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This Week in Blockchain: Key Events Impacting the Industry

Stay updated with the latest developments in the blockchain industry. Explore key events, trends, and news that are shaping the future of blockchain this week. Don’t miss out on insights that could impact your investments and strategies!

Published

3 weeks ago

August 28, 2024

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This Week in Blockchain: Major Developments and Controversies

In this week’s edition of CoinDesk’s blockchain technology newsletter, we dive into significant events shaking the industry: fresh SEC charges against OpenSea, the arrest of Telegram CEO Pavel Durov and its implications for the TON blockchain, and a heated debate on Twitter regarding Ethereum co-founder Vitalik Buterin’s stance on decentralized finance (DeFi).

OpenSea Faces SEC Scrutiny

Just in: OpenSea has received a ‘Wells Notice’ from the SEC, which asserts that some NFTs traded on the platform may be classified as securities. This move by the SEC could have far-reaching consequences for the NFT market and its participants.

TON Blockchain in Turmoil

The recent arrest of Pavel Durov, the CEO of Telegram, has raised alarms within the cryptocurrency community, particularly concerning the TON blockchain, officially known as The Open Network. Durov is facing legal proceedings in a French court on Wednesday, and analysts are evaluating how this situation might affect TON’s future.

This Week in Blockchain: Key Events Impacting the Industry

Alex Thorn, head of research at Galaxy Digital, warned that the value of the TON blockchain and its native token, toncoin (TON), is “substantially dependent” on its integration with Telegram.
The price of TON plummeted after Durov’s arrest on Saturday, which was part of an investigation into alleged criminal activities communicated via Telegram.
Currently, there are over 350 validators supporting the TON blockchain, but it remains unclear how many are directly operated by Telegram.
A source indicated that Telegram does not control any of these validators, a statement that the TON Foundation did not confirm.
Thorn expressed concerns about the resilience of TON in the face of potential government actions following Durov’s arrest.

The TON Society, a community group linked to the blockchain, circulated an open letter denouncing Durov’s arrest and urging his immediate release. Adding to the drama, the TON blockchain experienced a nearly six-hour outage on Wednesday, attributed to increased network traffic, possibly influenced by a recent airdrop of a TON-based memecoin called DOGS. The team behind the TON blockchain clarified on X that “several validators faced challenges in clearing the database of old transactions, which disrupted consensus,” but assured that “no cryptocurrency assets would be lost due to this issue.”

Vitalik Buterin and the DeFi Debate

A lively discussion erupted on X regarding Ethereum co-founder Vitalik Buterin and his views on decentralized finance (DeFi). As over $50 billion in DeFi collateral is locked in Ethereum protocols—more than five times that of its closest competitor, Tron—questions about Buterin’s stance have gained traction.

This Week in Blockchain: Key Events Impacting the Industry

Notably, Kain Warwick, founder of DeFi projects Infinex and Synthetix, sparked the conversation by suggesting that if a blockchain’s longevity relies solely on DeFi and its founder merely tolerates it, that founder is anti-DeFi.
Warwick later clarified on the Steady Lads podcast that he does not consider himself a “Vitalik maxi,” asserting that Buterin has underestimated the significance of DeFi over the past five years.
Buterin responded to the discourse, emphasizing his appreciation for various DeFi use cases, including decentralized exchanges and stablecoins, while expressing skepticism about the 2021-era liquidity farming trend.
He noted the abundance of centralization points in current technologies, asserting that simply decentralizing finance “isn’t enough” to address broader issues.

User @DeFiSurfer808 chimed in, asserting, “DeFi is the whole point of ETH, lmao.” Meanwhile, Stani Kulechov, founder of Aave, the leading DeFi lending protocol, emphasized that establishing resilient financial systems could tackle numerous challenges and empower individuals in various ways.

Elsewhere in Blockchain

In a significant upgrade, Cardano is advancing towards the ‘Chang Hard Fork,’ its largest upgrade in two years. Spearheaded by founder Charles Hoskinson, this upgrade will introduce fundamental changes to the main network, enabling users to engage in on-chain governance. Initially scheduled for this week, the update has been postponed to September 1 to allow exchanges like Binance to adequately prepare.

This upgrade aims to empower ADA holders to elect representatives (known as Delegate Representatives or dReps) and vote on improvement proposals, thereby enhancing community involvement in future technical decisions.

Babylon’s Impact on Bitcoin

The Bitcoin-centric staking initiative, Babylon, launched last week, causing a significant spike in transaction fees, reaching levels not seen since June. The platform’s first phase featured a cap of 1,000 BTC, which was filled in just 74 minutes, leading to congestion on the blockchain.

Fees for a single block surged as high as 15.5 BTC (nearly $1 million), a stark contrast to the usual fee levels of 0.1 BTC or less.
One participant, Lombard Finance, scaled back its initial plan to stake 250 BTC, citing the exorbitant fees as unjustifiable.
Babylon operates similarly to the Ethereum restaking protocol EigenLayer, allowing users to stake deposits that secure additional networks.
This model presents Bitcoin holders an opportunity to earn returns on a $1.3 trillion asset that lacks native yield, with plans for a shared security marketplace to be rolled out in future phases.

As Babylon progresses, it has the potential to unlock substantial value in Bitcoin, as noted by Presto Research in their recent analysis.

This Week in Blockchain: Key Events Impacting the Industry

Stay tuned for more updates in the ever-evolving world of blockchain technology!

