An overview of current news in the crypto space

In our digest, we took a look at some important crypto industry news over the past week:

1. Vitalik Buterin intends to make fundamental changes to the Etherium network
2. Complete transformation of Binance with new management: crypto market news
3. Binance named the date of full delisting of its own steiblcoin BUSD
4. MIPT to launch public blockchain with other universities
5. SpaceX gets approval to launch DOGE-1 lunar satellite

Now for more details. Reading time: 7 minutes.

1. The proposed plan envisions the integration of private memepools and ERC-4337 functionality to effectively solve the problems hindering the development of the network. According to Buterin, private mempools will be able to provide users with increased privacy and security, as well as hide private cryptocurrency transactions from the attention of public mempool users. In turn, the functionality of ERC-4337 should simplify the use of multi-signature wallets on the network.Another key aspect of Buterin’s new concept will be the integration of code pre-compilation functionality.

   “By pre-processing certain code elements, this functionality could potentially increase the efficiency of deploying smart contracts on the Etherium network, making their execution faster and more cost-effective,” Vitalik Buterin explained.

   The Ethereum co-founder is concerned about the risks potentially leading to the centralization of liquidity solutions for staking the Etherium network, especially in light of the activity of companies like Lido Finance. Therefore, he promises to strive to maintain decentralization processes, including to maintain liquidity for staking.

   Earlier, attorney and former Etherium advisor Steven Nerayoff (Steven Nerayoff) made another scandalous accusation against Vitalik Buterin. Steven Nerayoff accused the co-founder of Efirium of plagiarism and borrowing his ideas and inventions.

2. Richard Teng, the new head of Binance, the largest cryptocurrency exchange, said the company will begin its transformation from an “unmanaged” tech startup to a traditional financial organization, Fortune reported. “Binance is only six years old – it’s a relatively young company by any standard. Translated into human terminology, it’s a kid just getting ready to go to elementary school,” Teng said in an interview.The Terra USD (formerly UST, now USTC) algorithmic stablecoin Terra USD (formerly UST, now USTC), which collapsed in the spring of 2022, has surged 400% in value over the past three days amid news that its founder Do Kwon’s extradition from Montenegro has been approved. As of November 27 10:30 Moscow time, the UST token is trading around the $0.06 mark, according to Coinmarketcap service.

   Several large cryptocurrency projects are planning to unlock (“anlock”) tokens in December 2023 for a total of $750 million at the exchange rate at the end of November, writes Cointelegraph. According to the publication, the largest volume of new tokens in the market will take place at the decentralized exchange dYdX (DYDX). The project plans to unlock 150 million tokens totaling nearly $500 million.

   The Tron blockchain, faster and cheaper compared to the bitcoin network, has become popular among terrorist organizations, Reuters writes, citing financial crime experts. “While terrorist organizations have used the bitcoin network in the past, our data shows that they are increasingly favoring Tron,” said Mriganka Pattnaik, CEO of New York-based blockchain analytics firm Merkle Science.

   Bitcoin mining complexity has increased 92.2% since the beginning of the year. Back on January 1, 2023, the mining complexity of the first cryptocurrency was at 35.36T, according to BTC.com. As a result of another recalculation on November 27, the figure updated the historical record, rising to 67.96 T. The previous record was marked on November 12, 2023, when the complexity reached 64.68 T.

3. “As Paxos has stopped issuing new Binance USD, we will stop supporting BUSD products on December 15, 2023. Users are advised to withdraw or convert their BUSD assets to other available assets on Binance by December 15, 2023,” according to the exchange’s tech support.
   Asset redemption will be available until February 2024. And BUSD withdrawals will be fully disabled as early as December 31.“Any BUSD balances on Binance customer accounts, except for users from Japan, France, Italy, Poland and Kazakhstan, will be automatically converted to FDUSD,” reads the official announcement.

   Binance reported about the discontinuation of BUSD support back in August. At that time, BUSD was one of the five largest stablecoins – the market capitalization of the coin reached $3.10 trillion.In March, Binance refused to use BUSD as an asset of the users’ asset protection fund (SAFU). The funds were transferred to the TUSD and USDT stablecoins. This was due to the discontinuation of BUSD issuance by Paxos – under pressure from the US authorities.

4. In addition to MIPT, other leading Russian universities are also participating in the project. Representatives of the Institute of Physics and Technology announced plans to launch a public blockchain at the Third Congress of Young Scientists.”The development of blockchain in Russia depends on two factors: the availability of publicly accessible networks and their decentralization, which minimizes risks for users. If one element of the network fails for one reason or another, the network will continue to live, and this circumstance will not affect other participants. There is already a similar project for a citywide network, for example, in China. It is time to do something similar in Russia – a progressive and user-friendly public network,” said MIPT Rector Dmitry Livanov.

   The developers emphasized that blockchain will be different from other networks existing in Russia. According to them, the network will be based on Proof-of-Stake consensus, and validators will be independent – they will be universities and research centers.A special decentralized autonomous organization (DAO) will be created to manage the network. The developers are going to make the first year of using the network free of charge, and then project creators will have to pay commissions for transactions.

   It should be recalled that it was MIPT that became the first higher education institution in Russia to launch a postgraduate program on blockchain.

5. DOGE-1 is being developed by Geometric Energy, which announced the project back in May 2021. The company’s CEO Samuel Reid specified that after NTIA approval, the flight of the vehicle must be approved by the Federal Communications Commission (FCC). Only then the flight will be possible.The satellite has a mass of 40 kg, it should orbit around the moon, collecting information with cameras and sensors. However, collecting scientific data in the interests of Geometric is not the main thing. On the outer skin of the DOGE-1 satellite, a screen is installed that should broadcast advertisements, images and logos, and this picture (a screen with advertisements in space above the Moon) will be broadcast to Earth. DOGE-1 will be the first satellite whose cost, including the launch, was paid for with cryptocurrency, namely DOGE tokens.

   The launch of DOGE-1 was first announced by SpaceX founder Ilon Musk in 2021. However, the mission was repeatedly postponed. Now the launch is scheduled for January 2024.

   Recently, Astrobotic, an American company developing space robotics for lunar missions, said it was going to send a wallet containing the meme cryptocurrency DOGE to the surface of the Earth’s satellite on December 23 using a Vulcan Centaur Rocket ULA rocket.

   And in April, cryptocurrency company LunarCrush said it would use a SpaceX rocket to send a private key to a cryptocurrency wallet containing 62 BTC to the moon. “The bitcoin treasure,” codenamed Nakamoto-1, will be made available to the first man on the moon. The person will receive a private key to the cryptocurrency wallet, which will be engraved on the Lunar Outpost MAPP rover.

   Thank you for being with us. Crypto industry news on Bit.team – always up to date.