Daily Crypto News | December 5th, 2022
Welcome to Barmy’s Daily Crypto News – December 5th, 2022
1. Alibaba integrated with Avalanche to develop Alibaba Cloud’s infrastructure services in Asia
Avalanche blockchain and Alibaba Cloud have integrated, enabling the company’s Node-as-a-Service activities.
Through their collaboration with Alibaba Cloud, Avalanche will create the tools necessary for users in Asia to set up validator nodes on their public blockchain platform. Through the integration, Avalanche developers will be able to launch new validators using Alibaba Cloud’s plug-and-play infrastructure as a service.
The release states that Avalanche supports over 1,200 validators and handles about 2 million transactions each day. Given that Alibaba Cloud is the largest Asian cloud service provider in the Asia-Pacific area, the relationship has a significant scope.
Alibaba Cloud sponsored a special deal by giving Avalanche developers credit toward any of their services as part of the integration. Over 1,000 projects are currently powered by Avalanche, including ecosystems for decentralized finance (DeFi) as Aave, Curve, BENQi, Sushi, and Chainlink.
2. Vitalik Buterin shared some advice for traders during the current market period
For traders feeling the effects of the bear market in cryptocurrencies, Vitalik Buterin, the co-founder of Ethereum, has some wise words of advice: concentrate on the technology rather than the price. Since the collapse of FTX and the ensuing epidemic, which recently claimed cryptocurrency exchange BlockFi, the crypto industry has continued to be deluged with unsavory news.
Ankr, a decentralized finance (DeFi) platform powered by BNB Chain, recently acknowledged becoming the target of a multimillion-dollar exploit on December 1. According to data from blockchain security company PeckShield, hackers were already to blame for the theft of nearly $2.98 billion in digital assets in 2022.
A significant portion came from the Ronin bridge exploit, which in March led to the theft of $625 million in cryptocurrency assets. Buterin advocates avoiding trading and investing “circles” and instead focusing on the “tech and application ecosystem” as a way to counteract all the negative. Relative to investing in the market for price fluctuations, Buterin recently stated on Twitter that “being in it for the tech is already a huge and good culture turnaround.
3. Paul Krugman has warned about the possibility of a perennial winter for blockchain
Paul Krugman, the Nobel prize award winner, is warning about an upcoming eternal cryptocurrency winter for blockchain-based projects, including Bitcoin and other cryptocurrency networks. Krugman criticizes the real utility of this technology when there are other centralized alternatives that currently function quite well.
Based on this and the recent collapse of FTX, one of the largest cryptocurrency exchanges in the world, Krugman thinks that this crypto winter may result in the total abandonment of blockchain and crypto technology. He compared it to the Fimbulwinter, which in scandinavian mythology is the winter that comes before the end of the world.
Krugman publicly rejects the justification for Bitcoin, claiming that “severe inflation that destroys the value of money often happens only amid political upheaval, and banks seldom take their clients’ assets, but crypto organizations more easily succumb to the urge.”
In a similar vein, Krugman criticizes the proof-of-work (PoW) consensus used by Bitcoin, estimating the environmental costs to be in the tens of billions of dollars, with no clear gain other than the creation of “worthless tokens.”
4. US Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin
Senator Ted Cruz of the United States wants to turn the state of Texas into a haven for Bitcoin and other cryptocurrencies. The lawmaker expressed his understanding of how the cryptocurrency business may be vital for the US energy supply and technological advancement during a speech at the Texas Blockchain Summit 2022 in late November.
Cruz stressed that mining may be utilized as an option for energy storage and supply, and that it could be used to monetize energy produced by oil and gas production. The senator emphasized that Texas is an appealing location for the American cryptocurrency industry since it has abundant and relatively inexpensive electricity and supports free enterprise.
Texas is one of the states with the fastest-growing crypto mining centers, and he believes that the expansion of bitcoin mining in that state will greatly increase the grid’s resilience. Its Comptroller’s office took a pro-crypto stance in August and emphasized the advantages of the state hosting miners.
5. NFT minting on Reddit reaches a new high
On December 3, Reddit’s nonfungible token (NFT) collection achieved a new high when a record 255,000 of its “avatars” were created in a single day.
A little more than 200,000 Reddit avatars were created each day on Aug. 30 and 31, the previous all-time highs for minting. The NFTs are made by a variety of independent artists who use the social media site and are generally used as users’ avatars.
Reddit chose to refer to the avatars as digital “collectibles” rather than NFTs at the time of the collection’s launch in July, which was considered as a strategy to encourage widespread adoption of blockchain technology.
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