Ethereum mainnet completes London upgrade

Headlines

▌The Ethereum mainnet has reached the height of the London upgrade block

According to data from the masters on the Ouke Cloud Chain, the Ethereum mainnet reached a block height of 12,965,000 at 20:33 today, activating the London hard fork network upgrade. This upgrade includes 5 Ethereum Improvement Proposals (EIP), namely EIP-1559 (handling fee improvement plan), EIP-3198 (BaseFee opcode), EIP-3529 (reduced gas refund), EIP-3541 (rejected) The creation of a new contract starting with the 0xEF byte to serve the Ethereum object format), EIP-3554 (delay the difficulty bomb until December this year).

▌US IRS seized 1.2 billion U.S. dollars of cryptocurrency this fiscal year

Jarrod Koopman, director of cybercrime at the U.S. Internal Revenue Service, said: “In fiscal year 2019, we intercepted cryptocurrencies worth approximately $700,000. In fiscal year 2020, this figure reached $137 million. In fiscal year 2021, US$1.2 billion (this fiscal year will last until September 30).” In addition, the US government regularly auctions its reserves of Bitcoin, Ethereum, Litecoin and other cryptocurrencies.

▌U.S. Treasury Secretary Yellen will resist reform plans to weaken cryptocurrencies

Last month, the White House and Ohio Republican Senator Portman agreed to a proposal requiring cryptocurrency brokers to increase tax compliance to help pay for bipartisan infrastructure bills. The agreement has been strongly criticized by cryptocurrency investors, who believe it will give the Biden administration broad powers to weaken the growing cryptocurrency sector. Two sources said that U.S. Treasury Secretary Yellen spoke with congressmen on Thursday and proposed to oppose the cryptocurrency reform plan proposed by Republican senators. The Biden administration is resisting the proposal of the bipartisan senator in the infrastructure bill, which will increase federal supervision of cryptocurrencies.

▌Coin Metrics: BSV suffered a “large-scale” 51% attack

After an attempted attack yesterday, starting at around 11:45 AM Eastern Time on Tuesday (23:45, August 3rd, Beijing time), BSV suffered a “large-scale” 51% attack, resulting in three versions of the chain At the same time be excavated. Coin Metrics subsequently confirmed that its FARUM risk management platform has identified 51% of attacks. Coin Metrics Network Data Product Manager Lucas Nuzzi said: “Someone is trying to destroy BSV. In more than 3 hours, the attacker has been able to take over the chain. During this period, all exchanges that received BSV deposits may have been double spent. Now it’s not clear whether the attack has ended, or whether the attacker is just resting. The Coin Metrics update confirmed that its FARUM node witnessed “a deep reorganization with a maximum depth of 14 blocks.” Although no further reorganization events have been observed, there are still “synchronization conflicts” between the main mining pools.

▌The U.S. 10-year Treasury bond yield fell below 1.17%

The US 10-year Treasury bond yield fell below 1.17%, the first time since July 20. It is currently down by more than 5.0 basis points during the day. Previous data showed that the US July ISM manufacturing index was worse than expected.

policy

▌The U.S. SEC took enforcement action against DeFi projects for the first time

Golden Finance reported that the U.S. Securities and Exchange Commission (SEC) announced that it had reached a settlement with the decentralized financial project DeFi Money Market on its fraudulent issuance allegations, marking the first time the SEC has taken enforcement actions against DeFi projects. The operators of the project, Derek Acree and Gregory Keough, allegedly defrauded investors by selling mToken and DMG tokens to investors. Due to price fluctuations, the business plan was unsuccessful, and the operator chose not to disclose it to the buyer. The two did not purchase car loans as claimed by DeFi Money Market, but injected their own funds into the project to pay the interest on mToken redemption and keep the fraudulent plan going on. Without acknowledging or denying the SEC’s allegations, the defendant agreed to pay $12.8 million in illegal gains and a total fine of $300,000.

 US SEC accused DeFi company Blockchain Credit Partners suspected fraudulent issuance of $ 30 million

On August 6th, the US Securities and Exchange Commission accused DeFi lender Blockchain Credit Partners and its two executives of raising $30 million through suspected fraudulent issuance. The US Securities and Exchange Commission said on Friday that the case was the first time the agency involved securities using DeFi technology. Florida men Gregory Keough, Derek Acree and their company Blockchain Credit Partners used smart contract sales to pay more than 6% in an unregistered issuance. Tokens for interest, sales of securities.

▌Japan’s highest financial regulator: Japan treats cryptocurrency traders as part of its anti-money laundering plan

Japan’s top financial regulator stated that his planned anti-money laundering platform may include cryptocurrency traders. He stated that cryptocurrency traders have the same obligations as traditional financial institutions to ensure that they do not deal with criminals. The Financial Services Authority (FSA) said it is planning to create a universal industry-wide system that financial companies can use to determine whether their clients may be terrorists and whether their accounts are at risk of being used for money laundering. In an interview with The Wall Street Journal, Junichi Nakajima, the head of the FSA, said: “In the sense of prohibiting dealing with those who are sanctioned, cryptocurrency traders are the same as banks.”

