February 26, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency & NFTs – June 21

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional, and sometimes, sketchy rollercoasters, you’ve come to the right place. So put on some soothing music and let’s go!

Ethscriptions: A New Way to Support Ethereum Projects

Ethscriptions is a new platform that allows users to subscribe to Ethereum projects and receive exclusive NFTs in return. The platform aims to create a sustainable funding model for the Ethereum ecosystem, while rewarding supporters with digital collectibles.

The first project to launch on Ethscriptions is Ordinals, a generative art series that explores the mathematical beauty of ordinal numbers. Each Ordinal is a unique NFT that represents a different ordinal number, from zero to infinity. Users who subscribe to Ordinals will receive a new Ordinal every month, as well as access to a community of ordinal enthusiasts.

Ethscriptions is powered by Superfluid, a protocol that enables continuous and frictionless payments on Ethereum. Users can subscribe to projects with a single transaction, and cancel at any time. Ethscriptions hopes to attract more projects and users to its platform, and create a positive feedback loop for the Ethereum sphere.

US agencies team up to fight crypto crime

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The US government has announced the creation of a new task force to combat the growing threat of digital currency crime. The task force, which includes five federal enforcement agencies, will coordinate efforts to investigate and prosecute cases involving cryptocurrency fraud, money laundering, ransomware, and other illicit activities.

The task force, led by the Department of Justice will be called Darknet Marketplace and Digital Currency Crimes Task Force. The task force will include the FBI, the IRS, the Secret Service, and the Postal Inspection Service. According to the DOJ, the task force will leverage the expertise and resources of each agency to enhance the detection and disruption of crypto-related crimes.

However, some critics have questioned the need and effectiveness of the task force, arguing that it is a waste of taxpayer money and an attempt to stifle innovation in the crypto space. They claim that the task force will only create more confusion and uncertainty for legitimate crypto users and businesses, while failing to deter criminals who use more sophisticated methods to evade detection.

SEC’s crypto crackdown targets stablecoins and DeFi

The US Securities and Exchange Commission (SEC) is reportedly planning to target stablecoins and decentralized finance (DeFi) platforms in its ongoing crypto crackdown. According to a report by Berenberg, a German investment bank, the SEC is likely to impose stricter regulations on these two sectors, which have grown rapidly in the past year.

Stablecoins are digital tokens that are pegged to fiat currencies or other assets, and are used to facilitate transactions and store value in the crypto space. DeFi platforms are applications that run on blockchain networks and offer various financial services without intermediaries.

Berenberg argues that stablecoins pose systemic risks to the financial system, as they lack transparency, oversight and adequate reserves. DeFi platforms, on the other hand, may violate securities laws, as they offer unregistered securities, lending and derivatives products to investors.

The report warns that the SEC’s actions could have a negative impact on the crypto market, as stablecoins and DeFi platforms account for a significant share of the industry’s value and activity. The report also questions the innovation and efficiency benefits of these sectors, as they face scalability, security and governance challenges.

Etherscan’s code reader: A gimmick or a game-changer?

Etherscan, a popular blockchain explorer for Ethereum, has recently announced a new feature called Code Reader, which claims to use ChatGPT, a natural language processing model, to explain smart contracts in plain English. According to Etherscan, this feature will help users understand the logic and functionality of any smart contract on the Ethereum network, without requiring any coding skills or technical knowledge.

However, some critics have raised doubts about the reliability and accuracy of Code Reader, arguing that it is nothing more than a marketing stunt to attract more users and advertisers. They point out that ChatGPT is not a specialized tool for smart contract analysis, but a general-purpose chatbot that can generate any text based on a given input. They also warn that relying on Code Reader could expose users to security risks, such as phishing, scams, or malicious code.

Therefore, while Etherscan’s Code Reader may seem like a convenient and innovative feature, it may also be a potential source of confusion and deception for unsuspecting users.

Bored Ape NFTs holding period increases by 176%?

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NFTs, or non-fungible tokens, are digital assets that claim to be unique and scarce. One of the most popular NFT collections is the Bored Ape Yacht Club, which features 10,000 pixelated apes with different traits and accessories. The owners of these NFTs can access exclusive perks, such as a virtual clubhouse and a merchandise store.

However, some critics question the value and sustainability of these NFTs, which are essentially just JPEG files on a blockchain. They argue that the hype around NFTs is driven by speculation and manipulation, and that the market is prone to crashes and scams. 

According to a recent report by Watcher.Guru, the average holding period for Bored Ape NFTs has increased by 176% in the past month, indicating that the demand and liquidity for these NFTs may be declining. This raises doubts about whether Bored Ape NFTs are worth holding or selling, and whether they are a fad or a future.

By I&T Today

By I&T Today

Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Visit us here: https://innotechtoday.com/submit/

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