Tech
The weekly roundup of essential news
Tue 07 Nov 2023 ▪ 5 minute read ▪ by Luc Jose A.
Amazon, the tech giant, has set its sights on Solana, promising a revolution in cloud technology and offering a stepping stone to uncharted heights for blockchain. Meanwhile, a lone miner defies the odds by winning the jackpot. Ever since NFTs arrived in Bitcoin, there has been a frenzy that has purists and pragmatists alike worried. Elon Musk clarifies his vision for cryptocurrency-free Twitter, while Vitalik Buterin warns us of the hidden risks of second-layer solutions. In the background, Tether swells its coffers and reaches peaks that challenge traditional institutions. Beyond the fray, Bitcoin and Ethereum will outperform gold and traditional assets in 2023.
Amazon turns on Solana!
Amazon recently announced a collaboration with Solana to launch a cloud computing service for blockchain developers. This service, AWS Blockchain, will allow developers to easily deploy Solana nodes, offering better accessibility and reduced costs. This initiative is seen as a significant boost for Solana, potentially increasing its popularity and adoption thanks to Amazon’s strong infrastructure and reputation. The announcement was well received by the crypto community.
A lone miner wins the jackpot
A single Bitcoin miner was recently lucky enough to single-handedly validate a transaction block, a rare feat in the era dominated by large mining farms. With an estimated computing power of just 126 TH/s, this miner succeeded where thousands fail every day, earning 6.25 bitcoins worth approximately $150,000 at the time of the event. This feat highlights the unpredictable and sometimes lucky nature of Bitcoin mining, reminding you that even the most modest players can reap significant rewards in Bitcoin’s decentralized network.
Ordinals power up Bitcoin with NFTs
Bitcoin recently saw major innovation with the introduction of Ordinals, a type of NFT that can be recorded directly on the Bitcoin blockchain. This new feature caused a significant surge in transaction fees as users rush to record images and other data as Ordinals. While this has resulted in increased earnings for miners, some members of the Bitcoin community are concerned about potential network congestion and the deviation from the original vision of Bitcoin as a peer-to-peer electronic payment system.
Elon Musk clarifies: no cryptocurrencies for Twitter
Elon Musk, the new owner of Twitter, has dispelled rumors about integrating cryptocurrencies into the platform. Despite market speculation and anticipation, Musk said there are no immediate plans to integrate crypto payments or launch a digital currency platform linked to Twitter. This announcement puts an end to speculation fueled by Musk’s previous interest in cryptocurrencies, particularly Dogecoin. Cryptocurrency investors and enthusiasts will have to wait to see if Twitter will embrace blockchain under Musk’s leadership.
Vitalik Buterin highlights the risks of level 2
Vitalik Buterin, co-founder of Ethereum, underlined this potential dangers associated with Layer 2 solutions. These technologies, designed to improve blockchain scalability and transaction speed, may also introduce new risks. Buterin emphasized that while these additional layers are essential for ecosystem growth, they are not without challenges. He particularly warned against excessive centralization and security risks that could compromise the robustness of the cryptocurrency. This view encourages careful consideration of the sustainable and secure development of blockchain technology.
Tether hits new financial high
Tether, the company behind USDT, the most popular stablecoin on the market, announced that it has reached a record level of cash and cash equivalents reserves. This announcement reinforces confidence in the stability and liquidity of the USDT. Tether has revealed that its reserves are now larger than those of many US banks, which could have significant implications for the cryptocurrency industry. It also demonstrates Tether’s growth and resilience despite market turbulence and past criticism regarding reserve transparency.
Bitcoin and Ethereum Outperform Gold in 2023
In 2023, Bitcoin and Ethereum have demonstrated remarkable resilience, outperforming traditional assets such as gold and stock indexes. Their success is attributed to various factors, including growing institutional adoption and investor interest in digital assets as a hedge against inflation and economic uncertainties. Both cryptocurrencies have benefited from increased liquidity and improved market infrastructure, boosting investor confidence. Despite the market turmoil, Bitcoin and Ethereum have demonstrated their potential as mature asset classes, attracting a new wave of investors seeking diversification and potential returns.
This sums up the main news this week. Stay tuned for a new roundup coming next week!
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.