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BitcoinOS Claims First Zero-Knowledge Proof Verified on Bitcoin Mainnet
BitcoinOS can enable rollups for unlimited scaling and functionality on Bitcoin while keeping the base layer decentralized, secure, and “boring,” devs say.
Bitcoin may have passed a revolutionary technical milestone this week—one developers say will let them upgrade the network without needing to fork its code.
Coders at BitcoinOS claim they have successfully verified a zero-knowledge proof (ZKP) on the Bitcoin mainnet for the first time in history. This was performed in a series of on-chain transactions on Tuesday, with the final verification occurring at Bitcoin block 853626, Decrypt was told.
The team will also present this feat in front of a live audience at Bitcoin 2024 in Nashville on Thursday to prove that the grandfather blockchain can already do what was long dismissed as impossible.
“The achievement unlocks unlimited scaling and functionality on Bitcoin without requiring additional changes to Bitcoin’s base layer,” said BitcoinOS. Read More
Airdrop success propels Bitget wallet to second most popular in Japan
Web3 wallet usability remains a key hurdle for mass crypto adoption, according to Bitget Wallet’s chief operating officer.
Bitget has become Japan’s second-largest cryptocurrency wallet behind MetaMask, following a period of noticeable growth in the second quarter of 2024.
Bitget wallet’s new user adoption in the Japanese markets increased by over 34% during the second quarter of 2024. This makes Bitget’s wallet the second most popular among Japanese users after industry leader MetaMask, according to an announcement shared with Cointelegraph.
The main reason behind the user growth was the introduction of Bitget Wallet Token (BWB), according to Alvin Kan, chief operating officer of Bitget Wallet. Kan told Cointelegraph:
“Users earned BWB by depositing coins, performing Swap transactions, and completing referrals. Many Japanese influencers noticed and promoted our wallet, boosting BWB’s popularity and users’ confidence in its value and potential.” Read More
Bitcoin Rewards App Fold to Become Publicly Traded Company Through Merger
Founded in 2019, Fold provides various bitcoin-related financial products, including a bitcoin (BTC) cashback debit card and merchant rewards that pay in bitcoin. The company claims to have processed over $2 billion in transactions and distributed more than $45 million in bitcoin rewards since its inception.
On Wednesday, Fold said over the years it has made key partnerships with Visa, Bitgo, and Marqeta in order to bolster its offerings. Fold disclosed that the merger with FTAC Emerald will help accelerate Fold’s growth, allowing it to expand its bitcoin treasury and develop additional financial products.
“It is anticipated that post-transaction Fold will have more than 1,000 BTC on its consolidated balance sheet,” Fold said. Read More
Circle Developers Build Wallet Platform That Supports Email and Social-Based Logins
The team behind the second-largest stablecoin by market cap is building a crypto wallet platform that supports email and social media-based logins.
In a new announcement on the social media platform X, developers at USDC issuer Circle say their latest product would allow users to authorize crypto transactions via email, social log-ins, or PIN codes.
“Onboard users to your apps faster with Social Logins or Email OTP (one-time passcode) verification! Our latest release provides you with more options to seamlessly onboard users and securely authenticate transactions when building with user-controlled programmable wallets.”
Social logins would allow users to log in to third-party websites using existing data from their social media accounts, such as Facebook and X.
According to Circle chief executive Jeremy Allaire, the new product will facilitate a smooth transition from Web2 to Web3. Read More
BRICS Countries Advancing with a New Payment System. A Breakthrough for Global Commerce Potentially Disrupting the Dominance of the US Dollar
Recent headlines suggested that the longstanding 50-year agreement between the United States to exclusively price oil in US dollars had expired, sparking concerns that the era of the Petrodollar may end. Despite initial fears, it was later confirmed that this information was inaccurate. Nevertheless, significant developments occurred during this period as BRICS introduced a new payment system, and Saudi Arabia subsequently became a participant in this initiative.
