It’s been another eventful week for the crypto markets. The market might have dropped a bit since the last time I wrote and unfortunately we haven’t seen the market break the support levels of the $10,000-$11,000 range, but overall things are looking very good.
This week’s news is nothing seismic, but they are very interesting incidents that of different kinds - Ripple suggesting bridging XRP to Ethereum, crypto getting some awareness boosts and a public beta launch of a DEX by Loopring.
Let’s get straight into it.
1. Craig Wright Indirectly Admits Bitcoin SV is Kinda Centralized
Craig Wright is easily one of the most controversial - if not the most - names in the blockchain and crypto space. His crypto child, Bitcoin SV, has received flak for various reasons, and a recent speech given by him sees him indirectly admit that Bitcoin SV is somewhat centralized.
CoinGeek, which makes no bones out of supporting the Bitcoin SV project, recently held a conference in London on February 20 and 21. Wright was as speaker there, and in it he said,
Anyone with their money linked to drugs on my network is going to be in trouble.
Of course, if you have the power to censor or freeze certain transactions on a network at will, then it means that there’s an element of centralization there. A decentralized network wouldn’t really allow that.
Bitcoin SV has received a lot of criticism for a lot of reasons, and the point about centralization is one that has been discussed before. Figures such as Vitalik Buterin have also criticized it, but the project seems to be unfettered by what others are saying about it.
2. Billionaire Tim Draper Puts $1M Into Aragon (ANT)
Next up is some news about billionaire investor and prominent cryptocurrency prominent Tim Draper. Well known for his statements about Bitcoin hitting $250,000 by the 2023, as well as promoting the properties of blockchain technology, Draper has just invested $1 million in governance and decentralized autonomous organization network Aragon - in what should be a boost for the project, so keep an eye on the markets.
Draper, who has also invested in other big technologies like Tesla, SpaceX and Baidu, seems to find some potential in Aragon’s digital courts and jurisdiction, which can help resolve cryptocurrency/blockchain governance related disputes. He even said, “You don’t get to create a new jurisdiction every day. After Aragon, the governing of the world will never be the same.”
The $1 million that Draper investor accounts, or 2.5% of Aragon’s supply, which makes him a key member in the governance system as he gets a considerable amount of voting power.
Aragon very recently launched the Aragon Court, which provides a borderless and secure dispute resolution mechanism for the digital era. The launch occurred on February 10, deliberately selected to coincide with the project’s 3 year anniversary. It has also seen over 1000 DAOs launched already.
3. Ripple Wants to Bridge XRP with Ethereum
Now here’s some interesting news for you Ripple/XRP fans. Ripple officials revealed late last week that they had intentions to bridge the XRP ledger with Ethereum’s blockchain, with the goal of working with Ethereum’s much lauded Decentralized Finance (DeFi) market.
The initiative is funded by Ripple’s development arm Xpring. In a blog post that provided details on the why of the initiative, Ripple’s senior product manager Warren Paul Anderson spoke about how they had been planning for an integration with Ethereum.
The excitement in the blog post was tangible, and Anderson laid out the three focuses after first talking about how interoperability was a key factor in driving Xpring development. The three challenges below were created to bridge the Ethereum and Ripple networks,
But the really interesting bit comes towards the end of the post, where Anderson says that the bridge between XRP and ERC-20 tokens is important because it brings smart contract functionality that would serve the DeFi market.
Here’s to hoping we’ll hear news about more concrete developments in the near future.
4. Crypto Appeared in The Simpsons
Now here’s what I consider to be the most surprising and exciting news in the past few days - crypto gets a special appearance on the beloved Simpsons!
The reference comes courtesy of the character Professor Frink, who released his own coin called “Frinkcoin.” (and subsequently becomes richer than Mr. Burns) But it's Jim Parson - most well known for playing Sheldon on the sitcom The Big Bang Theory - who steals the show for his explanation of the technology.
This is the 13th episode of the 31st season, and also features a musical number. One key line from the episode is “each day I'm closer to being the cash of the future” - but it also gets a bit tongue-in-cheek, very Simpsons style, and includes a disclaimer about how it’s easy to get confused by all the talk of cryptocurrencies.
Naturally, the cryptocommunity was quite happy to see crypto feature on the show. CZ chipped in too,
Also, as a nice little addition, the show jokingly adds that they “know who Satoshi is, but aren’t telling.”
5. A Guy Loses $56M in Bitcoin
Some slightly upsetting news now. An Irish drug dealer, Clifton Collins, has told authorities that he had lost $56 million worth of Bitcoin after the Irish High Court told him to hand it over. Collins was charged with drug trafficking and was asked to hand over roughly 6,000 Bitcoin, but claims that robbers took the keys which he had printed out.
Collins created 12 separate accounts to which he split the Bitcoin. The thieves reportedly stole the keys while he had been arrested and tried for the trafficking of cannabis. The other story that’s going about is that the house had been cleaned by the landlord - with the cleaners dumping the case in which the keys had been stored in a dump.
$56 million is a lot to lose, and it’s still all too easy to lose your crypto funds. Authorities did say that they were hopeful that technology in the future would allow them to one day access the funds, with the intention that they would be sold.
Collins didn’t seem to mind too much though - he said that it was a result of his own stupidity.
6. After 3 Years of Work, Loopring Announced Public Beta of Its DEX Launch for March 2020
Back to something more hopeful now - decentralized exchange (DEX) protocol crypto startup Loopring has announced that public beta release of its decentralized exchange (DEX) is slated for March 2020, which offers much better performance and security than its centralized counterparts. It will also “compete with the most powerful centralized exchanges”, according to the tweet above.
Now there are multiple reasons as to why this is a big deal.
The highly secure nature of the protocol is one thing, but the real kicker is the reduction in transaction fees. The team has stated that the “average settlement cost per trade is about 5,000 gas, or 0.0000177 ETH”, which is about $0.0025 - under ideal circumstances, but the team believes that it can reach this figure from the current $0.005. This is an incredible reduction that is just a fraction of what other DEXs have you pay.
Do read the post for extensive details on the testing phase and the results.
Entities have already announced their decision to use the Loopring 3.0 protocol, including the WeDEX exchange, which was the first exchange to be built on top of the protocol. The Loopring network’s LRC token has seen a bump in price, up by 7% over the last 24 hours.