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MicroStrategy Is Building ‘Decentralized ID’ on Bitcoin Using Ordinals-Like Inscriptions
Michael Saylor announced the Orange protocol for decentralized identification, hoping to anchor digital identities in the dominant blockchain.
During a presentation at the annual MicroStrategy World conference in Las Vegas, MicroStrategy co-founder and Executive Chairman Michael Saylor unveiled the open-source MicroStrategy Orange Decentralized Identity protocol.
“Michael presented a very compelling case for why we need decentralized identity and did decentralized identifiers,” MicroStrategy executive vice president of engineering Cezary Raczko told the audience. “He made an even more compelling case why it makes sense to anchor digital identity into the Bitcoin blockchain, protected by the strength and the security of the Bitcoin network.”
Alongside the announcement, MicroStrategy published an unofficial draft of the MicroStrategy Orange specification to Github.
While the timing of the news was unexpected, Saylor previously hinted that his company was working in the identity and authentication space. He told Decrypt last year that MicroStrategy was more than aware of Ordinals after the protocol launched in January, and interested in exploring how it could inspire software innovations. Read More
Build on Bitcoin Launches Mainnet With Over 40 Apps
BOB launches its Bitcoin layer-2 Ethereum rollup, with more to come over the next three weeks.
The Build on Bitcoin (BOB) project announced the launch of its first phase on Wednesday, enabling decentralized apps—dapps—to interact with the world’s top blockchain.
The BOB mainnet is coming online with $300 million in total value locked (TVL) and over 40 dapps already available, the team said on Twitter, declaring “a Bitcoin-driven DeFi summer” with more to come in the next three weeks.
Build on Bitcoin is intended to be a hybrid layer-2 network, an “Ethereum rollup” that merges Bitcoin’s global adoption, liquidity, and proof-of-work security with the decentralized finance (DeFi) features of Ethereum: smart contracts, wallets, and access to stablecoins. Read More
Redstone Network Launches to Power Fully On-Chain Ethereum Games
Powered by the Optimism OP Stack, Redstone enables “autonomous worlds” and other intriguing new types of on-chain Ethereum games.
Redstone, a new Ethereum scaling network designed for fully on-chain games and “autonomous worlds,” launched its mainnet today—with a number of early games already available for play.
Developed by Ethereum startup Lattice, Redstone was built via Optimism’s OP Stack scaling tech. But it’s much more than a rebranded riff on the layer-2 tech that also powers networks like Base and Zora—Redstone has been significantly retooled for the needs and demands of video games, particularly those that use blockchain for much more than asset ownership.
“We've had core developers come along and make really cool contributions to the OP Stack,” Optimism co-founder Ben Jones told Decrypt’s GG. “This is the first [network] that’s not just tweaking dials a little bit.” Read More
Indian enforcement agency collaborates with Binance to bust scam app
The law enforcement agency managed to track the funds linked to the E-Nugget scam app to different crypto exchanges and, with their help, seized over $10.5 million in crypto assets.
The Enforcement Directorate (ED) — an Indian law enforcement agency — seized 90 crores ($10.5 million) from an online scam app called E-Nuggets with the help of crypto exchanges such as Binance, ZebPay and WazirX.
According to a report published by the Hindu, the online gaming app E-Nugget had cryptocurrencies worth $10 million stored in 70 different crypto wallet accounts spread across the three crypto exchanges.
The ED contacted these exchanges to block the wallet addresses and transfer the crypto assets to the agency’s wallet.
In its report, the ED alleged that the E-Nugget app purportedly offered customers large returns on investment while disguising itself as a gaming platform. Read More
From Financial To Physical. The Next Big Thing In Crypto - DePIN
Recently, there has been significant interest in decentralized physical infrastructure, also known as DePIN, within the crypto space. People are curious about the potential of this niche and which specific projects within it are worth noting. The latest detailed study, titled State of DePIN 2023 by Messari, aims to provide insights into these questions. This summary will highlight key findings from the report and discuss their potential impact on the cryptocurrency market.
