Inside movements token-dump scandal

Welcome to the protocol, Coindesk's weekly conclusion of the most important stories in the development of cryptocurrencies. I am Margaux Nijkerk, the Ethereum protocol reporter in the Tech team from Coindesk.

In this issue:

• Inside Movement's token-Dump scandal: secret contracts, shadow consultant and hidden middlemen
• Ethereum could end the transaction speed to 2,000 TPs thanks to the brave new proposal
• The Bitcoin debate about looser data boundaries is reminiscent of the controversial splitting order
• The basic network of Coinbase reaches the status of stage 1 and reduces the centralization risk

Network messages

The token -Dump scandal of the movement: Movement, a crypto startup supported by Trump's World Liberty Financial Financial, was rumored that he closes a round of series B 100 million US dollars. Instead, the network is the focus of an insider-dealing scandal after a COINDESK examination, which has unveiled a shabby corner of the crypto-deal macking. Movement Labs examines whether it was adopted in the signing of a market sensation contract in the signing of Move Move Token in the signing of an obscure midsman control, which, according to the tokens' debut, triggered a sale of $ 38 million. Internal contracts show Rentech, a company without digital footprint that occurs on both sides of the deal, once as a web3port subsidiary and once as an agent of the motion foundation, raise questions about self-help. The Foundation officers initially made the Rentech deal as “possibly the worst agreement” that they had ever seen. Experts warned that it created incentives at Pump Move's pump price before putting tokens on retail investors. The incident has revealed a crack within the leading management of the movement: managers, legal consultants and consultants are all under the examination of their role in facilitating the agreement despite internal objections. – Sam Kessler Read more.

The ETH proposal aims to increase the ceiling of the gas border: The researcher of the Ethereum Foundation, thanks to Feist, submitted EIP-9698 to grow the gas border of the blockchain on autopilot over the next four years. The EIP introduces a deterministic “exponential” schedule, which is baked in customer shift and the gas boundary is absorbed by a tiny preset amount in every era. This predictable gas limit enable the current validators to keep their machines up to date and to reduce the need for sudden upgrades. In the event of approval and implementation, the gas border limit would increase from 36 million units to around 3.6 billion, which enables an estimated 6,000 simple transfers per block and over 2,000 transactions per second (TPS). The current ETHEREUM TPS is 15 to 20 TPS. – Shaurya Malwa Read more.

Bitcoin -Blockchain -Fate Batte are driving up when developers weigh up data boundaries: Bitcoin developers are again contradicted how the oldest and largest blockchain in the world should cope with the storage of information on chains, with a proposal to relax long-term limits for the size of the data, the violent debates of the battles from 2023 are reminiscent of ordinal. With the OP_Return function of the blockchain, people can attach a small data to a transaction. It is often used for things such as notes, time stamps or digital data records. The proposed change would remove the 80-byte upper limit for such data, a limit that originally discouraged spam and kept the financial integrity of the blockchain. Followers argue that the current border is pointless, since users are already dealing with Taproot transactions to hide data within the parts of the transaction for cryptographic signatures. The Bitcoin nucleus developer Luke Dashjr described the proposal as “complete madness” and warned that the loosening of data restrictions would accelerate what he sees as a deterioration in the financial purpose of Bitcoin. – Sam Reynolds Read more.

Basis achieved level 1 rollup status: The basis that the popular Layer 2 network of Cryptocurrency Exchange Coinbase (coin) is now a “level 1” rollup, said the company, which has set up its way to full decentralization. The transition to a “level 1” rollup comes, since other Layer -2 have reached this milestone and these networks depend less on centralized units. The step means that the basis is now a security council, a network of ten “independent units that we have selected from all over the world”, in an interview with Coindesk, said Tom Vieira, head of the product at the base. – Margaux Nijkerk Read more.

In other news

• Blackrock is preparing to bring blockchain to the back office to the back office of one of its greatest means and to offer a digital stock class of its 150 -billion dollar -Finance money market fund of $ 150 billion via BNY Mellon. The new “DLT shares”, which are briefly available for the distributed Ledger technology, is not included. BNY MELLON, the exclusive distributor of the fund, intends to use blockchain to reflect stock ownership data records, an incremental step that could pave the way for the more comprehensive introduction of tokenized cash, digital assets or blockchain-based settlement infrastructure in traditional finance. Sam Reynolds Read more.
• Libre, a tokenization company that works closely with hedge fund Brevan Howard, Hamilton Lane, Hamilton Lane, and Nomuras Digital Assets Unit Laser Digital, plans to TOK Messaging platform is connected. TBF will offer accredited investors in one of the Telegram issued by Telegram around $ 2.35 billion to investors who provide products for institutional returns that will also be available as collateral for chain performance and product development on tons, said Libre. – Ian Allison Read more.

Regulation and politics

• In the case of the Supreme Court of the U.S. Colonel Court, Coinbase (Coin) submitted an application for data on hundreds of thousands of its customers in 2016. The court should “protect the data protection interests of the Americans on digital information stored by third -party services”. – Jesse Hamilton Read more.
• In a race among the US states, Arizona broke new ways to see which could be first to set up a crypto reserve as a formal part of its financial strategy and to approve legislation with mainly republican legislators. It is unclear whether governor Katie Hobbs, a democrat, the legislation, which most democratic legislators rejected, will think positively. In this session she has lodged a long list of invoices, and if she also vetozes this, the matter is closed for the year. – Jesse Hamilton Read more.

calendar