Welcome to Barmy’s Daily Crypto News – December 9th, 2022
1. Paradigm launches ‘Ethereum for Rust’
A Rust implementation of Ethereum has been made available by Web3 investment firm Paradigm, according to a Dec. 7 statement from the organization’s chief technical officer, Georgios Konstantopoulos. The new software, named “Reth,” allows Ethereum validators to launch their nodes using Rust instead than Go, Java, or other programming languages.
According to a post by the Erigon team, a prior Rust implementation had been released in June, but developers ceased supporting it in November after learning that Reth was in the works.
In the announcement, Konstantopoulos noted that the software has been provided in order to help to Ethereum’s stability by enhancing client diversity,” as well as to provide node software that will perform well.
In the Ethereum developer community, “client diversity” refers to the principle that no single version of node software should dominate the network. Developers fear that if a single version of the program dominates, this could lead to network instability via vulnerabilities or exploits.
2. Ethereum developers plan launching Shanghai hard fork in March 2023
The 151st Ethereum Core Developers Meeting took place on December 8, and discussions there revealed that core programmers have set a possible timeframe of March 2023 for Ethereum’s Shanghai hard fork. In addition, developers will aim for May or June 2023 to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade that would provide proto-danksharding to the network.
Although the much-anticipated proof-of-stake Merge upgrade was completed on Sept. 15, staked Ether (stETH) is currently locked on the Ethereum Beacon Chain. The coin is established by decentralized financial protocol Lido, with close to 3.5 million stETH ($4.48 billion) in circulation. Users of stETH can withdraw their money after the Shanghai upgrade, including with any applicable staking incentives for confirming network transactions. The Ethereum Foundation says that it arranged the improvements in this manner to “simplify and optimize focus on a smooth transition to proof-of-stake.”
3. A court in South Korea has supported Wemix delisting
The Digital Asset eXchange Alliance (DAXAdecision )’s to delist WEMIX from significant South Korean exchanges was upheld by the Seoul Central District Court on December 7, according to The Korea Herald on Thursday.
The DAXA, a group of cryptocurrency exchanges that includes South Korea’s biggest companies like Upbit, Bithumb, Coinone, Korbit, and Gopax, said that Wemade had neglected to publish the quantity of tokens in circulation in a legitimate manner.
Wemade stated in reaction to the most recent decision that the company will continue the legal conflict with DAXA and will appeal the court’s decision.
The court’s decision was made shortly after Wemade, who had delisted WEMIX from DAXA member exchanges in late November, petitioned for a preliminary injunction on November 28.
4. NFTs hosted on FTX platform showing blank images instead of the original art.
The FTX collapse exposed numerous problems in the cryptocurrency sector. Currently, users are unable to view their FTX-hosted nonfungible tokens (NFTs), as a result of the FTX scandal.
The metadata of FTX-hosted NFTs now links to a restructuring website that disseminates information on bankruptcy procedures, Solana engineer jac0xb.sol noted in a tweet. The NFTs created on FTX, according to jac0xb.sol, were hosted via a Web2 application programming interface (API), which prevented graphics from appearing.
The FTX.us domain was totally redirected to the bankruptcy procedure page after the FTX exchange filed for bankruptcy. As a result, NFT owners can still recognize the existence of their NFTs. Images, however, can no longer be viewed, not even when they are listed on NFT trading platforms or viewed within wallets.
Jac0xb.sol suggested that there is a “lesson to be learned” from how FTX hosted their NFTs utilizing a Web2 API service, calling out collections that are still hosting metadata on Amazon Web Services. The use of centralized services by Web3 businesses, such as AWS or the Google Cloud Platform, has also been criticized, according to some users who commented on the matter.
5. Hong Kong releases new law for crypto
The most recent law will create a new licensing system for service providers of virtual assets, which is scheduled to take effect on June 1, 2023. With the new amendment, crypto exchange service providers will be governed by the same laws as conventional financial institutions.
This implies that before receiving a license to operate, virtual exchanges seeking to establish a business in Hong Kong will be subject to stringent AML regulations and investor protection rules. Hong Kong’s regulators, in contrast to most others around the world, have exploited the FTX collapse to reduce the regulatory risks connected with centralized exchanges.
Regulators from all around the world have come under fire from the public for failing to protect small investors in the wake of the collapse of the FTX cryptocurrency exchange. There has been an increase in desire to regulate cryptocurrency exchanges and service providers, subject them to stringent AML standards, and ensure investor safety.
Eddie Yue, the chief executive of the Hong Kong Monetary Authority, made a suggestion that the country may soon adopt investor protection measures during a recent conference. The nation has taken the lead in addressing the urgent problem of investor protection thanks to the most recent legislative revision.
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