A potentially game-changing development is on the horizon as a consortium of emerging nations, known as BRICS, prepares to unveil a new payment system, which it has been working on for years and is based on the Ethereum blockchain. This innovation, with its potential to disrupt the US dollar's dominance, could signal a long-awaited breakthrough for global commerce and provide relief to countries struggling with crippling economic sanctions and the exploitative petrodollar system. Read More
Privacy-Centric Email Service Protonmail Releases New Native Bitcoin Wallet
Prominent privacy-focused email platform Protonmail is releasing its very own native Bitcoin (BTC) wallet.
In a new thread on the social media platform X, the encrypted email provider announces the launch of its new crypto wallet allowing users to send BTC via email.
“Today we’re launching Proton Wallet, an open-source, end-to-end (ETE)-encrypted, and self-custodial Bitcoin wallet. With features like Bitcoin via email, we hope to be a safer and easier way for Bitcoin newcomers to get started.”
According to the company, the new feature will cut down on disastrous errors that novice crypto users commonly make.
“Bitcoin transactions are permanent and there’s no bank you can call if you make a mistake. Copying the wrong 26-character Bitcoin address can be catastrophic.
Proton Wallet’s unique Bitcoin via email feature means you only need to verify an email instead, reducing the likelihood of errors. Each address is signed with PGP (Pretty Good Privacy) ensuring that each transaction remains secure.” Read More
Crypto is democratizing investment banking options — Lightspark founder
Cryptocurrencies will challenge the current banking hegemony layer-by-layer, the speakers noted at the 2024 Bitcoin event in Nashville.
Christian Catalini, co-founder and chief strategy of Lightspark, shared his thoughts about the future of money and the role of digital assets in democratizing investment banking features at the Bitcoin 2024 Nashville conference.
In a lively conversation with Joey Garcia of Xapo Bank and moderator Nolan Bauerle, Catalini touted the power of the Bitcoin Lightening Network to deliver nearly instant cross-border payments, an option that was not available to the general public until the advent of cryptocurrencies.
"If you're trying to move out between two countries, and as it turns out, people love Bitcoin on both sides, you can quickly go in and out of the lightning network, you converted the edges."
The discussion revolved around challenging the current banking hegemony layer-by-layer, starting with payment networks and yield-bearing money and eventually introducing more high-end features to the public like securitized lending, a privilege traditionally only open to high net-worth individuals and institutions. Read More
Cardano ready for Chang hard fork after latest validator node release
The first phase of the Chang era is the beginning of the network’s transition to decentralized governance.
The Cardano network is ready for the Chang hard fork with the latest release of node validator software. The hard fork is part of the transition to the Voltaire era of decentralized network governance.
The latest version of the validator node, Node 9.1.0, is an upgrade of Node 9.0 released on July 8. Besides fixing some bugs, the new node requires the use of the Conway Genesis file on the mainnet, which will enable the crossover to the Chang hard fork. The hard fork can be implemented when 70% of validators have upgraded to the new node. Read More
Hive Announces Plans to Move Into Paraguay Amidst Bitcoin Mining Power Hike Turmoil
Paraguay keeps attracting Bitcoin mining companies. Hive Digital, a Canada-based, Nasdaq-listed bitcoin mining company with operations in Canada, Sweden, and Iceland, has announced plans to establish a bitcoin mining site in Paraguay. The company aims to secure 100MW of clean energy produced in the Itaipu hydroelectric dam, having already connected with Paraguay’s president Santiago Peña and his senior cabinet.
In a press statement, Hive Executive Chairman Frank Holmes stated that the company expected to add 6.5 Exahash per second to its total mining power, increasing it to 12.1 EH/s. Holmes considers this development a milestone in Hive’s policy of expansion and decentralization of its operations.
Hive stressed that “stability in government fiscal policies, such as energy pricing and taxation, will be a key factor in our future expansion considerations relating to continued growth in Paraguay.” Bitcoin mining companies in Paraguay are being hit by a 14% power fee increase enacted by the National Power Administration (ANDE), affecting the economic feasibility of their operations in the country. However, Peña disregarded the miners’ claims, stating this would only affect their operative margins. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
