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Nigeria's NITDA collaborates with NYSC to authenticate certificates using blockchain technology, aiming to combat forgery and ensure transparency.

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Nigeria's NYSC to Utilize Blockchain for Certificate Verification

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In a recent podcast episode, Ripple CEO Brad Garlinghouse said it is ‘clear’ that the U.S. Government is ‘going after’ stablecoin issuer Tether.

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It's 'Clear' Tether is in the US Government's Crosshairs, Ripple CEO 

Charles Hoskinson has introduced Ouroboros Genesis, a significant update to the Cardano blockchain that enhances security and scalability by implementing new features aimed at protecting network nodes.

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Cardano Rolls Out Ouroboros Genesis to Bolster Network Resilience

The total supply of Ether increased from 120 million to 120.1 million two months after the Dencun upgrade went live.

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Learn about it, and its native token Ether.

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Ether Supply Turns Inflationary for the First Time Since 2022

Brad Garlinghouse recently shared his concerns on the "World Class" podcast about potential U.S. regulatory actions against Tether. He also touched on the major repercussions this would have on the crypto market. Despite this, Tether is expanding its presence in the Eastern European crypto market by increasing its investment in CityPay.io, a Georgia-based crypto payment provider. There are also some global advancements in stablecoin technology, like the Philippines testing a peso-backed stablecoin and Lightning Labs integrating stablecoins into the Bitcoin network using the Taproot upgrade.

, shared some of his concerns on the "World Class'' 

 about potential regulatory actions against Tether by the U.S. government. He also suggested that these actions could have a major impact on the cryptocurrency market. Garlinghouse did not specify the nature of these potential actions but emphasized Tether's crucial role in the crypto ecosystem.

Garlinghouse said on the podcast that there would “100%” be another crypto-related black swan event like the 

. “The U.S. government is going after Tether, that is clear to me,” he said without elaborating more on this. He actually stopped short of suggesting any possible U.S. action against Tether would be the next black swan event, but he did say it is an “interesting one to watch.”

 its own U.S. dollar stablecoin in 2024.  According to Ripple CTO David Schwartz, the stablecoin will be backed by dollar deposits and short-term government securities. 

Tether, under its parent company Tether Holdings, is the largest stablecoin issuer by market capitalization and has 

 over the years. In 2021, Tether settled with the Commodity Futures Trading Commission for $41 million after being accused of misrepresenting the reserve holdings that backed its USDT tokens. Additionally, U.S. authorities have been investigating Tether since at least 2022 for potential misconduct, including the alleged concealment of transactions linked to cryptocurrencies.

U.S. politicians have also raised concerns about Tether's operations, with some even suggesting the company may have been involved in activities that could support terrorism. Tether 

 to these allegations by pointing out its commitment to 

Tether Boosts Investment in Eastern European Crypto Market

 is actively being targeted by US authorities and Senators, the stablecoin company is 

 its investment in the Eastern European crypto market by funding CityPay.io, a Georgia-based crypto payment provider. This follows Tether's initial investment in 

 after committing to boost crypto use in the region.

CityPay.io allows people to pay for services like Wendy’s and Radisson Hotels with cryptocurrencies like 

. With Tether's additional investment that was announced on May 8, CityPay.io now plans to expand its services across Eastern Europe, targeting countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.

Currently, CityPay.io operates in over 600 locations in Georgia and is developing its own e-wallet and card solutions, which are expected to launch within the next two years. The company also has very ambitious plans to establish more than 500,000 crypto payment points throughout its target markets.

Tether's CEO, Paolo Ardoino, believes that the initial collaboration with CityPay.io already greatly improved crypto accessibility in Georgia. He now hopes that the new investment will further disrupt traditional payment systems. CityPay.io integrated with Tether for payments using the 

 network in October of 2023, and the two companies seem excited to extend their working partnership into the future.

Georgia's government is also playing a big role in creating a more crypto-friendly environment. Georgia signed a memorandum of understanding with Tether in June of 2023 to develop Bitcoin and peer-to-peer infrastructure. The country is now working towards  positioning itself as a global crypto hub, supported by the presence of other major firms like Binance and an extensive network of 

 are a type of cryptocurrency that is designed to minimize the volatility often associated with digital currencies like Bitcoin. They do this by pegging their value to other stable assets like fiat currencies, commodities, or financial instruments. This linkage helps stablecoins maintain a consistent value, making them more suitable for everyday transactions when compared to more 

The importance of stablecoins stems from the erratic nature of popular cryptocurrencies like Bitcoin, which can experience large price fluctuations in very short periods. This volatility can be very beneficial for traders but poses risks for ordinary transactions, where both 

 are looking for price stability to preserve value.

