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Ethereum Co-founder Vitalik Buterin Reveals ‘Multidimensional’ Fee Structure Proposition

By
Aletheia
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Vitalik Buterin, the co-founder of the famous crypto project Ethereum, has been brainstorming for ideas that can help improve Ethereum’s current fee structure. A blog post was published on January 5, where Buterin revealed his proposal entitled the “Multidimensional EIP-1559.” In this blog post, he notes that various resources within the Ethereum Virtual Machine (EVM) have differences in gas usage and, therefore, have different demands.

He adds that the short-term “burst” capacity has different limits than the “sustained” capacity within the EVM, mentioning examples of block data storage, witness data storage, and block state size changes.

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However, if you channel all the different resources into a single one and the limits are not aligned, it can lead to “very sub-optimal gas costs.” Buterin summarized his proposal with quite a hefty amount of technical math, so it’s understandable to get quite lost. However, in summary, Buterin’s proposal offers two potential solutions by using “multidimensional” pricing.

gold and white star print round decorThe Two Potential Solutions

The first possible solution calculates the gas cost for different resources like call data and storage. The math for this would be to take the base fee for each resource unit and divide it by the total base fee. The base fee is a fixed-per-block network fee, and it’s already included in the EIP-1559 algorithm.

The second option is undoubtedly more complicated, as it sets a base fee for using resources. However, each resource has burst limits. Not only that, but this option would also have “priority fees” that are set as a percentage. This set of fees is calculated by multiplying the percentage by the base fee.

Buterin does admit that the multidimensional fee structure has its drawbacks. Namely,  “block builders would not be able to simply accept transactions in high-to-low order of fee-per-gas.” Not only would they have to balance the dimensions, but they must also solve additional mathematical problems.

We have still yet to see if the proposal will be passed and approved. After all, the network’s current priority is the next major upgrade. Ethereum is currently preparing for what they call “the merge.” This event will dock the Ethereum blockchain with the Beacon Chain, effectively ending the Proof-of-Work consensus. Tests are already underway on the Kintsugi testnet, and the team expects full deployment to take place during Q1 of 2022.

UK Police Enforcers Have Seized Over £300m Worth of Cryptocurrencies in Criminal Investigations

By
Aletheia
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0
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It’s not a secret that British police officers have been seizing massive amounts of cryptocurrencies, but you might be surprised by just how much. After using Freedom of Information (FoI) requests, New Scientist uncovered that 12 out of 48 police enforcers in the United Kingdom had taken crypto assets worth £322 million during criminal investigations over the last five years.

This shocking statistic came after Chainalysis, a renowned blockchain analysis firm, warned that crimes related to cryptocurrency increased to a record high in 2021. Over the course of last year, illegal addresses received digital currencies worth $14 billion, which is an increase of 79% from 2020’s $7.8 billion.

Crypto-Related Crimes Keep Increasing

However, Chainalysis warned that these statistics aren’t revealing the complete story and that cryptocurrency usage continues to grow faster than ever before. Out of all the crypto assets tracked by Chainalysis, the overall crypto transaction volume increased to $15.8 trillion last year. This is a 567% increase from the transaction volume in 2020.

The firm said that given how more and more people have been adopting cryptocurrency and using it in their daily lives, it is no surprise that more cybercriminals are also using crypto. However, the biggest surprise is that the increase was only around 79%, which was slightly lower than the overall adoption percentage.

Sometimes, it just so happens that police officers stumble across cryptocurrencies by accident. For instance, back in May 2021, West Midlands police enforcers launched a raid at a location they thought was a cannabis farm taking a massive portion of electricity. However, they were surprised to find a bitcoin mining operation instead and not the farm they expected.

On the other hand, New Scientist’s data noted that although the British police seized crypto assets valued at nearly 1/3 of a billion pounds during criminal investigations over the last five years, this figure may be only a tiny fraction of the illegal funds used in the UK. The primary reason for this is that the UK police undergo technological and legislative obstacles regarding crypto-related investigations.

According to the New Scientist, the actual figure may be significantly higher than the reported seized amount because 15 officers didn’t respond to some requests. 99.9% of the seized cryptocurrencies were Bitcoin, but there were traces of other assets, including Ethereum, Dash, Monero, and Zcash.

Recruiting Civilian Staff

Joseph Harrop, the detective chief inspector of Greater Manchester Police’s economic crime unit, said that criminals adopting cryptocurrencies for their illegal activities came much faster than expected. Now, their teams are working hard to gain new skills to help them deal with cases and seize more illicit crypto funds.

