Daily Web3 Headlines You Need To Know
17 August #Metaverse #GameFi #DeFi&Trading #Policy&Law
‘Metaverse’ is in, ‘mixed reality’ out: Reading the tech tea leaves in Microsoft’s new words
The metaverse, hybrid work, flexibility, trust, and technology’s role in the global economy are some of the new additions in the latest version of a key piece of text that Microsoft publishes each year. Presented under the heading, “Embracing Our Future,” it’s the first section of Microsoft’s annual Form 10-K report to the Securities and Exchange Commission. While it might be easy to dismiss as mere boilerplate in an obligatory regulatory filing, it’s more than that… (Read More)
Function over fun? Analyst says P2E games don’t need to be ‘fun’ to retain users
Play-to-earn (P2E) blockchain-based games gathered investors’ attention in late 2021, with Axie Infinity leading the pack with over 2 million active users. In P2E games, players are awarded tokens or nonfungible token assets (NFTs) as they progress throughout the game. These digital assets can be sold using marketplaces and cryptocurrency exchanges, generating income in a decentralized manner. However, there is a large discrepancy between P2E and traditional PC and console gaming experiences.… (Read More)
📈 DeFi & Trading
Solana (SOL) price is poised for a potential 95% crash — Here’s why
Solana (SOL) price rallied by approximately 75% two months after bottoming out locally near $25.75, but the token’s splendid upside move is at risk of a complete wipeout due to an ominous bearish technical indicator. Dubbed a “head-and-shoulders (H&S),” the pattern appears when the price forms three consecutive peaks atop a common resistance level (called the neckline)…(Read More)
Coinbase will ‘briefly pause’ ETH and ERC-20 token deposits and withdrawals during Ethereum Merge
In a Tuesday blog post, Coinbase product manager Armin Rezaiean-Asel said that during the Merge event, the crypto exchange will “briefly pause” deposits and withdrawals of Ether (ETH) and ERC-20 tokens “as a precautionary measure” to handle the migration. The exchange also warned users against scammers offering ETH2 tokens, saying crypto users did not need to take additional action to receive staked ETH prior to the Merge…(Read More)
Celsius CEO personally directed crypto trades months before bankruptcy: Report
Celsius CEO Alex Mashinsky reportedly “took control” of trading strategy at the crypto lending firm amid January rumors the United States Federal Reserve planned to hike interest rates…(Read More)
⚖️ Policy & Law
Bank of China unveils new e-CNY smart contract test program for school education
According to local news outlet Sohu.com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China’s Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY…(Read More)
On Tuesday, the state-owned Bank of China announced a new program that connects primary school education with smart contracts.
The pilot test focused on parents living in Chengdu, a city in China’s Sichuan province. They will be able to sign up their kids for after-school or extracurricular activities using the digital yuan central bank’s currency, or, more commonly known as e-CNY. Parents have to first provide the educational institution with a deposit for a selection of classes. After that, each lesson will be proportionally connected to the deposit through a smart contract. As such, should their kids miss a class, the e-CNY fee will be immediately paid back to their account through a smart contract.
What is Smart Contract?
The infrastructure of e-CNY is realized via smart contracts, the foundational technology of blockchain. Smart contracts are traceable, irreversible and self-executing contracts that guarantee the e-CNY executes automated payment transactions in line with safety and compliance procedures in accordance with set circumstances and established laws. Specific application examples include e-CNY monetary gifting, targeted poverty alleviation, commercial factoring, and third-party secure transactions.
The alliance chain, a semi-public blockchain with screened or approved participants, is another important component of e-CNY. By adopting a centralized architecture based on alliance chains and creating an e-CNY expression based on encrypted strings, e-CNY secures itself by utilizing the technological properties of the blockchain. Additionally, it eliminates chances for counterfeiting and double-spending.
In order to manage the issuance of e-CNY more effectively, the Chinese government has also taken a further step and adopted a “two-tier operational system” for e-CNY, with the core managing party central bank on the first tier and the other commercial institutions on the second.
The Development of e-CNY
Digital currencies have drawn a lot of interest across China over the past several years. China has launched official initiatives to foster the rapid growth of e-CNY, even incorporating it into its 14th Five-Year Plan. The Chinese government is also implementing appropriate system upgrades and encouraging further analysis into how the e-CNY affects monetary policy, the financial system, and financial stability.
Prior to this, the Bank of China also launched an e-CNY airdrop initiative for Chongqing citizens as a local incentive to reduce carbon emissions. Users who receive the airdrop can use their earnings to purchase scooter rentals, utensils for food delivery, recyclable shopping bags, and public transport tickets.
Now, over 4,567,000 merchants across China accept e-CNY as payment in alignment with the country’s strategy to stimulate and digitize the economy with the aid of emerging technologies such as blockchain.
👋 About us
We believe in fair education for everyone to form your own opinions.
We aim to cultivate the ethical use and mass adoption of blockchain technology.