In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of Oct 09. Our focus will be on the following developments.
- DeGods unveils “Comeback: Chapter 1”
- Bitcoin Developer Unveils BitVM
- CoinMarketCap’s ChatGPT Plugin
- SBF Trial Week 2: Ellison’s Testimony
- US Inflation Inches Up to 3.7% in September
DeGods unveils “Comeback: Chapter 1”
DeLabs, the creative force behind the DeGods NFT collections, is celebrating a significant milestone this week, marking two years since the launch of the DeGods NFT collection. This milestone is accompanied by a wave of changes that are dubbed “The Comeback”.
Frank DeGods, the visionary behind DeGods, unveiled ‘The Comeback’ Chapter One: Reset, Unify, Clarify, in a brief Twitter post. According to the announcement, “The Comeback” signifies a complete reset for DeGods, effectively rolling back all DeGods NFTs to Season 1. This move is designed to reinvigorate the DeGods ecosystem and breathe new life into the project.
The initiative also includes several noteworthy components:
- Season Selection – Users can switch between Seasons 1, 2, and 3 on the DeGods website.
- y00ts Migration – This week, users can migrate their y00ts to Ethereum at no cost.
- Unified Growth – Frank emphasized that both collections are set to grow together.
To sum it all up, “The Comeback” is not merely a strategic shift but a promising sign that the DeGods team has been attentively listening to its community. Past criticisms regarding y00ts are being addressed head-on, reflecting a genuine commitment to the project’s long-term success.
Bitcoin Developer Unveils BitVM
Bitcoin, often dubbed digital gold, has long been celebrated for its security and decentralization, but it has also been critiqued for its relative lack of flexibility compared to some other blockchain platforms. However, a Bitcoin developer named Robin Linus is on a mission to change that narrative.
In a white paper titled “BitVM: Compute Anything on Bitcoin,” Linus has unveiled a novel solution that promises to usher in a new era of off-chain smart contracts for the Bitcoin network. The beauty of Linus’s proposal is that it achieves this without necessitating a soft fork, preserving the integrity of Bitcoin’s core consensus rules.
The system operates by enabling off-chain execution of complex Bitcoin contracts, an approach that bears some resemblance to Ethereum’s optimistic rollups. The significance of this is profound – it opens the door to a myriad of possibilities for the implementation of intricate applications on the Bitcoin blockchain.
However, it is important to acknowledge BitVM’s limitations. Currently, the system is primarily designed for a two-party setting, involving a prover and a verifier. Furthermore, the execution of programs through BitVM requires substantial off-chain computation and communication. Robin Linus is acutely aware of these limitations and has his sights set on the next milestone: the full implementation of BitVM. To accompany this, Linus is developing Tree++, a high-level programming language that promises to simplify the process of writing and debugging Bitcoin contracts. Read more on this here.
CoinMarketCap’s ChatGPT Plugin
In the ever-evolving world of cryptocurrencies, knowledge is the key to informed decision-making. As crypto markets continue to expand and evolve, understanding the nuances of digital assets has become an essential skill. Recognizing this need, CoinMarketCap, the renowned cryptocurrency data platform, has introduced a transformative feature that is set to revolutionize the way users engage with crypto analytics.
The game-changing feature in question is CoinMarketCap’s ChatGPT Plugin, a dynamic tool that harnesses the formidable capabilities of AI to provide real-time data and insights. This plugin offers a promising avenue for users to deepen their understanding of the crypto market, making it more accessible and user-friendly than ever before. By subscribing to ChatGPT Plus for a monthly fee of $20, users can unlock this remarkable plugin, offering a wealth of features designed to enhance their crypto journey.
To embark on this crypto analytical journey, users need to follow a few simple steps:
- Visit ChatGPT’s website.
- Navigate to the GPT-4 tab.
- Click on “Plugins.”
From there, users can search for “CoinMarketCap” and proceed with the installation steps. Once the plugin is successfully installed, it can be activated within the GPT-4 tab. Read more on this here.
SBF Trial Week 2: Ellison’s Testimony
In the ongoing trial of Sam Bankman-Fried, the second week has been nothing short of a legal thriller, as Caroline Ellison, Bankman-Fried’s former girlfriend and business associate, took the stand, shedding light on the chaotic final days of the cryptocurrency empire she was once deeply involved in.
Perhaps the most astonishing revelation from Ellison’s testimony was Sam Bankman-Fried’s presidential ambitions. In a surprising twist, she disclosed that the ex-FTX CEO had aspired to become the President of the United States. While this revelation may have raised eyebrows, it was merely the tip of the iceberg in a trial rife with intrigue.
She further revealed that Bankman-Fried orchestrated a scheme that saw approximately $14 billion funneled from the exchange into Alameda Research, with an astonishing $10-20 billion of FTX user funds deposited into Alameda. She also asserted that FTX failed to disclose Alameda’s extensive line of credit to investors or auditors, raising concerns about financial transparency.
As the trial unfolds, Caroline Ellison’s revelations are providing crucial insights into the real motivations behind the creation of FTX in 2019. Now, the courtroom remains transfixed, eagerly awaiting further revelations and the unveiling of the defense’s counterarguments. Read the latest on the case here.
US Inflation Inches Up to 3.7% in September
The latest data from the Bureau of Labor Statistics (BLS) has shown a slight uptick in the Consumer Price Index (CPI) for the United States, with inflation rising from 3.67% in August to 3.7% in September. This modest increase has caught the attention of economists and investors, slightly exceeding the expectations of many analysts.
The ongoing concern surrounding inflation has reached a significant level, turning into a global economic issue that is being closely monitored. In the United States, in particular, this figure carries immense weight as policymakers grapple with the question of whether further action is required to combat inflationary pressures.
As per Coindesk, the recent minutes from the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting provided some insights into the central bank’s stance on inflation. According to the minutes, most policymakers within the FOMC seemed to agree that an additional interest rate hike would likely be necessary before concluding the current phase of monetary tightening. However, it remains to be seen to what extent the CPI report will influence the Reserve’s forthcoming meeting decision.