Harrop’s strategy is to recruit the help of civilian staff, specifically those who have relevant technical experience in cryptocurrencies. Then, they will be trained to work alongside detectives. One of the main issues that the British police have is that even if they uncover a suspected wallet or address, they still have to deal with some legal hurdles to acquire the funds inside. In other words, they can’t seize these funds as fast as they’d like.

According to the UK’s Proceeds of Crime Act 2002, police enforcers can take funds even without conviction as long as there’s suspicion that those funds were from criminal activities. However, it’s not as simple for non-cash properties like crypto. The requirements are much narrower in scope and must first require a conviction before seizure even though crypto is essentially used like cash.

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Encryption Troubles

Unfortunately, their troubles don’t end there. Perhaps the biggest issue that the UK police face, and possibly all the law enforcers worldwide, is that cryptocurrencies are typically protected by incredibly strong encryption. In other words, even if they discover a suspicious or convicted wallet, they still won’t be able to access the funds without an encryption key. And it’s improbable that the suspect will reveal that vital information to the police.

Harrop admits that there’s some level of difficulty involved in trying to get through the encryption whenever they find a USB, laptop, or any other similar device. However, some people tend to write things down for memory’s sake, and that’s how the police gain access to crypto funds. “As daft as it sounds, sometimes people do leave golden nuggets or strong evidence where they might literally have the stuff that we need written down on a piece of paper,” said Harrop.

Kazakhstan Turns Off Internet Across They Country Amidst Government Issues

By
Christian Allen Tandoc
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Kazakhstan’s internet connectivity has been disrupted yet again, following the resignation of the government.

Internet shutdown across the country

Since Sunday, thousands of people have gone to the streets in Kazakhstan to protest rising petrol prices. Previously, the Kazakh government had lifted price limitations on liquefied petroleum gas, resulting in a price increase. According to a NetBlocks report, the government officially resigned on Wednesday, coinciding with a nationwide Internet outage.

While Internet service interruptions are usual in Kazakhstan during elections and rallies, the intensity of the current Internet outage is “markedly on a different scale,” according to Alp Toker, director of NetBlocks:

What’s striking here is the rapid deployment of internet restrictions at national scale, effectively resulting in an information vacuum both inside and outside the country. This has made it difficult to get a clear picture of what is happening on the ground in Kazakhstan as political instability spirals.

Naturally, the Internet shutdown means that cryptocurrency miners are also offline. Kazakhstan is the second-largest contributor to Bitcoin mining, accounting for more than 20% of the total hashrate.

Kosovo is the latest country to ban cryptocurrency mining

According to Reuters, miners in Kosovo are also in trouble after the government imposed a blanket ban on crypto mining on Tuesday. Due to an energy shortage, the Balkan country proclaimed a state of emergency for 60 days in December.

Kosovo gets the majority of its energy from the combustion of lignite coal. With the arrival of winter, the country became increasingly reliant on energy imports, with up to 40% of its energy usage requiring imports.

According to Reuters, crypto mining has grown in popularity in Serbian-populated areas where residents do not recognize the Kosovan government and refuse to pay for power. One miner, who has 40 GPUs, indicated that he pays only 170 EUR per month to make 2,400 EUR in income.

El Salvador working on 20 bills to regulate Bitcoin bonds

By
Christian Allen Tandoc
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El Salvador is unwavering in its support for Bitcoin adoption. The Central American administration will send 20 bills to El Salvador’s Congress in order to establish a legislative framework that will allow Bitcoin bonds to be issued. Alejandro Zelaya, Minister of Finance in President Nayib Bukele’s administration, verified the report.

El Salvador will issue the first series of $1 billion Bitcoin bonds this year. It will be one of the first of its kind, backed by BTC and issued by a national government, and known as Volcano Bonds due to its utilization of volcanic energy for mining.

The new bills will investigate the viability of the bonds proposed in November 2021.

Volcano Bonds will pay off an $800 million Eurobond issue

The government intends to utilize the proceeds from Volcano Bonds to cover El Salvador’s $800 million Eurobond issue, which matures in 2023. In this manner, the country can avoid issuing another Eurobond. The bills will allow individuals and institutions, including foreigners, to invest in the country using BTC.

According to Zelaya, a group of investors has expressed interest in purchasing the 10-year notes with a 6.5 percent interest rate. He says that the government will not abandon the traditional market.

“Because there is a maturity that must be paid, we can simply pay without issuing another Eurobond in the usual market, and we can go locate a bond that is denominated in dollars and accepts payments in bitcoin as such.” We believe we have received sufficient offers.”