▌The Electronic Frontier Foundation opposes the U.S. infrastructure bill for cryptocurrencies

Golden Finance reported that the privacy-oriented non-governmental organization Electronic Frontier Foundation (EFF) criticized the new U.S. infrastructure bill. The organization outlined the reasons why the bill would cause significant damage to the U.S. encryption industry. First, the EFF claims that the bill will lead to more surveillance of cryptocurrency users, which runs counter to the organization’s commitment to digital privacy. The EFF stated that by defining all entities adjacent to encryption, even those that do not act as custodians of others’ encryption, as “brokers” and forcing them to collect tax information from users, the current draft will turn the encryption industry into a “broker”. A cumbersome monitoring system”.

▌South Korean regulators will suspend the operation of at least 11 local cryptocurrency exchanges on charges of suspected illegal activities

On August 2nd news, the South Korean Financial Services Commission (FSC) will suspend the operation of at least 11 local cryptocurrency exchanges on charges of suspected illegal activities. According to reports by the “Korea Herald” citing industry sources, the names of these exchanges have not been disclosed, but they are unlikely to obtain FSC approval for operation. Currently, Darlbit and CPDAX exchanges have issued announcements to cease operations.

Blockchain application

▌China Academy of Information and Communications Technology released the “Xinghuo·ChainNet” underlying blockchain platform

On August 3, China Academy of Information and Communications Technology released the “Xinghuo·ChainNet” underlying blockchain platform (BIF-Core) at the “Digital Infrastructure and Ecological Development” forum of the 2021 Global Digital Economy Conference. The release of BIF-Core means that the entire “Xinghuo·ChainNet” national infrastructure main chain has officially started operation. This technology will be used to help enterprises digital transformation and future city construction.

▌New York City plans to use blockchain to prevent contract fraud in land sales

Golden Finance reports that the New York City Department of Finance (DOF) is planning to explore how to use blockchain as a means to prevent contract fraud in land records. The department will work with Medici Land Governance (MLG) to develop a proof of concept to apply blockchain technology to urban land records. The project aims to increase transparency and reduce opportunities for fraud. If successful, a pilot project that combines user testing and improving operational efficiency will be carried out next.

▌Shenzhen blockchain invoice procedures have become international standards

A few days ago, Xiang Qing, a member of the Party Committee of the Shenzhen Municipal Taxation Bureau and chief economist, was a guest on the “Minxin Bridge” column of Shenzhen Radio and Television, to interpret the practical measures and the latest taxation policies of the “Spring Breeze Action for Private Taxation” for the public. Xiang Qing revealed that after the Shenzhen “Intelligent Taxation” Innovation Lab launched the blockchain electronic invoice system, the international standard “Recommended Procedures for the Application of Electronic Invoices Based on Blockchain Technology” was officially confirmed by the IEEE (Institute of Electrical and Electronic Engineers). It was released and became the world’s first international standard based on blockchain electronic invoice application. At present, the application of Shenzhen blockchain invoices covers 117 industries, and the application scenarios continue to expand, which promotes the application and integration of blockchain technology in the field of international taxation, and contributes to standardizing and guiding the application of global blockchain electronic invoices.

▌AntChain official: The AntChain fan mini program is currently undergoing regular system optimization and upgrade

According to news on August 5, today, some users reported that the NFT payment code skin previously purchased in the Alipay “AntChain Fan Tablet” applet cannot be displayed. The person in charge of the Ant blockchain replied to the reporter that the AntChain fan mini program is currently undergoing regular system optimization and upgrade. During the upgrade period, the user’s NFT holding information cannot be inquired, and the NFT collections held by the user are not affected in any way. The above-mentioned person stated that the corresponding holder of the NFT responded to the message.

▌Fujian Bank has handled a total of 6,516 trade financing transactions through the cross-border financial blockchain platform

According to the press conference of the Fuzhou Central Branch of the People’s Bank of China in the first half of 2021, the Fujian Province pilot cross-border financial blockchain platform actively assists small, medium and micro enterprises in financing. Since the pilot program, banks have handled 6,516 trade financing transactions with a total value of US$2.358 billion through cross-border blockchain platform financing application scenarios. The number of financing transactions for small, medium and micro enterprises accounted for more than 80% and the amount accounted for nearly 60%. “Export Credit Insurance Policy Financing” is a new application scenario for the blockchain service platform to be launched in 2021. The relevant person in charge of the Fuzhou Central Branch of the People’s Bank of China said that this scenario builds a bridge for data interconnection and business docking between foreign exchange bureaus, credit insurance and banks, provides rich cross-border trade background information and convenient document verification services, and effectively solves long-term problems. Problems that plague the insurance policy financing business are high operating costs, low digitalization levels, and obvious data barriers.

