Welcome to Protocol, where Coindesk is a weekly summary of the most important stories in cryptocurrency technology development. I’m Margaux Nijkerk from Tech & Protocols Reporter at Coindesk.
In this issue:
- Eclipse launches $es Airdrop and distributes 15% of the token supply
- Risc Zero’s “Infinite” Incentive Testnet is now available
- Bitcoin development proposal to freeze addresses with quantum disorders – even Nakamoto Atoshi
- aethir and credicible introduces the first depin driven credit card
Network News
Eclipse token generation event: Layer-2, which combines Eclipse, Ethereum and Solana blockchain technology, shared that it was published in the $es token Airdorp. The team behind the network shares that the initial distribution will occur over the next 30 days, with a total of $1 billion tokens being minted, configured to be distributed to community incentives and long-term protocol sustainability. Of the supply, 15% is assigned to airdrop and liquidity regulations for core community members and developers who have supported the network from the start. 35% will support ecosystem growth and research and development aimed at supporting network expansion. Contributors receive 19% of the supply, including team members, on a four-year vesting period and a three-year lockup schedule. The remaining 31% is for early supporters and investors who are eligible for a three-year lockup schedule to commit long-term to Eclipse’s roadmap. – Margaux nijkerk read more.
Risc-zero’s “infinite” incentive test will be live: Infinite, decentralized zero knowledge (ZK) Computing Marketplace with Risc Zero has launched an incentive testnet (We call it “mainnet beta”) Base is Coinbase’s Ethereum Layer-2 network. With an endless “incentivized testnet, developers can build and test applications in their environments as if the protocol was in full live format. This network has already gained early support from industry heavyweights such as Ethereum Foundation, Wormhole, and Eigenlayer. The distributed market for zero-knowledge computing connects people who need zero-knowledge proofs, such as building applications that developers provide rollups, bridges, or privacy, with independent “ZK Prover or Miner” distributed networks that generate and verify those proofs. Instead of relying on centralized stakeholders, this model can be rewarded by donating computing power and doing the encryption work for anyone with the right hardware. – Margaux nijkerk read more.
New Bitcoin proposals to freeze Quantam-vulnerable addresses: A new Bitcoin draft proposal wants to do something that is unthinkable for a long time. A frozen coin protected by a legacy cryptography, including Nakamoto’s wallet wallet before Quantum Computers cracks. It introduces a step-by-step soft fork that turns quantum transition into a clock, according to a new draft proposal co-authored by Jameson Lopp and other Crypto Security Researchers. If the upgrade fails, the coin cannot be transferred. This includes around 1.1 million BTC, like Satoshi and other early miners, tied to early payee addresses. “This proposal differs fundamentally in Bitcoin history, just as the threat posed by quantum computing is fundamentally different from other threats in Bitcoin history,” the author explained as the motivation for the proposal. “Bitcoin never faced an existential threat to cryptographic primitives.” – Shaurya Malwa read more.
First Depin Driven Credit Card: Aethir, a decentralized GPU cloud network, has partnered with trusted finance, a lending protocol, to introduce its first credit card and loan products with a decentralized physical infrastructure network. (depin)). The move is designed to allow Aethir’s native astoken holders and node operators to access Stablecoin credits without having to settle the token. The product, which debuted on Wednesday, allows eligible users to take care of ATH tokens to access the revolving credit line or preload unpublished cards using Solana’s ATH or Stablecoins. Loan approvals and restrictions are determined by a trusted, AI-driven credit engine that evaluates users’ on-chain activity, asset holdings, and transaction history. – Margaux nijkerk read more.
In other news
- Ripple has expanded its institutional custody services to the Middle East and partners with UAE-based tokenization platform Ctrl Alt to support Dubai-led real estate digitization initiative. By contract, Ctrl Alt uses Ripple’s custody infrastructure to store tokenized property title certificates issued by the Dubai Land Division (DLD) With the XRP ledger (XRPL). – Shaurya Malwa read more.
- Sharplink Games (sbet)a company registered with NASDAQ with an ether-centric cryptocurrency strategy {{eth}}said Tuesday that it has become the largest corporate holder of assets at 280,706 ETH, worth around $840 million at its current price. The company raised $413 million through issuances of more than 24 million shares between July 7th and July 11th, according to a press release. In the past week, I purchased a total of 74,656 ETHs at an average price each. The company said about $257 million of its funding remained for future ETH acquisitions. – Kim Jiang Sandor read more.
Regulation and policy
- The House on Tuesday did not vote on a procedural allegation to advance the trio of crypto bills, but may vote Wednesday to advance the law. When it won the crypto-focused week on Tuesday, the U.S. House of Representatives’ process for suddenly suspending digital assets bills on procedurally as members of the U.S. House of Representatives opposed the way it developed under Senate control. The legislation still has strong bipartisan support, with more votes scheduled for late Tuesday afternoon, suggesting that the procedural accident could be overcome. The vote was cancelled within 15 minutes of scheduled start, so the issue may not be raised again until early Wednesday. – Jesse Hamilton, Stephen Alpha, Nikhiresh De read more.
- There are 12 ju umpires seated for the criminal trial of tornado cash developer Roman Storm and are scheduled to begin late this afternoon at Thurgood Marshall Courthouse in Manhattan. Seven women and five men from diverse backgrounds and age ranges will decide whether the U.S. Department of Justice can prove beyond reasonable doubt that Storm was involved in a conspiracy to commit money laundering and infringe US sanctions, as well as a conspiracy to run an unlicensed transmission business. – Cheyenne Ligon & Nikireshde read more.
calendar
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.