Copper Falls to Eight-Week Low on Fear China Might Release Stockpiles
Copper Falls to Eight-Week Low on Fear China Might Release Stockpiles
Copper prices fell Tuesday to their lowest level in eight weeks on concerns that China may tamp down on rising…
Speculation that China’s strategic stockpiling body, the State Reserve Bureau, is planning to gradually release some of its stockpiles of copper, aluminum and zinc over the coming months led to the downturn on Tuesday, analysts said. The world’s second-largest nation consumes half of the world’s refined copper. Investors fear such steps could be part of a broader push from Chinese officials to temper rising prices.
Digital Currency Group Buying $50M of Ethereum Classic Grayscale Shares
Digital Currency Group Buying $50M of Ethereum Classic Grayscale Shares - Decrypt
In brief DCG will buy shares in a Grayscale trust that holds Ethereum Classic. The purchase follows a similar one…
This change on Ethereum Classic’s network could ‘make it bigger than Bitcoin and Ethereum’
“For ETC to really succeed, we got to have our own algorithm that is separate from ETH.”
Bitcoin Mining Showdown Puts New York on Front Lines of a Green Fight
Bitcoin Mining Showdown Puts New York on Front Lines of a Green Fight - Decrypt
Features Investigations In brief Energy company Greenidge Generation has pivoted to Bitcoin mining using a coal-fired…
'Fiat is Immoral, Evil Money': 3 Days in Miami with the Bitcoin Faithful - Decrypt
Ron Paul takes the stage to a raucous standing ovation from the maskless Miami crowd. Outside the air conditioned Mana…
(Just don’t ask the Bitcoiners about DeFi; an email sent by the conference to attendees ahead of the event expressly forbade it: “Bitcoin Only! This is a Bitcoin-only conference. Please stay focused and on topic at the event. Save conversations about other protocols and cryptocurrencies for outside the conference.”)
Bitcoin Miami Conference:
One such party, hosted on a three-story yacht by DeFi lending protocol Aave, was billed as the boat party not to miss. The AAVE token, built on the Ethereum network, rose 700% between January and May, making the people behind it very rich, and very eager to party
What is EIP-1559?
What Is EIP-1559 and Why Are Markets So Excited About It? - Decrypt
In brief Ethereum's network fees have made the network un-usable for some projects. EIP-1559 is a proposal put forward…
The 1559 proposal is designed to make transactions on Ethereum more efficient. At present, Ethereum has an auction system that determines which transactions are bundled inside what blocks.
The more a user is willing to pay, the more likely a miner will include a transaction. The busier the network, the higher the fee, meaning users have to factor in network congestion when trying to estimate the total cost of moving data around the network.
By switching to EIP-1559, that system will be replaced by a fee structure that is priced automatically by the network. On top of that, a tip system would be introduced to allow people who want their transactions verified faster, to pay a miner to do so.
In January, Bitfly, the operator behind Ethereum’s second-largest mining pool Ethermine (which possesses about 20% of the hashrate), said in a Twitter post that it is “against adopting EIP-1559 in its current state,” arguing that “Ethereum’s future may be at risk.”
DeFi Has a Front-Running Problem. Sparkpool’s Potential Fix Is Launching This Month
Sparkpool's Taichi Network to Tackle Front Running in DeFi - CoinDesk
Ethereum mining pool Sparkpool will launch its new mining network, Taichi Network, complete with a "private…
A parallel DeFi ecosystem is quietly rising up on Cosmos.
The Boy Who Could DeFi: Meet the 13-Year-Old Who Built a $7M Money Manager on Ethereum
The Boy Who Could DeFi: Meet the 13-Year-Old Who Built a $7M Money Manager on Ethereum - Decrypt
He'd just received a LinkedIn message from someone named "Gajesh Naik"-a crypto developer looking for guidance on a new…
This Crypto Project Accounts for Half of All US Regulator Penalties Since 2009
The cryptocurrency industry has been hit with $2.5 billion in penalties since Bitcoin was invented 12 years ago, according to figures released today.
While it’s true that U.S. agencies have pursued some crypto projects under existing regulatory frameworks, nearly half of the $2.5 billion generated by enforcement actions so far have come from just one failed project: Telegram’s TON blockchain. Many more billions of dollars have been raised by crypto startups in unregistered ICOs and token sales since 2014.
Canadian Regulator Adds Bybit to Crypto Exchange Crackdown
Canadian Regulator Adds Bybit to Crypto Exchange Crackdown - Decrypt
Cryptocurrencies in Canada. Image: Shutterstock In brief The OSC says it reached out to Bybit in March but heard…
Is Bitcoin in a Bear Market? Experts Aren’t Sure
Is Bitcoin in a Bear Market? Experts Aren't Sure - Decrypt
In brief Bitcoin has been on a steady decline since last month. So has Ethereum. But experts are unsure of whether or…
McCarthy Calls on Biden Admin to Declassify Intelligence on COVID-19 Origin
House Minority Leader Kevin McCarthy (R-Calif.) called on the Biden administration to declassify intelligence on the origins of COVID-19 to find out where the CCP (China Communist Party) virus came from.
On May 26, Facebook announced that posts pushing the hypothesis that COVID-19 is man-made would no longer be banned on the platform.
