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Unhashed Podcast - Cardano State Machines

Published on September 7th, 2021 by BTCMedia

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In this week's episode, the tit is moving (again) so Ruben Bryan and Colin walk through the finer points why DeFi insurance DAOs also need insurance, we give another toot to El Sal legal tender law, Tips on Twitter, and, finally, an analysis of the first live Dapp on Cardano testnet! Look out!

  1. From CoinTelegraph, In a candid open letter, the lead contributor of Cover and Ruler Protocol, “DeFi Ted,” announced the protocol will close its virtual doors in the near future, citing a mass developer exit as the primary reason for the project’s conclusion. Launched earlier this year, the Ethereum-based decentralized finance (DeFi) insurance marketplace enabled users to stake Cover tokens as collateral and receive insurance payouts if their assets in other DeFi protocols are hacked or rug-pulled. In December 2020, the Cover protocol suffered a catastrophic exploit when a hacker minted 40 quintillion tokens, stratospherically increasing the token supply and effectively rendering the project valueless, a hypothesis confirmed with the consequential 97% price plummet. in a drastic turn of events becoming more commonplace in the market, the hacker consciously returned the funds, and attached the stern message, “Next time, take care of your own shit.” Despite the compassionate return of funds, serious damage was inflicted on the protocol both in terms of tokenomics value and cultural reputability.

  2. From FastCompany.com, On Sept. 7, 2021, El Salvador will become the first country to make bitcoin legal tender. The government even went a step further in promoting the cryptocurrency’s use by giving $30 in free bitcoins to citizens who sign up for its national digital wallet, known as Chivo, or “cool” in English. Foreigners who invest three bitcoins in the country—currently about $140,000—will be granted residency. Legal tender refers to money—typically coins and banknotes—that must be accepted if offered in payment of a debt. The front of every U.S. banknote states, “This note is legal tender for all debts public and private.” This statement has been enshrined in federal law in various forms since the late 1800s.

  3. In celebration of the El Sal law, a grassroots twitter effort has started to gain momentum for a market buy of $30 per person. From Michael Saylor, “On September 7, El Salvador will officially begin using #Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet I know is planning to buy $30 in BTC tomorrow in solidarity with the people of #ElSalvador and their leader @nayibbukele. Will you join us?

  4. Twitter is now testing the ability to tip users in Bitcoin through Jack Maller’s lightning network app Strike, according to The Block and a post on MacRumors. According to The Block, the new lightning service will be Strike enabled and also support Square’s forthcoming hardware wallet. The company also lists Blue Wallet and Wallet of Satoshi as examples of custodial wallets and Breez, Muun, Phoenix and Zap as examples of non-custodial wallets. Twitter will also use Strike to produce Bitcoin invoices. For now, Twitter users will need a Strike account to receive tips in Bitcoin. "We use Strike to generate Bitcoin Lightning invoices so you'll need to connect your account to accept Bitcoin tips,” the instructions read. The Bitcoin developments at Twitter follow through with promises by CEO Jack Dorsey made in July. It was implied then that Bitcoin would be enabled in the Tip Jar service. He suggested also that Bitcoin

  5. From @Sassal0X on twitter, The first dapp went live on Cardano today and ADA fanboys are finally discovering that you can't peer review your way out of fundamental issues. From the r/Cardano reddit, “Looks good, but when i try to swap things, all im getting is “Transaction Fail: UTXOs are being used this block. Please wait 20-40 seconds and try again” Reply : Unfortunately, and I hate to say it because it might be a bit painful, critic have been discussing this for years trying to understand how in the world Cardano is going to implement smart contracts with a UTXO model (which effectively means an app like Uniswap can only handle one TX per block). They’ve yet to an answer to this question. … People need to ask such stuff to Charles on his YouTube AMA streams, rather than his thoughts on Afghanistan or something. Reply: They did and he laughed it off. Said people should learn more about eUTXO and it’s a non-issue. --- Reply from @LarsBrunjes, the “Director of Education at @InputOutputHK” and PhD in Pure Mathematics “You are right, this is an issue. But our scientists are already thinking of “concurrent state machines’ that can address this.

  6. The Securities and Exchange Commission is investigating the startup behind one of the biggest cryptocurrency exchanges, as regulators probe further into parts of the digital-asset market that have resisted oversight, according to people familiar with the matter. Regulators are examining Uniswap Labs, the main developer of the world’s largest decentralized exchange, called Uniswap, the people said. Enforcement attorneys are seeking information about how investors use Uniswap and how it is marketed, the people said. A spokesman for Uniswap Labs said the company is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry.” An SEC spokeswoman declined to comment, saying the agency doesn’t confirm or deny investigations. The developers often say they no longer control the protocols, which could diminish their liability under securities laws. SEC Chairman Gary Gensler has said DeFi projects aren’t immune from regulatory scrutiny. They may still be controlled by developers or middlemen that benefit from incentives such as trading fees and digital tokens that give holders governance rights over the program, he has said. – https://archive.is/ewYN

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