Cryptoverse #7

Nov 20, 2021

It’s never a dull moment in crypto. Last week we were talking about ATH for both bitcoin and Ethereum. This week, we’re talking about the sudden retreat. That being said, Ethereum has held on a little better than bitcoin. Enough about price action. We’re here to learn, not get bogged down in daily or weekly price movements.

Bitcoin Upgrades

This past week was also one of the biggest software updates for bitcoin in a long time. The upgrade, “Taproot”, will bring more efficiency and security to transactions on the bitcoin blockchain as well as enabling smart contracts. These changes, however, will not bring more anonymity to bitcoin transactions. What it does allow for is a bit more privacy since your keys won’t have as much exposure on the blockchain as compared to the existing digital signature algorithm.

The “killer feature” of this upgrade really is the ability to make smart contracts take up less space on the blockchain and do it more cost effectively. Ethereum and other new age blockchains have skyrocketed in use and value because of blockchain-based smart contracts. Taproot seeks to bring that ease of deployment to the bitcoin blockchain. Expect more DeFi (“decentralized finance”) dApps being built on bitcoin in the future. This, potentially, could mean a lot more demand for bitcoin.

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News

A hedge fund billionaire outbid crypto investors for a rare copy of the US Constitution
Ken Griffin, the CEO and founder of Citadel, has revealed himself as the winner of last night’s $43.2 million auction for a rare copy of the US Constitution. A collective of crypto enthusiasts, calling themselves ConstitutionDAO, managed to raise $47 million in about a week’s time in a quixotic attempt to win the document themselves and put it on display to the public for free.
Celebs Are Aping Into NFTs—But Star Power Won’t Ensure Success, Says Artist Pplpleasr
Celebrities including Snoop Dogg, Jimmy Fallon, Grimes, and Tom Brady have released and/or purchased notable NFTs, lending their influence to the rising market.
Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood
Once again, the CEO has come to defend her belief in the exact. For the long-term, she sees the asset rising above $500,000, putting the time frame at only five years. One thing that also backs up the CEO’s strong resolve in this prediction is the data recorded on the bitcoin blockchain.
Polygon Uses Zero-Knowledge Proofs in New Ethereum Virtual Machine Rollup
Polygon, one of the leading Layer 2 Ethereum scaling solutions, has unveiled an Ethereum Virtual Machine (EVM)-compatible rollup. Dubbed Polygon Miden, the protocol uses zero-knowledge (ZK) proofs to offer enhanced privacy and EVM-compatibility on Layer 2.