuticals industry can use blockchain and AI to enhance the visibility and traceability of a drug’s supply chain.
More Details on How Blockchain and AI Can Collaborate.
Crypto IRL
When two worlds from different periods converge — a lesson in history and time brought to us by @OfficialNinoyt, roaming in Rome with the Crypto.com Royal Indigo Visa Card.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Decoder
Cryptography
Cryptographic techniques have been used for thousands of years as a means of exchanging secret messages. Today, cryptography provides a method for secure communication through the use of sophisticated algorithms and keys.
These cryptographic keys encrypt and decrypt data by hiding sensitive information from unauthorized individuals by transforming data (plaintext) into code (ciphertext) that only the intended recipient can read and understand.
Here are three main types of cryptographic algorithms used for cryptocurrency and blockchain:
Symmetric Encryption
In symmetric encryption, commonly referred to as secret-key cryptography, both the sender and receiver use the same key to encrypt and decrypt electronic data. The condition here is that the key is agreed upon ahead of the transaction and kept secret.
Asymmetric Encryption
Asymmetric encryption, or public-key cryptography, relies on a pair of keys — a public key and a private key. This type of encryption is behind most crypto wallets.
Hash Functions
Hash functions use an algorithm to turn the data into a fixed-length string of characters. Hash functions have become an integral part of blockchain management because of their ability to encrypt large amounts of data.
This Week in Crypto History
Dole Announces Expansion of Blockchain Initiative
In late April 2020, agricultural corporation Dole announced in its annual Corporate Responsibility & Sustainability Report that it would expand its use of blockchain technology. To be precise, it planned to use blockchain technology across all of its business divisions to track goods and boost food safety.
At that point, Dole was already using blockchain technology in its supply chain for salads and fresh vegetables. The company initially set a target to expand this initiative for 2025, but has since updated it to 2030.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