▌The first 5G joint innovation center in Gansu Province: focusing on the in-depth application of blockchain and other technologies

On August 3, the Gansu 5G Joint Innovation Center was officially completed and put into use recently. The center is currently the largest and most extensive informatization exhibition hall in Gansu Province. The in-depth application in other fields is also a specific practice to promote the digital transformation of the government and the digital construction of the economy and society.

Cryptocurrency

▌Ethereum destroyed 36% of the new currency issuance in two days

Golden Finance reported that since the activation of the Ethereum Improvement Proposal (EIP) 1559, the network has removed or “burned” more than 5,000 ETH from circulation, valued at approximately US$14 million, accounting for 36% of the total new currency issuance during the same period .

▌Digital rights advocacy organization: The amendment to the encryption tax rule fundamentally misunderstands the operation of cryptocurrency

Golden Finance reported that the digital rights advocacy organization “Fight for the Future” stated today that it would not support the amendments to crypto tax rules formulated by Senators Mark Warner, Rob Portman and Kyrsten Sinema. According to the organization, the proposed amendment has been “completely opposed”, and as a possible solution to the bill, the amendment “fundamentally misunderstands how cryptocurrency and decentralization work.” The organization claimed that the original terms and the Portman amendment fundamentally misunderstood that decentralized technology is decentralized. The laws they enacted are totally unworkable and require many people in this ecosystem to produce data that they never own and cannot access. The organization claimed that neither the Biden administration nor the Democratic supporters of the amendment “have done enough work on decentralized technology.”

▌London hard fork makes V God more confident in the merger of Ethereum

Golden Finance reported that Vitalik Buterin claimed in an interview that after the successful launch of the “London” hard fork, he was “absolutely” more confident in the merger of Ethereum and Ethereum 2.0. V God said that after abandoning the proof of work to switch to the proof of equity, the energy consumption of Ethereum is expected to drop by more than 99%. It is reported that the full version of Ethereum 2.0, originally scheduled to be released in 2019, is expected to be released in 2022.

▌US SEC Chairman: Will help more government officials understand cryptocurrency

On August 4, Gary Gensler, chairman of the US Securities and Exchange Commission, accepted a live interview with CNBC’s financial program Squawk Box. During this period, he said that we need regulatory rules. If Satoshi Nakamoto’s invention (Bitcoin) is to reach its potential, it needs Incorporate into the public policy framework. Bitcoin and hundreds of other tokens belong to the investment asset category. The trading platforms they are on are currently not subject to regulatory constraints. Investors trading on these platforms should be regulated like the New York Stock Exchange. I had a wonderful one-on-one discussion with the senators and members of the House of Representatives. I also discussed cryptocurrencies with them in some group meetings before, and I am committed to letting government officials know more about cryptocurrencies.

▌Russia allocates 200,000 U.S. dollars to build encrypted transaction tracking tools

Golden Finance reports that the Russian Federation authorities are advancing a plan to closely monitor the activities of illegally traded cryptocurrencies and de-anonymize the identities of encrypted users. The Russian Federal Financial Monitoring Agency (Rosfinmonitoring) selected a contractor to develop a platform to track cryptocurrency activities. According to data from the Russian national procurement website, the country will allocate 14.7 million rubles ($200,000) from the budget to create a “module for monitoring and analyzing cryptocurrency transactions.” According to official data, the contract was awarded to a company called RCO, which was indirectly supported by Russia’s largest bank Sber (formerly Sberbank). According to the contract documents, RCO will be responsible for building a monitoring tool to track the movement of digital financial assets, maintain a database of cryptocurrency wallets involved in illegal activities, and monitor the behavior of crypto users to identify them.

▌US Democrats: Cryptocurrency needs to be regulated

U.S. Democratic Congressman Warren said that cryptocurrencies need to be regulated. The biggest benefit of cryptocurrency may be to have more access channels.

▌Twitter CEO supports the amendment of cryptocurrency-related provisions in the Infrastructure Act

Twitter CEO supports the modification of the cryptocurrency-related provisions in the Infrastructure Act. Golden Financial Report. Twitter CEO Jack Dorsey released a tweet saying that he supports U.S. Senators Pat Toomey and Ron Wyden in amending the cryptocurrency-related provisions of the Infrastructure Act. effort. Dorsey stated that the current tax reporting language of the Infrastructure Act will impose unfeasible requirements on Bitcoin node operators, developers and miners.

▌Miami will launch MiamiCoin on August 3

Golden Finance reported that Miami will launch its own cryptocurrency MiamiCoin (MIA) on August 3, local time. The cryptocurrency will be used to fund infrastructure projects or activities in the city. MiamiCoin will provide a continuous stream of encrypted income for the city, while also generating STX and BTC income for holders. MiamiCoin can be mined or purchased by individuals who want to support the city and obtain cryptographic proceeds from the Stacks protocol.

Disclaimer: As a blockchain information platform, Golden Finance is for informational reference only, and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethereum-mainnet-completes-london-upgrade/
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