welcome back everybody to altcoin daily this is a video that you do not want to miss in today's
video i want to take you through the top crypto stories of the day different video clips different
pieces of information that you need to know about deep dives on some altcoins that you need to be
aware of so you can make the smartest decisions in the cryptocurrency space whether you're an
investor whether you're an enthusiast there's so much going on in the space so much history
so much innovation and integration let's get to it if you appreciate the daily content smash the like
button i'll do it right now and we'll start right here first of all let's take a look at the dxy the
us dollar currency index as you know throughout all of this year and some of last year it's been
going parabolic and when the value of the dollar is increasing versus other fiat currency that
means investable assets like crypto maybe they are decreasing at least that's been the case this year
well the dxy it's not going to keep running up forever and when this parabolic run stops or slows
down stocks and crypto will have some real fun in other news ford one of the biggest american car
companies in the world has just filed 19 metaverse trademark applications this includes virtual cars
trucks vans virtual clothing online stores all for nfts and metaverse related things in other
news and this is a big one for ethereum seba bank to provide ethereum staking services to
institutions meaning institutions it's becoming easier for them to get into ethereum and now
get into ethereum staking so in an announcement sent to cointelegraph swiss digital asset banking
platform seba bank said that it has launched an ethereum staking service for institutions
that want to earn yields from staking on the ethereum network according to the firm the move is
a response to the growing institutional demand for decentralized finance defy services according to
one of their executives matthias the firm believes that institutions can also play a role in securing
the ethereum network by staking eth explaining quote the launch of our ethereum staking services
will enable institutional investors to play a key role in securing the future of the network via a
trusted secure and fully regulated counterparty the executive believes that the upcoming merge
is a very important milestone for the network in terms of security scalability and sustainability
the executive also added that launching eth staking for institutions allows their firm
to keep up with the rapidly evolving digital asset space you'll love to see it the fact is
the ethereum merge is now just days away everybody is talking about it everybody is preparing for it
84.4 percent of all ethereum nodes are now ready for the merge with the merge being days away
let's jump over to core developer preston van loon just interviewed on laura shin's unchained podcast
where he answers two questions so two clips if you're still wondering exactly what the merge
will mean for ethereum core developer preston van loon gives a great tldr on what's going on at the
technical level and how it affects the space so first question technically what will happen when
ethereum merges the merge in short is to switch from proof of work to proof of stake how basically
how ethereum comes to consensus on blocks in the blockchain the reason it's called emerge is that
we already launched the proof of stake side in another blockchain called the beacon chain
this is running you know alongside the proof of our chain and has been for i think about
a year and a half since december of 2021 or 2020 a year and a half ago
and uh the reason we did it that way so we really wanted to test it make sure it works uh that
proof of stake as a concept and and the model that's been designed it's really going to work
and now that we've been running it for for a considerable amount of time and
sort of got it up to a scale that that has a large economic security with billions at
stake say okay now it's time to do the switch so effectively we will take the beacon chain
and merge it with the proof of work chain or the main chain of ethereum and effectively remove the
the proof of work part there and use the proof of stake to come to consensus on on the blockchain
and perhaps even a greater question how will the ethereum merge impact ethereum according to
you core developer and how will the ethereum merge impact the greater cryptocurrency space watch this
so if ethereum pulls this off what impact do you see it having on ethereum as well as the larger
crypto space there are a lot of really important benefits to come to the switch of proof of stake
so the one that we is probably the most evident is the efficiency gain right proof of work is
is very expensive in terms of computation in terms of resources hardware and energy and now with the
switch to you know proof of stake there's there's not as much computational requirement so like
i like to think about it as if you wanted to be a block producer today you know before the merge you
you almost need an entire data center or or larger of hardware a fleet of hardware to to hash enough
information to come up with the right answer for for a block right you're doing a lot of work the
proof of work part well now you know in proof of stake it's it's as simple as or it can be done on
something as simple as a consumer grade hardware like a laptop so a lot of us have been running
on a raspberry pi which is like a 80 piece of hardware that you know middle schoolers use
to tinker with and and learn about computers right it's really cheap hardware and it costs
nothing to run effective uh uh essentially costs very little so that like that in itself is a
really amazing trade-off that or or benefit that comes with this and you know the energy it's hard
to quantify but there there is some like reduction in carbon emissions which is really great
that's not really why we're doing it but the energy efficiency is has a lot of benefits to it