By offering a more stable alternative, stablecoins cater to users looking for more reliable mediums of exchange in the digital economy. They are particularly crucial for businesses and consumers who want to use cryptocurrencies without the risk of drastic price changes affecting their spending power or investment value shortly after a transaction. This stability helps bridge the gap between traditional fiat currencies and cryptocurrencies by providing a less volatile digital currency option.

Philippines' Peso-Backed Stablecoin Enters Pilot Phase

Although stablecoins are facing some legal and regulatory hurdles in the U.S., it seems like the 

 is embracing the technology. The Bangko Sentral ng Pilipinas (BSP)  

 a pilot project for a Philippine Peso-backed stablecoin, PHPC, in collaboration with crypto wallet provider 

. The grant was approved under BSP’s Regulatory Sandbox Framework.

Coins.ph will hold cash reserves in pesos equivalent to the circulating supply of the PHPC stablecoin in the controlled sandbox environment. The peg to the local currency will make it easy to seamlessly convert back to physical pesos.

The pilot project will test the stablecoin’s performance in real-world scenarios and its impact on the existing fiat ecosystem. Some of the potential applications for PHPC include domestic and cross-border payments, trading with other digital assets, hedging against market volatility, and serving as collateral in decentralized finance (

The duration of the sandbox testing could range from three to twelve months, depending on the complexity of the project. While a formal public rollout will require final evaluations and approvals from the BSP, this is still a big step towards integrating digital currencies into the Philippine financial landscape.

This move is very similar to an initiative from 

, which launched its own peso-backed stablecoin, PHX, in July of 2019. 

At the Crypto and Digital Assets Summit hosted by FT Live in London, Elizabeth Stark, the CEO of Lightning Labs, revealed some interesting advancements when it comes to  integrating stablecoins and other 

 assets into the Bitcoin network by using the recent Taproot upgrade. Stark also talked about how the development team at Lightning Labs launched an early version of the code and successfully demonstrated the first transaction of an asset over the 

The Taproot assets protocol spearheaded by Lightning Labs plans to address the high fees and other issues that are associated with digital assets on other blockchains. Stark believes in Bitcoin's robust security and decentralization and sees it as ideal for facilitating stablecoins. She also made sure to point out the increased adoption of stablecoins, especially in emerging markets where they serve as a reliable store of value amidst economic volatility.

The Lightning Labs CEO shed some light on the low transaction costs possible through the Lightning Network, comparing favorably to traditional financial systems like 

, which can charge fees up to 3%. This development promises more accessible global transactions at significantly reduced rates, boosting the potential of Bitcoin and the Lightning Network to revolutionize financial interactions with stablecoins and tokenized assets.

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Charles Hoskinson, the visionary behind the Cardano blockchain, has been at the center of multiple conversations, exploring the intersection of artificial intelligence and cryptocurrency through a series of innovative and engaging online polls. Meanwhile, Cardano itself has seen a significant surge in market capitalization following positive economic indicators, further cementing its status in the competitive landscape of digital currencies.

Cardano's Latest Leap: Unveiling Ouroboros Genesis

In the dynamic world of blockchain technology, Charles Hoskinson, the innovative mind behind the Cardano platform, has once again captured the community's attention with the announcement of a significant update: the Ouroboros Genesis. This new advancement is not just a routine update; it is poised to redefine the security and scalability landscape for Cardano, potentially setting a new benchmark in the blockchain space.

Ouroboros Genesis is the latest iteration in the evolution of Cardano’s consensus protocols, each building upon the last to enhance the robustness and efficiency of the network. Starting from Ouroboros Classic, the journey through Ouroboros BFT and Ouroboros Praos has been marked by continuous improvements and innovations. 

Now, Ouroboros Genesis aims to tackle some of the most critical challenges faced by blockchain networks today, particularly those related to network nodes during the initial synchronization process or after they return from prolonged offline periods.

The focus of this update is on strengthening the network against potential security threats and ensuring that Cardano remains scalable and resilient under varying network conditions. Such enhancements are crucial as Cardano continues to position itself as a formidable contender against other major blockchains like Ethereum.

Breaking Down the Technical Mastery of Ouroboros Genesis

Ouroboros Genesis introduces several groundbreaking features designed to bolster the security and operational stability of the Cardano network:

Ledger Peers: This feature is vital in the fight against eclipse attacks, where a node is isolated and fed false data. By carefully selecting ledger peers, the likelihood of connecting to malicious nodes is significantly reduced, thus protecting the integrity of data synchronization.