WonderFi has completed a $162 million buyout agreement with Bitbuy

By
Christian Allen Tandoc
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0
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WonderFi Technologies Inc., financed by billionaire Kevin O’Leary, is nearing completion on a $162 million acquisition of Bitbuy, a Canadian cryptocurrency exchange.

As a result of the transaction, WonderFi will have complete control of the Canadian cryptocurrency market. Bitbuy, which was created in 2016, is one of Canada’s largest cryptocurrency markets, with around 375,000 customers and $4.4 billion in transaction activity since its debut.

WonderFi Technologies is now finalizing the terms of the next round of acquiring the Canadian cryptocurrency exchange Bitbuy.

WonderFi will make the payment in both shares and cash, according to the official statement, including 70 million new shares, C$50 million ($39 million) in cash, C$20 million upfront, and C$30 million in deferred cash.

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WonderFi will get entire control of Bitbuy’s approximately 375,000 users as a result of the purchase. Furthermore, the company will allow WonderFi to examine the emerging DeFi sector, which Bitbuy’s CEO Dean Skurka refers to as the “future of the industry.”

In terms of products, it has been a retail-focused app for the past four years, according to Skurka. Skurka stated that due to the marketplace license and now the acquisition, they have “turned our concentration to institutional clients.”

Bitbuy is a flexible platform that enables institutional investors to purchase crypto-related equities. The firm promotes itself as one of the most secure and dependable locations to buy cryptocurrencies.

According to the company’s official statement, Bitbuy made more than $31 million in sales last year and continues to expand its service range to accommodate new users.

The merging of WonderFi and Bitbuy achieves the company’s goal of democratizing banking by giving easy and secure access to DeFi and crypto, according to WonderFi’s Chief Executive Officer Ben Samaroo.

Kevin O’Leary, a strategic investor in WonderFi, joined the company as an investor in June 2021. The takeover is likely to be completed within the first three months of this year.

Bitcoin market dominance has fallen to its lowest level since 2018

By
Christian Allen Tandoc
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0
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According to TradingView, Bitcoin market domination has just fallen below its 2021 low, now standing at 39.73 percent. Jason Choi of Spartan Group noticed the difference and tweeted the chart on January 4.

It contrasts sharply with Bitcoin’s market domination around the same time last year, when it peaked at 73.6 percent on January 3, 2021. It has plummeted by 46% since then to its current level. According to TradingView, BTC dominance fell to 39.48 percent on January 3, the lowest level since 2018. It hasn’t been that low since around May of last year, when it was at 39.17 percent.

BTC dominance dipped below 40% in September 2021, then rose and fell again in the second half of the year. This figure has never been lower than 35.5 percent, which occurred on January 11, 2018, following the first substantial bitcoin rise.

A reduction in BTC dominance is sometimes seen as a sign that altcoins will begin to rally, but they are also declining, albeit at a slower rate.

According to TradingView, Ethereum’s market share has steadily increased since January 2020, and it now stands at 20.23 percent. ITH dominance peaked at 22.35 percent in early December in the local market, although it has since decreased.

BTC and ETH make for around 60% of the total crypto market, which is lower than Bitcoin’s market share in March 2021.

Binance Coin (BNB), Solana (SOL), and Cardano (ADA) are three high-cap altcoins whose shares have increased by 3.67 percent, 2.22 percent, and 1.80 percent, respectively.

BTC has lost another percentage point in the previous 24 hours, and is now trading at $46,430 at the time of writing.

It has fallen 8.4% this week and is now down 32.7 percent from its all-time high on November 10.

Estonia calms fears of a crypto crackdown

By
Christian Allen Tandoc
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0
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According to a press release issued by the Estonian Ministry of Finance, there will be no crackdown on cryptocurrencies in the country.

The remark comes in reaction to the Estonian government’s December 23 submission of a draft law aimed at “more effectively regulating virtual asset service providers (VASPs) to decrease the danger of financial crime.”

It adds that the restriction only applies to VASPs and that individuals can still own and sell virtual assets through their wallets.

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“Accounts opened with Estonian VASPs cannot be anonymous, and Estonian VASPs cannot offer anonymous accounts or wallets,” says the statement.

As a result, VASPs must identify users for whom transactions “similar to bank transfers” are permitted, and risk analysis must be done if such information is not provided. The country’s Parliament is now considering the law.

Estonia saw a surge in crypto-related enterprises after becoming one of the first countries to provide cryptocurrency licenses in 2017.