What Is DePIN?
The report commences with a concise delineation of DePIN, an acronym for decentralized physical infrastructure. It encompasses a cluster of ventures that employ cryptocurrency-based incentives to foster a range of physical infrastructure. These initiatives span from decentralized Wi-Fi systems, decentralized computing clouds, decentralized cloud storage solutions, and decentralized mobile networks to other similar endeavours. A salient feature that sets most DePIN projects apart, in addition to their crypto-based incentives, is the accessibility for individuals to contribute, provided they possess the requisite hardware. Read More
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Synethix founder Kain Warwick targets mid-May launch for Infinex
The Infinex protocol — dubbed the “UX Layer” of DeFi — is targeting a May 13 launch, pending a final vote from Infinex’s governing council.
Synethix founder Kain Warwick has given a date for when the "on-chain gateway" Infinex is set to go live after several delays from its expected Q4 2022 launch.
Infinex is targeting an official launch on May 13, Warwick said on May 2 at the ETH Global conference in Sydney, Australia.
Warwick said May 13 would mark the launch of the Infinex Account, which is described by the Infinex team as a “collection of cross-chain smart contracts that can be controlled, secured and recovered” by way of Web2 authentication such as an email address login.
Warwick said that Infinex — which began as a decentralized front-end to access Synthetix liquidity and trading features — had evolved to become a more broad-scale platform aimed at reducing the barriers that prevented people from onboarding into decentralized finance (DeFi). Read More
LayerZero cross-chain interoperability protocol completes first airdrop snapshot
LayerZero’s ZRO perpetual futures contract is trading at $8.6 on Hyperliquid, the world’s largest perps DEX, suggesting a potential $17 billion fully diluted valuation.
LayerZero, a cross-chain interoperability protocol, is preparing to launch its long-awaited airdrop for users.
LayerZero has completed the first snapshot for its upcoming airdrop on May 2, according to an X post by LayerZero Labs that promised followers “more information coming soon.”
Airdrops are widely employed by decentralized finance (DeFi) protocols to create more traction by rewarding early users with newly issued cryptocurrencies.
LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) that launched on HyperLiquid perpetual futures decentralized exchange (DEX) back in September 2023. Read More
If the SEC Thinks Ethereum Is a Security, Are ETH ETFs Doomed?
It’s now looking like a long road ahead for ETH to come to Wall Street. But that’s a surprise to few.
Optimism among market participants is fading—and now that the SEC’s stance on Ethereum as a security has been made public, those hopes may have been shot down for good.
“If this SEC approves a spot Ethereum ETF before the election, I will eat my HODL hat,” Matthew Sigel, head of digital assets research at Van Eck, an Ethereum ETF applicant, told Decrypt.
That’s because of a lawsuit filed last week by Ethereum software company Consensys against the SEC, which revealed that the Commission believes Ethereum (ETH) to be an unregistered security—and that the SEC has, for the last year, pursued investigations on that basis. Consensys wants a court to declare Ethereum as a non-security, preempting any forthcoming charges from the SEC. (Disclosure: Consensys is one of 22 investors in Decrypt.) Read More
Solana Co-Founder Says Cosmos and One SOL Rival Are Clear Winners in Building Sovereign Blockchains
Solana (SOL) co-founder Raj Gokal is naming two blockchains that have a head start in the sovereign blockchains crypto sub-sector.
At a TOKEN2049 panel discussion, Gokal says that Avalanche (AVAX) and Cosmos Hub (ATOM) are “the clear winners” with regard to sovereign blockchains.
A sovereign blockchain is typically under the control of a single entity, unlike public blockchains such as Bitcoin (BTC) which are decentralized.
According to Gokal, Cosmos Hub and Avalanche have some differences that set them apart.
“Cosmos is an old-school project and it’s not that coordinated. I think Avalanche brings the coordination and the ability for developers to configure their own chains how they want. So I like that about their design. And obviously, it’s a function of Emi’s [Gün Sirer] DNA and his great vision as a founder.” 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.
