Researchers from Stanford University have developed a prototype for "reversible transactions" on Ethereum, saying that it might decrease the impact of crypto theft.
Kaili Wang, a blockchain researcher at Stanford University, outlined the Ethereum-based reversible token concept in a Sunday tweet, adding that it is not a finalized concept but rather a "suggestion to encourage discussion and even better ideas from the blockchain community," stating:
"The largest cyberattacks we've witnessed are unquestionably thefts supported by solid proof. If there were a mechanism to reverse these thefts under these conditions, our environment would be significantly safer. Our idea enables reversals only if a decentralized quorum of judges approves them."
The Walt Disney Company has posted a new position for an "experienced corporate attorney" to work on "emerging technologies" like nonfungible tokens (NFTs) and the Metaverse, suggesting a potential expansion into the crypto field.
According to an ad published on the Disney employment website on Friday, the corporation is seeking a "Principal Counsel — Corporate Transactions, Emerging Technologies & NFTs" to work on transactions using NFTs, the Metaverse, blockchain technology, and decentralized finance (DeFi).
Specifically, the entertainment giant is looking for someone to give "complete product life cycle legal counsel and assistance for global NFT goods" and guarantee that they conform with all applicable United States and worldwide laws and regulations.
While crypto winter has been difficult for most of the sector, Messari CEO Ryan Selkis believes that a bit of austerity is good for the industry and his conference.
Selkis, a veteran of the cryptocurrency sector who entered the field in 2013, has witnessed development with each bear market since it has driven some firms out of business and provided a way for the survivors to expand. This cyclical process has coupled with an evolving regulatory environment, which can reach a boiling point in a bull market.
"Bear markets are wonderful for gathering the appropriate folks in the room," Selkis told Decrypt at the Messari Mainnet conference this week in New York. "We remove any decaying timber."
This week at Messari's Mainnet conference in New York, LBRY CEO Jeremy Kauffman criticized the Securities and Exchange Commission as the decentralized file-sharing network continues to face legal action from the government.
In March last year, the SEC accused LBRY of marketing unregistered securities. The Commission objected to the $11 million in funds collected through the sale of LBRY Credits, which are currently used to upload files and make payments on the blockchain-based platform but were offered for sale before the network was constructed.
The SEC interpreted LBRY Credits as investment contracts because purchasers assumed they would profit from the tokens' purchase.
After the Federal Open Market Committee (FOMC) meeting on September 21, the Federal Reserve hiked interest rates by 75 basis points, bringing the Federal Funds Rate to 3.25 percent. Bitcoin responded with a 6.5% decline that bottomed out at $18,600.
On September 13, the Bureau of Labor Statistics issued Consumer Price Index (CPI) statistics indicating a rise of 0.1% in August, resulting in an annual inflation rate of 8.3%.
The higher-than-anticipated pace of inflation crushed hopes that past increases in interest rates would stem the escalation of consumer costs.
The CEO of Binance, Changpeng "CZ" Zhao, believes that the Bitcoin bear market benefits cryptocurrencies.
In a Wednesday talk with Messari CEO Ryan Selkis at the Mainnet conference, CZ stated that a four-year crypto market cycle is normal and that a bear market is better in the long run than a seemingly endless rising trend.
"Price corrections are beneficial," CZ remarked, adding that investors shouldn't use token prices as market indicators.
According to the head scientist at Chainalysis, more time is required before we can determine the impact of the penalties on the cryptocurrency mixer Tornado Cash.
Cointelegraph interviewed Chainalysis' head scientist Jacob Illum and national manager for Australia and New Zealand Todd Lenfield about the implications of the Tornado Cash ban during a demonstration of their freshly launched blockchain analysis software Storyline.
Illum stated that while there is still some use of the crypto mixer, more time is required to "watch what's occurring" and how the "world responds to that designation," adding that people are attempting to determine what to do now that the crypto mixer is virtually gone:
Members of the Helium community have voted to migrate the decentralized WiFi network from the HIP 70 blockchain to the Solana blockchain.
Voting finished on the HIP 70 plan early Thursday morning, with 81% voting in favor of migration in the early Asian hours. Participants staked Helium token (HNT) to vote on-chain. A vote to relocate the network required a two-thirds majority to pass.
Over 12 million HNTs were staked in favor of the motion by 6,177 community members. Only 1,270 people voted against it.
According to statistics from CoinMarketCap, Bitcoin (BTC) extended its bearish price movement over the weekend, falling to a fresh three-month low of $18,390. Despite a 64% increase in daily trading volume, the price of Bitcoin is presently around $18,440, a decline of 8% over the previous 24 hours.
BTC has lost more than 17% of its value during the past week and is down more than 73% from its all-time high of $68,789.63 in November 2021. Bitcoin's market valuation has more than halved, falling from $1.27 trillion in November 2017 to less than $352 billion.
According to data from Blockchain.com, Bitcoin's network difficulty reached an all-time high of 32,045t yesterday. Network difficulty represents the computational complexity of mining a block. Greater difficulty necessitates increased processing power and substantially impacts miners' profitability, lowering the price of the currency.
After the lowest weekly closing since July, Bitcoin (BTC) faces another week of "big" macro developments. BTC/USD, along with cryptocurrencies and risk assets in general, has failed to rebound from several days of losses triggered by the most recent U.S. inflation statistics.
The largest cryptocurrency has yet to convert $20,000 into compelling support, and as the third full week of September starts, the risk that this level will serve as resistance resurfaces. In the coming days, the Federal Reserve will decide on the next significant rate rise, which will have a considerably greater impact on the market than emotion.
In addition, the fallout of the Ethereum (ETH) Merge continues to play out, while payouts to creditors at the failed exchange Mt. Gox add another possible cloud to the Bitcoin pricing environment. Cointelegraph examines five possible Bitcoin market-moving issues to watch during the next week.