Who’s got your vote? Nope, not for government officials but rather signers on a multisig
wallet! We’ll take a look at this latest development on DeFi as well as Central Banks
ability to test digital currencies, and USDC goes to 1000. The plate is full this week
so do stick around to find out what’s for dessert on this week’s Exodus Crypto News!
Crypto has been no stranger to politics in the past, but it’s never quite looked like
this. Previously political squabbles revolved around what code should Bitcoin adopt; what
version of Bitcoin is the real Bitcoin, scaling and privacy debates, etc. Until this week
when Chef Nomi, the anonymous creator of Sushi Swap, which is community-owned DEX, sold his
13 million dollar Sushi basket for ETH, apparently stepped away from the ocean and gave the net
to FTX crypto Exchange CEO Sam Bankman-Fried, also known on Twitter as SBF
What on the surface appeared to be an Exit scam, the pseudonymous creator said he did
it for the community and transferred the Sushi Swap Dev Fund to a multisig wallet. Ok, now
that we’re caught up to the present, we can fill in the rest of the story.
Once SBF had control, he made an open call on twitter for a vote on who controls the
multisig Sushi wallet, essentially giving the platform back to the people. Well, at
least 6 of 9 people who have control of the keys.
This is similar to a company having a board of directors who make decisions for the project,
and actions can be approved using signatures with private keys. This means the board never
has to meet in person, and the decisions are verifiable and sealed into the blockchain.
Just over 2000 wallets participated in the Sushiswap election, and they could vote for
or against candidates. Voters had to have a stake in the platform by holding Sushi Liquidity
Provider tokens in the Sushi/ ETH pool. Voting ended on Sept 9th, and the newly elected members
are Sam Bankman-field from FTX, Rober Leshner from Compound Labs, 0Xmaki, Larry Cermak from
the Block, CMS holdings, which is interesting because it’s an entity instead of a person,
Mathew Graham (Sino Global Capital) Hagen, Adam Cochran from DuckDuckGo, and Zippo who
is credited with creating the Shushi swap Dashboard.
Only 3 of the elected members have confirmed they will take the mantle as a signer for
the project.
Was this all done in a vacuum? Certainly not. Campaigning occurred in the Sushi Discord
interview channel as candidates explained why they would be the best person for the
job.
The takeaway here is that crypto is flexible, so project governance
models can look like anything their communities
desire, and it’s all verifiable on the blockchain. I’ll chalk that up as a win for the future.
Mastercard is coming to blockchain
“priceless.”
Mastercard pulled the cover off the virtual sandbox and invited major central banks in for a play date.
Over 70% of central banks have ideas about using a Central Bank Digital Currency or CBDC,
and Mastercard is taking advantage of the demand by enabling a testing environment for
Central banks to evaluate CBDC use cases.
One of these cases is how a consumer could pay for goods and services anywhere that Mastercard
is accepted.
This is a far cry from the decentralized networks of various cryptocurrencies because each CBDC
is a silo unto itself and has complete centralized control. However, it is a glimpse towards
a distant horizon where the blockchain, or at least a blockchain, rules the day in finance.
Where do you land on the issues of central banks issuing their digital blockchain-based
currencies? Is it priceless? Leave your opinion in the comments below.
The Stable coin, USDC, has picked up some rocket fuel behind it to become the stablecoin
that rules them all.
Developers Circle Pay and major supporter Coinbase have announced that USDC’s expansion
onto the Algorand network is live. This means that USDC transactions can now confirm at
lightspeed -- as the Algo network can process up to 1000 transactions per second with practically
zero fees. Ethereum offers a more limited network capacity of 15 transactions per second
with high transaction costs.
Now this isn’t the first time we’ve seen a stablecoin add additional networks. USDT,
Tether, added support for the Ethereum network in 2019, and since then, Ethereum-based Tether
has become USDT’s dominant flavor. For USDC, this addition of Algorand support could result
in the same outcome.
If you would like a wallet to store and exchange your USDC or other stablecoins, you can use
Exodus. Exodus is a cryptocurrency wallet for your desktop or mobile device. Home to
more than 100 cryptocurrency wallets and other crypto apps, you can safely store, send, receive,
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today!
Is Crypto adoption coming to your country? A new piece of research by Chainalysis highlights
the top 10 countries leading in crypto adoption. Let’s see how their list compares to the
list in your head.
Taking the top spot is Ukraine, followed in descending order by Russia, Venezuela (no
surprise there), China, Kenya, the USA, South Africa, Nigeria, Columbia, and finally Vietnam.
This list will undoubtedly change as more people around the world have access to decentralized
financial products; what do you think it will look like in 10 years? Will these borders
even exist anymore?
Please share your thoughts in the comments, and if you enjoyed this video, please give
it a like and subscribe to the channel for more crypto videos from Exodus.
Until next time, HODL on!