Read in the Digest:
Bitcoin (BTC) surges above $20k, Solana (SOL) & Polkadot gain up to 8%
Vitalik Buterin outlines major priorities of Ethereum for the next two years
Polkadot’s (DOT) update to increase transaction speed by 100 to 1,000 times
Disney dives deeper into Crypto, DeFi and NFTs with a new job opening
Bitcoin (BTC) Surges Above $20k, Solana (SOL) & Polkadot (DOT) Gain Up to 8%
After more than a week of trading under $20k, Bitcoin (BTC) surged beyond the $20,000 level as the cryptocurrency market rallied. Over the last 24 hours, BTC is up by 7.65% to set a new 10-day high of $20,350.
The 24 hours price chart for Bitcoin (BTC). Source: CoinMarketCap
Solana (SOL) leads the top altcoins recovery, rallying by more than 8% in the last 24 hours to touch a 2-week high of $34.95. Solana also shows a significant uptick in trading volume, marking significant interest in the altcoin.
The 24 hours price chart for Solana (SOL). Source: CoinMarketCap
Polkadot (DOT) is another big gainer in the ongoing crypto recovery, gaining 5.7% in the last 24 hours. DOT now trades at $6.75 after touching an inter-day trading high of $6.79.
The 24 hours price chart for Polkadot (DOT). Source: CoinMarketCap
The rally of cryptocurrencies has driven the global crypto market cap up by 6.5% in the last 24 hours. The crypto market cap has now climbed above $1 trillion for the first time since September 17.
Bitcoin’s spiking prices come as stock markets trend lower, leading to analyst questioning if BTC could be in the process of ditching its correlation with stocks.
Vitalik Buterin Outlines Major Priorities of Ethereum for the Next Two Years
Following Ethereum’s successful transition to Proof-of-Stake (PoS), its founder, Vitalik Buterin has outlined the main “priorities” for the Ethereum ecosystem over the next two years.
In his recent appearance on the Bankless Podcast, Buterin explained that post-merge, figuring out the scalability of the network is one of the main priorities. He added that the scalability will cut across all layers of the ecosystem.
According to Buterin, the second most important priority will see Ethereum transition from “being in rapid developing fire fighting mode to Ethereum being in stability mode.”
He also explained that with the biggest upgrade now complete, developers would no longer need to rush through big protocol changes. He sees the community becoming more “pragmatic” in the near future.
With Ethereum’s power usage now 99.9% less than what it was on Proof-of-Work, Buterin has predicted that Zcash and Dogecoin would eventually switch to a PoS.
Why You Should Care
With Buterin’s proposal, Ethereum could become pragmatic like Cardano, taking the long-term road that leads toward sustainability as opposed to rushing updates.
Polkadot’s (DOT) Update to Increase Transaction Speed by 100 to 1,000 times
Open source blockchain platform, Polkadot has provided a roadmap update, revealing the deployment of Asynchronous Backing, a scaling technique that allows parachains and the relay chain to build blocks together for faster transaction processing.
According to Polkadot, the “Asynchronous Backing” technology will increase the speed of the network from its current transactions per second (TPS) of 1,000 to 100,000 and 1,000,000 TPS, without breaching the security guarantees made by the network.
The update will reduce block time by half, i.e. from 12 seconds to 6 seconds which implies lower latency and faster finality for transactions executed on parachains. The amount of block space available to each block will be increased by a factor of 5-10 times.
Asynchronous Backing is expected to launch on Kusama, Polkadot’s development testnet before the end of 2022. Other upgrades relating to scalability, expense calculation, cross-chain, communication, governance, and staking in the roadmap are expected by mid-2023.
Polkadot’s stablecoin, Acala Dollar (aUSD) has been de-pegged just after resuming operations.
Why You Should Care
The major scalability improvement of Polkadot will increase the work parachains can handle and optimize network performance, allowing for more parachains to be registered.
Disney Dives Deeper into Crypto, DeFi and NFTs with a New Job Opening
Media giant, Walt Disney is expanding into the crypto space after posting a job listing for a principal counsel to explore emerging technology opportunities, involving NFTs, DeFi, blockchains, and metaverse as per a listing on the Disney careers website.
The “experienced corporate attorney” will be responsible for providing legal advice and support for global NFT products, across the company’s business branches. They will also ensure NFT product compliance with U.S. international laws and global regulations.
The position will also require the principal counsel to provide day-to-day legal advice on digital currency and blockchain technology and guide Disney’s efforts regarding emerging technologies.
To be considered for the position, applicants need to have a minimum of 5-8 years of experience in managing complex corporate transactions and possess knowledge of NFTs, web3, and cryptocurrency. A working experience from a reputable multi-national corporate firm is a plus.
A leaked final draft of the European Union’s landmark MiCA showed that blue-chip NFT collections like Bored Ape Yacht Club and Cryptopunks could soon be regulated as securities by Europe’s governing body.
Why You Should Care
The job listing has made many speculate about the possibility of deeper involvement in crypto, Defi, and NFTs on the part of Disney.