Lightweight Checkpointing: In situations of severe network disruptions, this mechanism ensures that the node can quickly restore and align with the correct network state, thereby minimizing downtime and potential data inconsistencies.

Limit on Eagerness (LoE): This safety measure prevents nodes from prematurely confirming blocks until there is unanimous agreement among all connected ledger peers, thus safeguarding against malicious block confirmations.

Genesis Density Disconnection (GDD): A crucial feature that enables nodes to disconnect from peers promoting alternative chains, maintaining the network’s cohesion and preventing divisions within the blockchain.

Limit on Patience (LoP) and Genesis State Machine: These tools work together to manage the node’s tolerance levels and operational parameters, ensuring that the network operates smoothly and efficiently, even under stress.

The Strategic Importance of Ouroboros Genesis

The development of Ouroboros Genesis is a testament to Cardano's commitment to continuous improvement and innovation. By addressing the vulnerabilities that nodes face during critical times like initial synchronization or after a break, Cardano not only enhances its own network's resilience but also sets new standards for blockchain technology as a whole.

This update comes at a pivotal time as Cardano seeks to cement its place as a major hub for blockchain development, directly challenging rivals like Ethereum. With its enhanced security features and improved scalability, Ouroboros Genesis could very well give Cardano the edge it needs to lead in the ongoing blockchain evolution.

The introduction of Ouroboros Genesis marks a significant milestone in the Cardano journey. As the blockchain community watches closely, the success of this update could potentially reshape the landscape of blockchain technology, making Cardano a leading example of innovation and resilience in the digital age. As Hoskinson continues to guide Cardano through these updates, the excitement within the community is palpable, matched only by the ambition of the platform to drive blockchain technology to new heights.

Cardano's Market Resurgence: A Reaction to Favorable Economic Indicators

In the last couple of days, the crypto market witnessed a remarkable resurgence of Cardano (ADA). The surge in Cardano's market capitalization, which increased by over half a billion dollars, is a strong signal of growing investor confidence, particularly in response to the latest economic data.

Largest cryptos by market cap (Source: CoinMarketCap)

Data from CoinMarketCap shows that Cardano's market capitalization soared to $16.53 billion, cementing its position as the 10th largest cryptocurrency by market cap. This notable increase places Cardano ahead of Shiba Inu (SHIB) and just behind Dogecoin (DOGE), which currently occupies the 9th position with a market capitalization of $21.69 billion.

The primary driver behind the bullish trend in ADA's price is the Consumer Price Index (CPI) report, which indicated a slightly lower-than-expected inflation rate. This economic indicator plays a crucial role in shaping monetary policy expectations, including those related to interest rates. 

With inflation showing signs of easing, traders and investors are increasingly optimistic about potential interest rate cuts by the Federal Reserve, a scenario that typically benefits risk assets like cryptocurrencies.

Following a week of downturns, ADA experienced a swift price increase, climbing to reach $0.4635 per token. This rise reflects a rejuvenated interest in Cardano, as investors respond positively to the favorable economic signals delivered by the CPI report. The quick rebound in ADA's price not only highlights its volatility but also its sensitivity to broader economic trends.

The resurgence of ADA is an indication of the resilience and potential of Cardano in the volatile crypto market. With its sophisticated technology and a strong community of supporters, Cardano continues to attract attention from both retail and institutional investors. The platform's ongoing developments and the increasing utility of its blockchain also continue to play a critical role in its market performance.

While market participants digest the implications of the latest economic data, the increased market capitalization of ADA signals a renewed investor confidence in its long-term value proposition. Looking forward, Cardano enthusiasts and investors will likely keep a close watch on economic indicators and central bank policies, which could continue to influence the trajectory of ADA and the broader cryptocurrency market.

Charles Hoskinson Tackles AI and Cryptocurrency in a Unique Social Media Experiment

In a move that has caught the attention of the cryptocurrency world, Hoskinson has sparked a lively discussion around the rapidly evolving landscape of artificial intelligence (AI) and its intersection with digital currencies. Using his platform on X (formerly known as Twitter), Hoskinson launched a unique poll that not only stirred his followers but also highlighted the broader implications of AI in the digital age.