This Week in Blockchain: Key Events Impacting the Industry

Related Topics:Babylon blockchain Business Cardano DeFi Ethereum OpenSea Pavel Durov SEC charges Tech TON blockchain Vitalik Buterin

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Tesla Semi Fire: NTSB Preliminary Report Released

The NTSB’s preliminary report on the Tesla Semi fire has been released. This content includes important information about the details of the incident, the causes of the fire, and Tesla’s safety measures. Explore the impact on Tesla’s electric vehicles and its future steps.

Published

1 day ago

September 17, 2024

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The National Transportation Safety Board (NTSB) released a preliminary report stating that a Tesla Semi electric truck in California required firefighters to use “50,000 gallons” (approximately 190,000 liters) of water to extinguish a roadside fire. Firefighting teams also deployed an aircraft to drop fire retardant on nearby areas as a precautionary measure to control the fire.

The accident occurred on August 19 at 3:13 AM local time on the I-80 highway east of Sacramento. The electric truck went off the road while navigating a curve, collided with a roadside boundary marker, and then struck a tree, coming to a stop. Fortunately, the driver was not injured in the accident; however, considering their health condition, they were taken to the hospital.

The Tesla Semi’s large 900 kWh battery caught fire upon impact, and toxic smoke began to spread during the fire. While the fire continued with temperatures reaching up to 538°C, firefighters worked intensively to cool the blaze with water. However, due to the fire’s effects, the vehicle continued to burn until late in the afternoon. Meanwhile, Tesla sent a technical expert to the scene regarding fire safety and high voltage hazards.

The highway reopened to traffic at 7:20 PM local time, 16 hours after the accident. The NTSB, as an organization that can only make recommendations and cannot enforce regulations, sent a team to the area for investigation purposes. This major accident raised several issues, including dangerously hot fires and toxic smoke, which will attract the attention of many international organizations.

The NTSB had previously stated in 2021 that fires in the batteries of electric vehicles pose serious risks to emergency response teams and that the guidelines provided by manufacturers for such fires are inadequate.

Tech

New Leaks and Features About the Samsung Galaxy S25 Ultra

Discover the latest leaks and features about the Samsung Galaxy S25 Ultra. Equipped with new technologies and advanced features, this smartphone elevates the user experience to a new level. Check it out for details!

Published

1 day ago

September 17, 2024

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New Leaks About Samsung Galaxy S25 Ultra

Samsung is expected to introduce the Galaxy S25 Ultra along with the Galaxy S25 series at the beginning of 2024, likely in January. Although no official announcement has been made yet, leaks regarding the upcoming flagship continue to spread rapidly on the internet. Notable leak source IceUniverse shared several new visuals of the Galaxy S25 Ultra in a post on the X platform. These visuals reveal the design differences between the Galaxy S25 Ultra and the Galaxy S24 Ultra.

One of the notable features in the leaked images of the Galaxy S25 Ultra is the rounded corners of the phone. In contrast, this year’s Galaxy S24 Ultra has quite sharp corners, which has led to feedback from some users indicating discomfort while holding the device. Previous leaks have suggested that the Galaxy S25 Ultra may be somewhat larger.

A tweet shared by IceUniverse: Galaxy S25 Ultra Image

According to leaks, the Galaxy S25 Ultra is expected to be thinner and lighter compared to previous models. In August, rumors emerged that the upcoming Galaxy S25 Ultra would be lighter than its competitors, with a weight of under 221 grams.

Another image featured in IceUniverse’s post shows close-ups of the sides of both next year’s expected flagship phone and Samsung’s current flagship. In this image, the side of the Galaxy S25 Ultra appears flatter with rounded corners. While these changes may not create a major revolution, they will generally positively affect the feel of the phone in hand.

Looking at other rumors about the Samsung Galaxy S25 Ultra, it is expected that the company will offer top-tier screen and camera upgrades next year. Additionally, there is a strong expectation that the satellite connection feature will also be introduced alongside the Galaxy S25.

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iOS 18 Officially Released: Innovations and Features

iOS 18 has been officially released! This update, packed with new features and innovations, elevates the user experience to the next level. Check out our article for details and discover the new offerings of iOS 18!

Published

1 day ago

September 17, 2024

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iOS 18 Officially Released: Here Are the Innovations!

Apple officially launched iOS 18 yesterday, as promised. After a long beta testing phase, this update brings many exciting new features for iPhone users.

iOS 18 Officially Released: Innovations and Features

New Features in iOS 18

Advanced Customization Options on the Home Screen: With iOS 18, users can now arrange app icons freely without sticking to the traditional grid layout. Additionally, there’s an option to change the colors of the icons and adjust their darkness levels. In short, you are no longer bound to a boring layout. It raises questions why Apple waited until 2024 to offer this feature.
Revamped Control Center: The Control Center is completely redesigned in iOS 18. Users will be able to group controls more comfortably, and developers can easily add controls from their applications. Also, there’s an option to divide the Control Center into pages, allowing different controls on each page.
RCS Messaging Support: With iOS 18, Apple introduces Rich Communication Services (RCS) messaging support. Users can add various effects to their texts and react with new emojis for more colorful responses.
Updated Photos App: The Photos app is presented with a new opening page and a modern layout. Users can now browse photos by time, people, and many other criteria, reorder media files, and explore more with the “Collections” feature.
App Lock Feature: Users can now lock specific applications. For example, they can activate Face ID protection from the menu that appears when long-pressing an app icon. Thus, anyone wanting to open the app will have to pass the Face ID protection first.
Apple Intelligence: One of the important features of iOS 18 is Apple’s artificial intelligence kit, Apple Intelligence. However, to fully benefit from this feature, you’ll need to wait for the iOS 18.1 update. More information about Apple Intelligence can be found here.

How to Install iOS 18?