i think the other pieces that we like to highlight are that
it makes it more decentralized right like in the example i just gave you would need an entire data
center to be a block producer or people usually do is they join a pool and pool resources with others
well now you as an individual with a minimal investment can be a blog producer it can be a
participant we just really lower that barrier to entry for for at home stakers for more individuals
and you know make that pool of participants more decentralized because the the decentralized future
is not you know three or four large organizations producing blocks it's a much larger uh group of
people final piece of info on ethereum before we move on to some alt coins layer two transactions
are starting to catch up with ethereum mainnet transactions in case you didn't know
ethereum is scaling love to see it now let's get to some altcoins that we don't normally talk about
first up algorand has just went through a major upgrade let me tell you about it elgarant upgrades
boosts its speed adds trustless cross-chain communication what do we need to know well pure
proof of stake ppos as they call it blockchain algorand has introduced cross-chain communication
and transaction speed improvements with the latest upgrade to its protocol
the layer one blockchain network announced the implementation of state proofs to its mainnet
which introduced trustless communication between different blockchain protocols
the upgrade also increased algorand's processing speed from 1200 to 6000 transactions per second
the upgrade also includes the provision of new tools for devs as well as on-chain randomness
capabilities for decentralized applications for dapps running on algorand on-chain randomness is
a key feature of algorithms ppos consensus in which network validators are chosen at random
despite the respective amounts of staked algorand tokens state proofs if you're unaware state proofs
are cryptographic proofs of algorithm's state that allows dapps on other blockchains to trustlessly
verify algorand transactions the upgrade also increased the block size to 5 megabytes and
a sub 4 second block latency and finality the introduction of state proofs allows algorand to
securely connect to different blockchain networks without using intermediaries
necessary because cross-chain interoperability and connectivity
have mainly been powered by cross-chain bridges and validator networks which have been subject
to high level exploits in recent times so major win and major upgrade for el grand
major win for polygon ethereum side chain ethereum l2 polygon will continue hiring despite the market
downturn as they told bloomberg ethereum scaling solution polygon plans to continue
hiring despite the bear market and choppy macro conditions it said this week this will include
plans to increase its overall headcount by over 40 percent according to an interview by bloomberg
they said the company hopes to add 200 people to its team by the end of 2022. you'll love to see it
in other news a different altcoin injective wow 600 000 injective tokens have been burned
forever every week fees collected from injective dapps are burnt through auctions
this is great for tokenomics right supply and demand injective has pioneered a novel token
burn mechanism in which the entire process is led by the dow and real quick if you're
unfamiliar what is injective injective protocol is a decentralized exchange of dex that offers
cross-chain margin trading derivatives and forex futures trading the injective protocol is built
on the cosmos blockchain as a layer 2 application the protocol uses cross-chain bridges which allows
traders to access cryptocurrencies from platforms such as eth and polkadot in other altcoin news
speaking of x to earn in this case move to earn how many people are familiar
with step in official step in steppen is a web3 lifestyle app with social and game elements
the news is that daily active users have increased 100 x between february and may
for step in official take a look at this according to missouri you'd love to see it in other news the
chicago bulls getting into nfts take a look at this tweet we asked 23 of the world's most
creative artists to reimagine the bulls logo in their own unique style
we can't wait to see what they came up with 23 one of one nft's 24 hour auction on coinbase nft
again just showing you this has entered the mainstream in such a huge way amazing
to think about where we've come from six years ago today september 9 2016 the first nfts launched
on bitcoin called the rare pepes this is an example of one such rare pepe in other news
merriam webster dictionary the oldest dictionary has added crypto terms including metaverse
including altcoin altcoin has been added to the merriam-webster dictionary in other news speaking
of x to earn play to earn axiomfinity google cloud to validate transactions on axi infiniti's
ronin network in brief google cloud has agreed to run a validator node on the ronin network
a gaming centric ethereum sidechain ronin of course was attacked in march and one of
the largest d5 heists of all time about 10 of the funds have been recovered thus far yet as the blue
chip played to earn in the space they continue to move forward partnering with google cloud google
cloud to validate axiomfinity on the ronin network final piece of news quentin tarantino and miramax
have settled their lawsuit over pulp fiction nfts the battle over secret network's tarantino nfts
with one already sold for 1.1 million is finished not only with hinting that a
possible collaboration between miramax and tarantino and secret network could happen in the
future but also both parties agreed to dismiss the suit and move on and i guess quentin tarantino is
allowed to continue selling or making pulp fiction nfts all right my name is aaron at altcoin daily
you subscribe to the channel now and i will see you tomorrow every day we come at you
bringing you the latest cryptocurrency news and information so i'll see you tomorrow friends