Hoskinson’s recent tweet brought attention to his concerns about the blurring lines between reality and fantasy due to the swift and expansive rise of artificial intelligence. In his typical fashion, mixing serious commentary with a hint of levity, Hoskinson proposed setting up a crypto OnlyFans account for an AI version of himself "doing crazy stuff." The response options ranged from enthusiastic endorsements to straightforward rejections, showcasing the diverse reactions from his community.

Out of 3,554 participants in this tongue-in-cheek survey, 19% voted "yes," 16.1% said "super yes," and 29.2% chose "yes, but Caddle Daddy," a playful twist perhaps referencing an inside joke within the community. Meanwhile, a significant 35.6% opted for "no," indicating a cautious or skeptical stance towards the idea. The poll itself, although light-hearted, managed to accumulate 59,000 views, signaling a robust engagement from the community.

Adding another layer to the discussion, Hoskinson shared a link to a YouTube short about Aitana Lopez, a first-of-its-kind Spanish AI-generated social media influencer. Sporting pink hair and an impressive following of 181,000 on Instagram, Aitana represents a new frontier where AI intersects with social media and entertainment. Created by a Spanish advertising agency, Aitana is not just a digital persona but a revenue-generating model, pulling in $11,000 a month from brand endorsements, particularly benefiting smaller companies that can’t engage in costly advertising campaigns.

This development shows the broader potential of AI in creating new marketing and business models, and the increasing acceptance of virtual personalities in social and commercial spheres.

The playful nature of Hoskinson's recent tweets contrasts sharply with his more serious warning issued in December 2023. At that time, he alerted the cryptocurrency community to the potential threats posed by AI, particularly through the use of deepfakes. After encountering a deepfake video of himself promoting an ADA giveaway, Hoskinson expressed concerns over the potential for AI to aid scammers in defrauding crypto holders. His warning resonates with a growing anxiety within the tech community about the ethical and security implications of advanced AI technologies.

Charles Hoskinson’s engagement with his followers on the topic of AI and cryptocurrencies exemplifies the dynamic and often unpredictable interactions between technology, society, and individual identity in the digital age. While his poll was primarily humorous, it served as a catalyst for deeper discussions on the serious implications of AI in our lives, from creating new digital personas to the emerging risks of sophisticated cyber scams.

As AI continues to develop, its impact on industries like cryptocurrency and social media will undoubtedly provide both opportunities and challenges, mirroring the complexity of the digital ecosystems we navigate. Hoskinson's dialogue with the community not only reflects his role as a thought leader but also highlights the evolving narrative around AI and its vast potential and pitfalls.

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The Ethereum supply stopped being deflationary after its Dencun upgrade, which made transaction fees cheaper but reduced the rate of Ether being burned. This started discussions about Ethereum moving away from being "ultra sound money." Meanwhile, Coinbase is expanding its decentralized services through Base, with the goal to facilitate Web3 access and streamline KYC procedures. Additionally, tensions between the crypto industry and the U.S. Securities and Exchange Commission (SEC) are still rising, especially when it comes to the SEC’s reclassification of Ether as a security.

Ethereum Sees Supply Increase Post-Dencun

 network underwent a major shift after its latest 

. The Ether (ETH) supply stopped being deflationary for the first time since September of 2022. This is a very noticeable departure from the decreasing Ether supply that was seen after the 

 happened, which transitioned Ethereum to a proof-of-stake consensus model and introduced a fee-burning mechanism.

, the total supply of Ether increased from 120 million on Mar. 12 to 120.1 million on May 7, two months after the Dencun upgrade went live. This minor increase in supply was the first inflationary period for ETH since the Merge was implemented.

Despite this, the impact on Ethereum’s broader ecosystem may be minimal. Ki Young Ju, the founder and CEO of CryptoQuant, believes that Ethereum's main strengths lie in its decentralized applications (DApps), suggesting that comparing it to 

 narrative of sound money might be misplaced.

The "Ultra sound money" narrative for Ethereum refers to a concept inspired by Bitcoin's "sound money" principle, which emphasizes the importance of creating a monetary system that is resistant to inflation and maintains its purchasing power over time.

The Dencun upgrade, while ending the deflationary trend, has made transaction fees on Ethereum up to four times cheaper. On the other hand, this reduction in fees led to a decrease in the amount of Ether being 

, which contributed to the slight increase in its total supply.

Although this change might alter the perception of Ether as "ultra-sound" money, it certainly proves that Ethereum is going through an evolution and it is working on improving user experience and network efficiency.

Inflationary and deflationary cryptocurrencies are differentiated by how their supplies change over time, each employing specific mechanisms to manage supply dynamics and network incentives.