In 2019, nearly 2,000 licenses were terminated following increasing regulatory scrutiny in the sector, leaving only about 400 firms with them.

This was prompted by claims that the local arm of Denmark’s largest bank processed billions of euros in illegal funds in 2018.

The new laws come ahead of a review of the country’s anti-money laundering procedures, which is set to take place this quarter in accordance with similar moves done by the Council of Europe.

Matis Maeker, the director of Estonia’s Financial Intelligence Unit (FIU), which has the jurisdiction to grant and revoke crypto licenses, previously stated that all licenses would be canceled, prompting companies to reapply in light of the scheduled assessment.

His spokesman then clarified that this was not the official view of the EU and that the Estonian government would not pursue this course of action.

The Chinese central bank’s digital yuan app is now on the Apple and Android app stores

By
Christian Allen Tandoc
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0
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A prototype version of a central bank-issued software and wallet is now accessible on Apple and Android app stores, bringing China’s digital yuan one step closer to reality.

The software can now be downloaded and used by all citizens at current test sites, according to the People’s Daily, China’s largest state-run news agency.

Previously, users of digital yuan wallets issued by state-owned commercial banks were required to use them. The People’s Bank of China (PBoC) distributed the new pilot wallet directly, or rather, the bank’s Digital Currency Research Institute, developing the digital token.

According to the media outlet, users may only use the app in the following cities: Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, and Dalian.

Individuals living in the districts where the Winter Olympics will be held next month in Beijing will also use the app.

The administration intends to have a full deployment in place in the capital — and even throughout the country – in time for the games, which begin on February 4.

The statement was praised as “significant progress,” albeit the media outlet did not specify a timeline for complete implementation, instead of adding that “at this time, the digital CNY is still in its usual testing stage” and “in the research and development phase.”

According to the PBoC, individuals will be able to familiarize themselves with “wallet opening and management” protocols, as well as “exchange and circulation” procedures, in the pilot version.

The PBoC tests a range of hardware wallets and smart card-like technologies to ensure that consumers without smartphone connectivity can utilize its digital token.

UK Parliament Members calls for more stringent crypto legislation to protect investors

By
Christian Allen Tandoc
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0
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Ministers of Parliament and other campaigners in the United Kingdom are urging more regulation of bitcoin assets.

According to the MPs, cryptocurrency should be included in the next government review of the 2005 Gambling Act. Crypto assets are governed by limited legislation in the United Kingdom. The Advertising Standards Authority (ASA) has scolded Arsenal FC and Floki Inu for their advertisements.

Arsenal FC has been chastised for pushing fan tokens, which allow owners to influence team choices. Concerns have been raised regarding consumers losing money due to NFTs promoted by football stars such as Wayne Rooney and John Terry.

“It’s one thing for football clubs to sell gambling to fans, which might lead to people ruining their lives,” Matt Zorb-Cousin, a former advisor to Labour Party lawmaker Jeremy Corbyn, said. “But, in my opinion, it’s even worse to sell away into bitcoin under the premise of empowering them in an effectively uncontrolled environment,” Matt continued.

The Financial Conduct Jurisdiction, the UK’s financial watchdog, now has the authority to oversee crypto assets only if anti-money laundering or terrorism funding rules are broken. They hope to gain more authority to investigate the bitcoin business.

“At the FCA, we have frequently cautioned against the risks of holding speculative tokens,” remarked Charles Randall, the FCA’s chair, in September 2021 at the Cambridge International Symposium on Economic Crime.

“To be clear,” he stated, “the FCA does not regulate these tokens.” He also indicated that the FCA would not impose stringent regulations because its primary focus is on criminal behavior and investor protection.

Coinpass, a cryptocurrency exchange, was just approved by the FCA to operate as a crypto assets company.

Reasons to Move to Philadelphia

By
PVP Team
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0
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12019 (CC0), Pixabay

Philly is a district that makes everyday lifestyle worth the while. It’s no wonder the city has been nicknamed several with names like the city of brotherly shove, the city of neighborhoods, the cradle of liberty, the Athens of America, and the city that loves you. If these nicknames do not prove how exceptional the city is, here are 10 reasons to move to Philadelphia.

Art, Music, Culture

The first of our reasons to move to Philadelphia is hinged on the city’s beautiful arts, diverse cultural practices, and fondness for music. Philadelphia’s art pieces are some of the world’s best. From the cultural centers which hold some remarkable artworks to the numerous museum like the Philadelphia art museum, art enthusiasts get to see an impressive range of paintings and antiques from every corner of the world. That’s not all; the list goes on! Music lovers can enjoy live music, theatrical performances, and even music festivals like Jay-Z’s music festival “Made in America.”

