TLDR Crypto Daily Update 2022-06-13

Celsius liquidity crisis 📉, Jack Dorsey's Web5 🪙, staked ETH depeg ⚡

Innovation & Launches

What is Jack Dorsey’s “Web5”: A web3 competitor built on Bitcoin? (5 minute read)

web5 is Jack Dorsey's web3 competitor that aims to solve the problem of ownership and identity. It will be a decentralized web that puts users in control of their data and identity, enabling data portability across platforms without the single-point-of-failure risks that come with centralized systems in web3. web5 will be built on Bitcoin. There won't be any tokens to invest in with web5. More details about how web5 gives users control over their identity and ownership of their data are available in the article.

Helium Crypto Wireless Network to Launch New Tokens Amid Expansion (4 minute read)

Helium is a wireless network for sensors and trackers powered by token rewarded node operators. It is launching new crypto tokens tied to individual networks. The existing HNT token will now serve as a reserve currency for expanding the Helium ecosystem. A new MOBILE token will reward people who operate a 5G node and contribute coverage to Helium's network. An IOT token will reward node operators for contributing to the network designed for Internet of Things devices. Both tokens can be swapped for HNT tokens, but HNT can not be swapped back for MOBILE or IOT. The new tokens will allow holders to participate in governance decisions. The MOBILE token will be launched this month and the IOT token is expected to launch in August.

‘Snow Crash’ Author Neal Stephenson Is Building a ‘Free Metaverse’ Called Lamina1 (3 minute read)

Neal Stephenson coined the term 'the metaverse' in his novel Snow Crash in 1992. The author recently launched a metaverse called Lamina1 that aims to help artists and other creators get paid for their work, help the environment, and see that a truly open metaverse gets built. Lamina1 will have a purpose-built blockchain for building the open metaverse. The project is still in a very early stage of development, but it is aiming for a beta rollout in the fall. A link to the project's Discord is available in the article.

$NEAR becomes the first non-EVM chain with @MetaMask compatibility ( minute read)

MetaMask users can now use their MetaMask wallets on NEAR dApps directly. The unofficial integration is entirely on the Near side, done through smart contracts using Ethereum accounts. It is still in early-stage alpha, but the contract has been audited. A video showing what MetaMask support on Near looks like is available in the thread.

@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts (1 minute read)

Celsius has paused all withdrawals, Swap, and transfers between accounts. Its operations will continue and it will continue to update the community. Celsius has taken this action to stabilize liquidity and to preserve and protect assets. Customers will continue to accrue rewards during the pause.
Guides & Resources

Is "acceptably non-dystopian" self-sovereign identity even possible? (21 minute read)

There has been a resurgence of interest in self-sovereign identity because of crypto and web3. Self-sovereign identity is an approach to online identity that is controlled by the user rather than being maintained by a central party. This article discusses digital identities and the problems with developing identity systems. It covers topics such as proof of personhood, verifiable attestations, soulbound tokens, verifiable credentials, and much more.

$stETH / $ETH peg is in rough shape and running out of liquidity fast (5 minute read)

stETH, a staked version of ETH that is meant to secure ETH post-merge, has slipped from its peg and is sliding further away. Celsius is running out of liquid funds to pay back its investors. The fund has managed to lose a lot of money through hacks, and it can't honor its redemptions without realizing massive losses due to stETH's illiquidity. If stETH depegs heavily or market conditions get worse, Celsius can get liquidated.

Where to use a blockchain in non-financial applications? (19 minute read)

Blockchain technology can be used for non-financial applications. This article discusses the areas where it makes sense to use blockchain technology over centralized systems. Blockchains can be used for really important applications like trust and censorship resistance and also for pure convenience, but some applications, such as open-source metrics, could be exploitable on a blockchain and may be better handled by centralized systems.

Ethereum Core Devs Delay Crucial 'Difficulty Bomb' for Two Months (3 minute read)

Ethereum's core developers have decided to delay the difficulty bomb to August. The difficulty bomb was designed to force validators to accept the Ethereum Merge, which will migrate the network from a proof-of-work consensus to proof-of-stake. It has been delayed five times already. Several bugs emerged following the Merge on the Ropsten test network. The mainnet Merge is now expected to go live in late June.

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