Inflationary cryptocurrencies have an increasing supply, where new coins are continuously added to the system. This approach involves a fixed or variable maximum cap on the total number of coins that can be minted, with some cryptocurrencies like Dogecoin (

) choosing to remove their supply caps altogether, leading to an unlimited supply. 

The distribution of new coins in these systems typically happens through consensus mechanisms like proof-of-work (PoW) or 

 (PoS). In PoW systems, like Bitcoin, miners validate transactions and earn coins by solving cryptographic puzzles first. In PoS systems, validators stake their own coins and are chosen to validate new transactions, earning rewards proportionally to their stakes.

Deflationary cryptocurrencies, on the other hand, see their total supply decrease over time through mechanisms like transaction fee burning or direct coin destruction. These tokens mostly have a set deflation rate which dictates the annual percentage decrease in supply.

Deflationary strategies are implemented to enhance scarcity and potentially increase the value of the remaining tokens. Some cryptocurrencies, like Binance Coin (BNB), implement coin burns to reduce their circulating supply systematically. Additionally, events like Bitcoin's "

" reduce the mining rewards by half about every four years, which ends up constricting the supply even more.

Coinbase’s Vision for Ethereum and USDC

 is getting ready to cater to a billion customers by integrating decentralized applications across millions of blockchains. At the TokenizeThis 2024 conference in Miami, Coinbase’s head of tokenization, Anthony Bassili, shared the company’s ambitious plan to include 

 (KYC) and Anti-Money Laundering (AML) procedures through an innovative identity attestation process using the Ethereum Attestation service and Coinbase’s verification system, which tags users’ smart wallets post-KYC. Bassili is very confident in the evolution of this system towards a KYC reliance model, which will simplify the KYC process over time. More than 300,000 wallets have already undergone this attestation. 

Base will leverage Ethereum Virtual Machine (EVM) networks to give 

 access for users with attested wallets and verified identities. The ecosystem will be supported by the stablecoin 

, and after Coinbase's equity stake acquisition in Circle in August, the company now has more than $28 billion in total assets in Circle. Coinbase also has the ability to mint USDC.

Looking ahead, Bassili is optimistic about the potential shift towards trading tokenized assets across various classes directly, without the need to convert them into dollars first. However, he believes that for this to actually happen depends on the development of regulatory frameworks and market structures that are designed with instantaneous identity checks. 

In its May report, Franklin Templeton declared  that "Base Season" has started. The report specifically shed some light on the surge of Social Finance (SocialFi) applications and the fact that  Base is now leading its peers in this area. In fact, 

 has captured about 46% of SocialFi transactions, allowing it to outpace other networks like BNB Chain and 

. Support from Coinbase has certainly helped Base secure almost half of the market share in SocialFi to date.

One of the standout SocialFi applications on Base is Friend.tech, which makes it possible for  creators to monetize their content in innovative ways like "key" shares or "tokenized attention." Franklin Templeton not only lauded Base's performance in SocialFi, but also predicted it will continue to be a crucial area for the network's adoption and growth.

In addition to its achievements in SocialFi, Base has also benefited from the recent surge in 

 to $5.4 billion, making it the third-largest Ethereum layer 2 network. In contrast, leading networks like Arbitrum One and OP Mainnet have experienced declines in their TVLs in recent months.

 in August last year, currently has full control over the network as its sole sequencer. However, plans are in place to gradually decentralize Base. The network is built on Optimism’s OP stack and is tailored to provide a secure, cost-efficient, and builder-friendly environment for Ethereum Virtual Machine-compatible applications. 

 and Base are doing is turning heads in the industry, but not everyone is very happy about this. 

, co-founder of Ethereum and CEO of Consensys, shared some of  his concerns at FT Live’s Crypto and Digital Asset Summit in London about the U.S. Securities and Exchange Commission's (SEC) approach to regulation.

Lubin criticized the SEC for its very vague reclassification of 

 and its reliance on enforcement actions rather than transparent rulemaking. He believes this has almost created an environment of fear, uncertainty, and doubt in the industry.

 after a Wells notice, a move Lubin firmly believes is necessary to get clearer legal guidance, especially considering the fact that the Commodity Futures Trading Commission previously classified Ether as a commodity. He suspects the SEC's timing of its 

 is very strategic as it could be used as a reason to deny 

Lubin also shared his thoughts on the broader implications of the SEC's actions and  suggested that  it reflects a fear of the transformative potential of decentralized finance. He is also not very happy about the notion promoted by the SEC that platforms like Coinbase and wallets like MetaMask should be treated as broker-dealers.