Housing Affordability

While the real estate market continues to appreciate with time, Philly’s homeowners and renters enjoy a low-cost value bid on rentals when compared to housing situations in a large metropolis like DC and New York. And, while it’s easy to find houses of various styles in a compacted city like the big DC and NYC metro areas, you’ll also find your dream home in almost every neighborhood, especially the uptown areas, at affordable prices.

From the luxurious penthouse to the striking sea-view condos, incredible tower-like houses, and brick mansions, the city provides top-notch living situations no matter the preference.

Parks, mountains, and beaches

Philly offers residents more than 300 community parks, several miles of footpaths, beautiful community lawns, recreational grounds, and courtyards for everyday recreational purposes.

If you’re considering getting a house in the uptown neighborhoods, diverse topographies are in place to make your days feel fun. Experience unmatched views at the Pocono Mountains, the picturesque sea view on the seashores with proximity to New Jersey, and the wide green vegetation in the west at Lancaster County. Philly’s parks, high elevations, and sea views will bring out the nature-loving personality in you.

Higher education

Higher education thrives in the region, and the city also houses some world-renowned scholars who hail from there. Notable scholars include Noam Chomsky (linguist), Alfred Bloom (linguist), Louis Kahn (architect), and many other bright minds. With the increasing number of colleges and universities and the advanced educational standards, finding the right institution for advanced learning won’t be a task.

Some other top-rated universities in the district include; the University of Pennsylvania, Drexel University, Wharton School of Business, Temple University, Villanova University, and many others.

Economy

Today, the district ranks seventh in US’s largest metropolitan economy. The cities economy has its roots in sustainable industries such as biotechnology, ICT, health care, oil refining, and manufacturing. With the diverse industries, its’ no wonder the city’s economy continues to boom and grow for decades.

While statistics reveal that the low employment rate increased in the last couple of years, the numbers have noticed a dramatic decline, with more startups emerging in almost every section of the industry. So, if you’re considering a city with consistent economic growth, Philly is one of America’s powerhouses in the market sector.

Sport

There are tons of athletic and sporting activities in Philly for everyone. If you’re considering moving with your kids or the entire family, recreational sports like football, basketball, and soccer are awesome sorting activities for family bonding.

The city also offers a competitive and friendly environment for professional sports. Major professional sports teams in Philly include; Philadelphia’s Eagle (football team), the Flyers (hockey team), the 76ers (baseball team), and the Union (Philly’s soccer lineup).

Food

In Philly, you develop a healthy relationship with your stomach. Movers from Boston to Philadelphia will enjoy the delicious culinary dishes available in Philadelphia’s diverse neighborhoods, from the signature pizzas to the continental dishes, unlike in Boston. The city boasts world-class distinctive mouth-watering cuisines from almost every in the world. So, no matter the signature culinary dish you want, it’s easy to get a tasty treat in Philly.

Weather

There’s nothing to not love about Philadelphia’s weather. Summer tends to be relatively mild at an average temperature of 75 degrees. Even the winter months are quite cool, although the temperature may rise above the 38-degree freezing point. If you’ve never witnessed snowfalls, you can expect to experience the beautiful show of falling snowflakes.

History

Philly holds a large number of American history as many legendary events happened in the city. Some of these events include Kite Experiment by Ben franklin and George Washington crossing the Delaware River. It’s no wonder in 2015, the city was named “the Nation’s First World Heritage Site.” When it comes to historical sites, you can find much of the nation’s historical background at the Independence Hall, the Museum of American Revolution, and Elfreth’s Alley.

Job Opportunities

In the city, you’re never too short on employment offers to meet your daily needs. The region boasts of a healthy job market. With the different sustainable industries in the city, you’re bound to find a great job opportunity that would cover your living expenses and also help you gain experience. People with corporate working experience will also benefit greatly from the city’s corporate firms like Urban Outfitters, Anthropologies, and even Free People.

Conclusion

Relocating to a new place can be frightening, especially if it’s your first move. However, you’ll realize that Philly offers diverse living rewards without the extremities of residing in a metro area. If you’re still not sure of your facts, talk a drive down to the district, have a feel of the neighborhood, chat with the friendly neighbors, try the dining options and tour the cities attractions before making your final decision. When you’re done, an in-person view of the city may just bewitch you, and you’ll be super excited to move to Philadelphia.

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