TLDR Crypto Daily Update 2022-01-10

Chainlink staking 🔗, PayPal stablecoin 🪙, Bitcoin bonds 📝

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Innovation & Launches

Vitalik proposes new ‘multidimensional’ Ethereum fee structure (2 minute read)

Vitalik Buterin has posted a proposal to improve the current fee structure for the Ethereum network. In the proposal, Buterin notes that different resources in the Ethereum Virtual Machine have different demands in terms of gas usage, and suggests two potential solutions that use multidimensional pricing. Ethereum is preparing for an upgrade that will end Proof-of-Work, so the proposal is currently not a priority for the network. A summary of Buterin's proposed changes is available in the article.

Next Up for Chainlink in 2022: LINK Staking and ‘Internet of Blockchains’ (5 minute read)

Chainlink's ecosystem now has more than 1,000 project integrations, with 700 oracle networks securing over $75 billion in value. Staking will launch this year, allowing LINK holders to secure the network and earn rewards by locking up some of their LINK into the protocol. Implementing staking was challenging as Chainlink's oracle network is a new type of consensus mechanism, so the team needed to create a new type of staking system. Chainlink is also set to launch a new standard for messaging and communication between blockchains called CCIP. The Chainlink team is expected to more than double this year as the project is on course for another growth spurt in 2022.

PayPal Is Exploring Creating Its Own Stablecoin as Crypto Business Grows (1 minute read)

PayPal and its subsidiary Curv are actively working on developing a stablecoin. Evidence of PayPal's intention to build its own stablecoin was discovered in the company's iPhone app, and PayPal later confirmed the rumors. PayPal Coin will be backed by the US dollar.
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Guides & Resources

crypto reading list (GitHub Repo)

This repository contains a curated list of reading on crypto and decentralized networks. It covers topics such as blockchain mechanics and innovations, NFTs, DAOs, smart contract programming, and more. Exercises to help check for understanding are available.

Optimizing Your Token Distribution (7 minute read)

This article takes data from 60 projects and protocols since 2013 and analyzes them to find what the optimal token distribution would be in 2022. There are six types of token distributions: Community Treasury, Core Team, Private Investors, Ecosystem Incentives, Airdrops, and Public Sale. The results of the study suggest that projects should reserve around 50% of tokens for the Treasury, 0% for Public Sales, 5% for Airdrops, 10% for Ecosystem Incentives, and the rest split between Team and Investors. If there is a Public Sale, those tokens should be pulled from the Team, Investors, or the Treasury. As web3 develops, more token distributions will likely favor active contributors rather than those merely providing capital.

The Metaverse: 101 (40 minute read)

The metaverse is a virtual world where people can socialize, work, shop, and play. Many different types of metaverses have existed for years, but now, market timing, technology, and generational readiness have combined to make the metaverse a huge focus for tech companies. This article discusses how these factors have pushed the metaverse onto the world stage and also how a real metaverse might function. A list of metaverse-related technologies that will see development this year is available at the end of the article.
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Miscellaneous

On Web3 Infrastructure (12 minute read)

This article discusses Moxie Marlinspike's criticisms of web3 from the previous blog post and presents two methods that could safely address Marlinspike's concerns about infrastructure providers lying to or spying on users. Light clients can be run on cheap devices and used to verify information from infrastructure providers and messages can be obfuscated using cryptography or a security protocol. The article also discusses zk-SNARKs, a technology that allows commodity devices to verify entire chain states, and possible improvements for NFTs.

My first impressions of web3 (17 minute read)

web1 was decentralized, web2 was centralized, and web3 is supposed to be a move to decentralize everything again but with the richness of web2. However, despite this, the space is consolidating around platforms again. While distributed systems have their advantages, they tend to make things more complicated and less easy to use. Platforms like OpenSea offer APIs that interact with the blockchain, making it easier for people to use the technology, but it also means that the platform can mediate the view of all NFTs in the wallets people use. It is still early days with the technology, but the way web3 is developing suggests that decentralization is not really important to a majority of users.

El Salvador Preparing 20 Bills To Provide Legal Framework To Bitcoin Bonds (2 minute read)

El Salvador is preparing to introduce 20 bills to provide a legal framework for its upcoming Bitcoin bonds. Bitcoin bonds offer a safer alternative to direct investments. El Salvador will likely issue the bonds this year. The country is planning to build a city based on Bitcoin along the Gulf of Fonseca near a volcano. It hopes that Bitcoin will boost the country's economic growth and offer new investment opportunities.

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515 W 18th St. Unit 621
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