WHAT IS HAPPENING WITH CRYPTO RIGHT NOW? (BITCOIN, ALGORAND, TERRA LUNA, MOONBIRDS)

WHAT IS HAPPENING WITH CRYPTO RIGHT NOW? (BITCOIN, ALGORAND, TERRA LUNA, MOONBIRDS)

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Algorand Rents Times Square Billboard for Earth Day

Let’s jump right in, starting with our first piece of news involving Algorand. Algorand has just rented out a time square billboard to tout their green credentials ahead of Earth Day, but this ad comes with a ‘dark’ twist. So if you hold an Algo token, a lot of you are excited about this. I guess this is a rendering of Algorand’s Time Square Activation.

On Thursday, April 21st, which I guess is Earth Day, they will darken Times Square in New York to exhibit Algren’s dedication to sustainability. So they will darken Times Square to show that Algorand cares about the Earth and saving energy.

‘The takeover will begin with a billboard showing an environmentalist calling for action before going dark for an hour starting at 8 pm ET. The ad spending is pegged to Earth Day in the US.’ – CoinDesk

In a direct quote from the Algorand Foundation’s CEO on why they’re doing this

‘We wanted to make a bold statement on a large platform to educate the general public that advances in blockchain technology like those employed at Algorant have made it more green and more sustainable than the first generation of proof-of-work blockchains and definitely more green than traditional banking in financial rails.’

Very interesting. I could see something like this definitely being picked up by all the mainstream media outlets and potentially going viral, just to give you the stats. According to Algorand, going dark for one hour saves 6,500 kilowatt hours of electricity, and their CEO said that that figure is equivalent to 350 million transactions on the Algorand blockchain.

Moonbirds (NFT Collection) Launches w/ Controversy

The next piece of major news for a theory of men’s tees that is sort of coming with some controversy.

Moonbirds NFTs fly on their debut, clocking in over $200M in sales. The project is the first tied to Kevin Rose’s PROOF Collective, a private community of NFT collectors whose membership pass costs at least 99 ETH. – CoinDesk

The collection of 10,000 PHPs has racked up 69,000 ETH worth hundreds of millions of dollars in total sales, boasting a floor price right now of 21.3 ETH, roughly $64,000 each. For each of these NFTs, there’s a minimum of a $64,000 floor price.

The debut put Moonbirds on top of the OpenSea’s volume leaderboard not just for the week but for the last 30 days, ahead of Azuki (50,000 ETH) and Bored Ape Yacht Club (35000 ETH). – CoinDesk

So it’s beating out the blue chips at least for its first month. Anyway, final thoughts on the controversy for the mint was this:

The project’s mint came with some controversy, from complaints of a hefty 2.5 ETH (roughly $7,500) mint price to raffle manipulation and concerns of rarity sniping (project leaders’ buying up rare editions using insider knowledge) by its developers. – CoinDesk

Anyway, that is what’s going on in NFT land. As I get more info, I will keep you updated.

Terra’s Stablecoin Becomes 3rd Largest in Existence

Terra Luna’s stablecoin UST becomes crypto’s third largest, so the dollar pegged UST has overtaken Binance USD to become the crypto market’s third largest stablecoin by market capitalization. It’s a big day if you hold Terra Luna as their stablecoin is a part of the ecosystem. Will this trend continue? Is this just hype at the moment? Time will tell. Time will tell. But just to paint the picture of what the difference with these tablecoins is

BUSD is a fiat-backed stablecoin, meaning the stablecoin’s custodian, in this case, Paxos, holds the equivalent amount of BUSD circulating in cash, cash equivalents, or other traditional assets. – Decrypto

So the backing is held by a centralized custodian, very similar to USDC and USDT.

Terra’s stablecoin is, however, built much differently. Instead of a centralized entity holding traditional assets, be it cash or bonds, this stable coin is designed to keep its peg to the greenback and the dollar via a mint and burn mechanism as well as savvy market arbitragers. – Decrypto

UTS is what’s known as an algorithmic stablecoin. Here’s how it works.

To create one UST, users must first buy and then destroy $1 of LUNA (Terra’s governance and staking tokens). The inverse is also true: Each time you swap $1 of LUNA for UST, you destroy one UST. – Decrypto

 Thus, it’s supposed to keep its peg to one dollar. Anyway, at the moment, people are believing Terra Luna’s stablecoin is climbing the ranks.

Ethereum Foundation Releases Annual Report

The next piece of news on Ethereum and the Ethereum foundation. According to reports, the Ethereum Foundation now controls nearly 0.3 percent of all ETH in existence. So for the first time ever, they put out an annual report just going over some of the stats. According to a 2021 financial report released today,

 The Ethereum Foundation treasury has $1.3 billion dollars in Ethereum, $300 million in non-crypto investments, and another $11 million in other cryptocurrencies, according to a 2021 financial report released today. – Decrypto

So obviously, we knew they had a lot of money. The question on everybody’s mind was always, “How much Ethereum do they actually own?” They were there from the beginning. You know, they did a pre-sale, so they held a lot of the supply.

As of March 31st, 2022, according to them, the foundation’s Ethereum Holdings amount to nearly.3% of the entire east supply, which is honestly not that much, so take this as you will. This small number is bullish to me, but again, I wish we had a third party to come and do our own report and verify this.

Monero Hodlers Are Happy!

The Monero community has reached an agreement on their July hard fork. So this is going to be an upgrade for the coin. Here’s what this upgrade means.

The popular privacy coin’s hard fork will include increasing the chain’s ring size from 11 to 16, adding view tags to outputs to reduce wallet scanning time, introducing bullet proofs and implementing fee changes. – Decrypto

So a lot of different big words. Let’s break this down together. Number one, first and foremost, is the increase in ring size:

Raising the number of ring signatures is meant to ensure that transactions have a larger anonymity set, making it harder to reverse engineer the source of the transaction. – Decrypto

As for view tags, this should make it more private.

One developer pointed out that view tags could reduce network scanning times by up to 40% in determining the output public key for its anonymous transactions. – Decrypto

So more efficiency and finally, with the upgrade of bulletproofs, a zero knowledge proving system will be used for range proofs in Monero. The feature will result in faster encryption and verification on the blockchain, so a little bit more private and a little bit more efficient for the Monaro community.

[This article is a transcription of a video made by Altcoin Daily]

Original video: https://youtu.be/KD70WXK4hKI ]