January 25: Crypto Summary
Ethereum undergoes renaming. Meta's super-duper computer.
gm to all who come for the chart but stay for the tech.
wagmi
Markets
Here are today’s market moves:
Here's what you need to know:
Ethereum gets a makeover
The Ethereum Foundation today, following the lead of the blockchain's core developers, announced that the term "Ethereum 2.0" is being retired in favor of "consensus layer."
Ethereum is shifting away from proof of work to a more scalable proof-of-stake chain.
The good news for developers is that the next time someone (usually a reporter) asks them when Ethereum 2.0 is coming, they'll have an answer: Never.
The bad news? They'll have to get a bit technical to explain why.
Meta is building a supercomputer
By mid-summer, Meta’s AI Research SuperCluster (RSC) will be the fastest AI supercomputer in the world 🤯
According to a statement released by Mark Zuckerberg, “the metaverse will require enormous compute power… and RSC will enable new AI models that can learn from trillions of examples.”
When complete, the supercomputer will house 16,000 NVIDIA GPU!
Second* fastest processing speed in the world.
The first is my brain doing homework while the teacher is collecting it.
OpenSea bug let attackers steal apes from owners at six-figure discounts
A bug in OpenSea, the popular NFT marketplace, has let hackers buy rare NFTs for well below market value, in some cases leading to hundreds of thousands of dollars in losses for the original owners — and hundreds of thousands of dollars in profits for the apparent thieves.
The bug appears to have been present for weeks. But exploitation of the bug has picked up significantly in the past day. One of the NFTs, Bored Ape Yacht Club #9991, was purchased using the exploit technique for 0.77 ETH ($1,760) and quickly resold for 84.2 ETH ($192,400), netting the attacker a profit of more than $190,000.
Coinbase simplifies reporting cryptocurrency taxes
Now you can see all your taxable activity in one place on the app and website and it to helps US customers work out how much they might owe to the IRS as a result of their crypto transactions.
Although cryptocurrencies like Bitcoin often appear similar to the fiat money we’re accustomed to, in the eyes of the IRS, the digital assets are actually property, according to this FAQ from the federal agency.
“Only small planets use it”
Frens, the evolution and adaption:
Did you hear?
Paris Hilton surprises Tonight Show audience with NFT giveaways. Last time she visited Jimmy Fallon, Paris taught Jimmy what an NFT was.
Kanye West wants a cut of paparazzi earnings off of his likeness. During a run-in with photographers at Miami airport, Ye insisted that he was going to make sure celebrities get a percentage - and cited the royalty structure of NFTs as a possible way to do it. Imagine getting royalties on autograph pieces every time they sell!
Crypto lingo of the day
Decentralized Applications / DApps:
Applications designed by developers and deployed on a blockchain to carry out actions without intermediaries.
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