Coin Circle Daily 2022.09.10｜Five minutes to master the global blockchain

Dear Reader:

The White House report pointed out that PoW (Proof of Work) mining has exacerbated global warming, and Congress should restrict or directly ban PoW mining; the previous night, Queen Elizabeth II of the United Kingdom passed away, but the encryption community There was a lot of uproar, what happened?

Today’s headline news in the currency circle also includes:

• ENS developers sued DNS provider GoDaddy.
• Ford Motor has registered various NFT trademarks.
• DBS will enter The Sandbox metaverse.

In today's opinion, cryptocurrency analyst Jake Pahor ranked the top five "most decentralized" public chains. In addition, Vitalik, the founder of Ethereum, put forward some insights on the ENS fee system.

✨The latest news of the currency circle

≣ The White House condemns PoW for aggravating global warming, and prohibits it if it is not regulated?

The White House Office of Science and Technology has published a report on the impact of crypto assets on the climate and energy of the United States. The report pointed out that the electricity consumed by PoW in the United States is almost equal to the electricity consumed by the country's personal computers plus lighting. Nevin also said that the Environmental Protection Agency and the Department of Energy should assist these facilities in switching to carbon-free energy to operate, and if these measures are ineffective, Congress should legislate to restrict or prohibit PoW mining .

≣ The death of the Queen of England, meme coins sparked outrage in the crypto community

Queen Elizabeth II passed away the night before yesterday. At the same time, the crypto market was suddenly flooded with 40 related meme coins and hundreds of queen NFTs, including many satirical memes . Some foreign media pointed out that part of the encrypted community was quite unhappy with this black humor , and severely condemned: "We should stop this bad culture."

≣ ENS sues DNS domain provider GoDaddy

True Names, the developer of the Ethereum Domain Name Service (ENS), has sued Domain Name System (DNS) registrar GoDaddy, accusing it of illegally reselling True Names' previously registered domain name "eth.link" .

≣ Ford registered various NFT trademarks

The century-old Ford Motor (Ford) recently registered 19 NFT-related trademarks . It includes cars, trucks and apparel. Through this brand, Ford will be able to sell virtual vehicles and apparel online, creating a unique product line for Web3.

≣ DBS will enter The Sandbox metaverse

Asian financial conglomerate DBS Bank has announced that it will join The Sandbox Metaverse . "This will allow us to have more diverse interactions with our users," said the CEO. DBS is currently the third large international financial group to enter The Sandbox after JP Morgan and HSBC.

≣ Japanese government issues NFT to mayors as a reward

Recently, the Japanese government issued NFTs to reward mayors who have contributed to digital cities. as one of the awards. This NFT uses the POAP (Proof of Attendance Protocol) on Ethereum as a "non-transferable" digital proof of attendance commemoration.

😎 The opinion of the big guy in the currency circle

≣ Cryptocurrency analyst Jake Pahor: " The following are the top five "most decentralized" public chains in my mind. "

The Satoshi Nakamoto coefficient is used to assist the ranking. The five public chains (in descending order of decentralization) are: (1) Bitcoin (2) Polkadot (3) Solana (4) Ethereum 2.0 (5) Avalanche Chain Avalanche.

≣ Vitalik, founder of Ethereum: " I think the current fee system for Ethereum domain name service ENS is unreasonable. This method is better ... "

Vitalik believes that ENS is currently being searched by many people at low prices and sold at high prices. This distribution will significantly limit the future development of ENS, and two improvement options are listed.

≣ Cryptocurrency columnist AJ: " September was full of important events for cryptocurrency investors. "

Contains:
(1) On September 13, the US released the latest CPI data.
(2) On September 20 or 21, the US Federal Open Market Committee (FOMC) will announce interest rate hikes.
(3) Cardano hard fork on September 22.

📈 On-chain data analysis

≣ GokuStats: In the past three months, project development is no longer active.

According to data from GokuStats, the development activity of projects on major public chains has dropped sharply. Ethereum is down 30%, Polkadot is down 45%, Solana is down 52%. Project development activity is one of the key indicators for evaluating the future development of the public chain.

≣ Glassnode: Wallet addresses holding more than 32 Ethereum reached a new high .

According to the data of Glassnode, the wallet addresses holding more than 32 ethereum, a record 19-month high. This phenomenon may be related to Ethereum upgrade 2.0, because PoS mining must hold at least 32 ETH.

🐶 Daily currency circle memes / memes

📝 Daily Crypto Terms

≣ What is PoW (Proof of Work)?

PoW requires users (miners) who create blocks to exchange computing power for the right to create blocks. In other words, if you want to create a block, it is like playing a "numerical guessing game" against others. But whoever finds the answer to the math guess will be rewarded with cryptocurrency.

Using a computer to calculate the answer to an arithmetic puzzle consumes a lot of electricity . But the mechanism of PoW will protect the entire blockchain and is not vulnerable to attack. Because cheating is expensive, you have to outperform the other 51% who do the math guessing (miners). And miners who act honestly get the best returns.

Further reading: Differences between PoW and PoS .

📈 Cryptocurrency prices rise and fall

≣ Cryptocurrency Fear and Greed Index at 28 (Fear)

≣ Cryptocurrency price performance

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