?? Vitalik talks about the Merge, money and more.
Howdy, buddy!
Welcome to Switch Daily!??
What’s up? Did Vitalik manage to keep you entertained on Twitter this week? C’mon, we know you know we know what we are talking about. ??
Fine, the point is, we found something much better than just a viral Vitalik image and that’s what we will discuss in today’s issue. So, grab some popcorn and get ready for some merge talk!
Let’s dive into the deep waters
Market Pulse ??
The market is as still as statue ???
The flat crypto week continues with the broader market entering Friday in a tepid mood, up by 1.12%. At present, bitcoin (BTC) is trading at a discount of 0.94%, whereas the usually upbeat Ether (ETH) has managed to stay in green with a 0.20% up move— registered day-on-day. The crypto market cap continued to dip, day-on-day, down by 0.24% at release. Currently, the market cap is holding steady at $980.54 billion.
Here’s a piece of Buterin’s mind ??
The weekend is around the corner, and it's that time of the week when we bring you something exclusive, and you be like, “yay, you rock Switch Daily.” Atleast that’s how we imagined it ??.?
Anyway, here’s what happened. Our friends at Coinbase, got Brian (their founder) and Vitalik (ETH founder) to discuss some insights on decentralization, privacy, infrastructure, the future, and more on their podcast — Around the Block.?
It was a long one, so we quickly jotted down some highlights to share:
??Ethereum did not just wake up someday and decide to go with Proof of Stake.?
Vitalik and his team have been researching the POS theory since 2014. The research has not only helped them identify the problems and weaknesses of the model but also understand how to deal with them. Only after this did Vitalik feel confident about moving to POS.?
??Decentralization is vital at the core of any project.
When asked about his opinion on decentralization in crypto, Vitalik said that principles are important, but there is also the question of survival. However, he believes it is important to be principled, decentralized, and ethical at the core of any project because if the bottom layer breaks, the entire project tumbles.?
??Ethereum 2.0 is expected to be stronger and more decentralized.
Ethereum POS has huge differences from Ethereum POW. It is not right to say POS is not good because there is a flaw in POW.?
There are also some benefits to the POS approach:
??Financial privacy on a small scale is good.
Having financial privacy on small transactional limits is a good use case. Vitalik gave an example and said that if he wants to send Brian an NFT to his address armstrong.eth, he should be able to do so without anyone else knowing that he sent Brian an NFT. He thinks that the smaller the scale of transactions, the more possibility there is for financial privacy. Everything he talked about summarizes that privacy is important and solvable to a certain extent.?
??Vitalik thinks crypto can create a better form of money.
He believes that crypto needs to atleast prepare to de-peg from the over-reliance on any one kind of asset. For example, USDC is a great asset, but it may run the systemic risk of being politically influenced. There is also the tail risk of what happens when something happens to the US or its currency at some point.?
领英推荐
??Vitalik’s message for the crypto community:
“If you believe in crypto because you want crypto to bring about a thing, then go build the thing”
Woah, that was deep, so we will leave you to ponder over it for a while. But when you are done, please don't forget to hit the social button on the top left corner of this email and share this content with your network.?
Creator’s Spotlight ??
We’re still talking about the Merge! Join in as Ananda unearths some key implications of the merge on the crypto verse.??
What’s trending on the news? ???
???Bitcoin Beach gets $200M+
El Salvador is all set to receive investment funds of over $200M to upgrade Bitcoin Beach, according to President Nayib Bukele. The money will help upgrade the infrastructure at Bitcoin Beach to make the place even more tourist-friendly.? Read more.
??Helium developers propose to migrate to Solana
Helium developers have proposed a transition to the Solana blockchain to improve the operation of the Helium blockchain. The move is an interesting venture for the entire blockchain ecosystem. It brings the world closer to the ‘Internet of Things’ vision.? Read more.
??Michael Saylor and MicroStrategy charged with tax evasion
A tax evasion-related lawsuit has now been filed against Michael Saylor and the company he founded, MicroStrategy. The lawsuit was filed by Karl Racine, Attorney General for the District of Columbia in the United States. Read more.?
??Cali tops in BTC and ETH interest
California leads US states as far as interest in BTC and ETH is concerned, according to new web traffic-based data from CoinGecko. The state accounted for 43% of all Bitcoin and Ethereum web traffic searches. Read more.?
Twitter Gyan:
The Friday Memeshow
And, that’s a wrap for today!
Have a good weekend, and see you on Monday ??
Before we jump into market updates, check out our latest coverage of the crypto world on Switch —?our brand new publication that makes sense of modern money for you!
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