McCarthy went on to say that the U.S. government should limit the visas coming from China and lift sovereign immunity, so for those 600,000 individuals who died, “their family can actually have justice and sue China.”
McCarthy also claimed that the 24th Winter Olympics shouldn’t be held in Beijing.
Stocks Rebound as Dow Gains More Than 550 Points
Livepeering Into The Future of Video
Today, video content is the lifeblood of the internet with Cisco predicting that by 2022, 82% of all internet traffic will be video. The rise of streaming — audio, music, movies, content, etc. — has further increased the demand for robust video processing infrastructure. Video transcoding is one of the key processes for all types of streaming including Fortnite Concerts, Twitch gamers, Youtube Podcasters, and GenZ TikTokers.
Video transcoding is the process of reformatting raw video files into viewable files based on the user’s bandwidth (2G-5G) and device. Video transcoding is essential for streaming video (live or static) and the global video streaming market is growing rapidly with MediaKix reporting that the streaming industry is estimated to reach $124 billion by 2025,” while Grand View Research predicts the industry to reach $184 billion by 2027.
Today video processing costs around $3 per stream per hour with a cloud service such as Amazon, charging up to $4,500 per month for one media server, and up to $1,500 per month before bandwidth for a content delivery network. With Livepeer, the entire process (transcoding, Livepeer server, content delivery) is potentially 10x cheaper than existing services for individual streamers. The key behind Livepeer’s ability to provide cheaper streaming is that it doesn’t compete for the same cloud computing resources as AWS or other transcoding providers since it offers pricing based on transcoding usage as opposed to server space.
Notably, the use of adding GPU mining enables existing GPU or ASIC miners to participate in the Livepeer network without any additional capital expenditure while dramatically increasing the reliability and affordability of Livepeer transcoding services.
Since the start of the new year, Livepeer has consistently processed over 1 million minutes of video per month (~2 years of video) with May achieving a record of nearly 4 million minutes. In total, the Livepeer network has now transcoded over 17 million minutes of video. While this pales in comparison to the 1 hour of video uploaded to Youtube every second, it’s a meaningful start proving product-market fit.
This adoption is coupled with the accelerated growth of video apps building on Livepeer, such as Korkuma.com and Playdj.tv. More recently, BUIDL Labs created File.Video, an open source experiment that combines Livepeer transcoding with Filecoin’s storage capabilities demonstrating the power of composable and programmable Web3 protocols.
Livepeer’s Future Growth
In accessing the potential growth, it’s important to understand existing demand. After speaking with a representative at Livepeer, Messari was able to confirm the majority of usage comes from user-generated content (UGC) apps (i.e. gaming, music, streaming) however also includes notable usage across other verticals including, sports, media, events, and infrastructure (e.g. Korkuma).
UGC apps have continued to expand as the creator economy grows. With the inevitable growth of user-generated content, the demand for cheap and seamless processing will continue to grow. Moreover, the industries of digital events and esports are young, but very promising, opening potential avenues for Livepeer to insert itself as infrastructure in these newer industries.
Notable Messari Updates
- Curve v2 is now live and available on Ethereum and Polygon.
- A proposal to lower the UNI proposal submission threshold from 10M UNI to 2.5M UNI, i.e. from 1% to 0.25%, has passed
- Taproot has been locked in, reaching the signaling threshold of 90% of all blocks mined in the current difficult period signaling in support, and will be activated in November 2021.
- With the T Token Proposal officially approved by both the Keep and NuCypher communities, team developers are working on the KEANU staking contract and the associated adapters to grandfather in existing NU and KEEP stakes
- Cosmos Hub development teams released an updated project roadmap (dubbed Roadmap 2.0) on Jun. 15, 2021, detailing the Hub’s future upgrades.
- The Geth team released v1.10.4 (Voyager Cluster) on Jun. 17, 2021.
Swaps between any two assets within the Qredo network are low cost, regardless of which blockchain the actual native assets live on. ETH for BTC or LUNA becomes a simple swap between two addresses on the Qredo blockchain rather than a complicated one involving multiple gas-intensive transactions to addresses on the native layer 1s. Currently these swaps are P2P, but a Qredo DEX is forthcoming.
Qredo is now live with custodial and transactional support for 15 tokens on their v1 mainnet, and recently raised $11 million to support their continued focus on providing a full-service “digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors.
How is Qredo able to offer decentralized custody and low-cost transactions? It uses its own blockchain, built on Tendermint using the Cosmos SDK. Qredo’s first mainnet is secured by 24 nodes located in six Tier-4 data centres in six financial centres. This means that, for now, the chain is far from fully decentralized, though the plan is to move towards full decentralization over time. Eventually, validators on version 2 will be able to stake and earn QRDO governance tokens as slashing/incentives.
Qredo recently completed a seed round of $11 million. It is no coincidence that Qredo’s early investors include some of the largest institutional traders and several of the largest centralized crypto platforms. The plan is for Qredo’s partners to offer lending, borrowing and trading services to replace the current bulletin board, as per below. One of the largest futures and options exchanges, Deribit is already working on a custom integration. A DEX AMM is also in the works. Users will be able to transact on any platform using Qredo instantaneously, rather than having to transfer collateral before execution. Other investors such as CMS Holdings, Wintermute, Kronos and GSR will be keen to add liquidity to the growing ecosystem.