Bitfinity Weekly: Proof of Work

Bitfinity Weekly: Proof of Work

Welcome to Issue #97 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.

What's in Today's Email?

  • Global Crypto News
  • This Week in our Blog
  • NFT Market Bytes
  • Tweet of the Week
  • Meme Time
  • A Matter of Opinion

Global Crypto News

🎢 Back and Forth: Bitcoin hit more new ATHs (All Time High) this week, hitting north of $73,000 on Tuesday before dipping back down and then back up to reestablish new highs above Tuesday's price, then back down again into the upper $60k range. Crypto liquidations have been heavy this week, undoubtedly due to the extreme volatility of the current market, averaging over $100m daily.

⚖️ Judgement Day: The COPA (Crypto Open Patent Alliance) lawsuit against Australian computer scientist Craig Wright came to a conclusion Thursday, with the London High Court ruling that Wright is not Satoshi Nakamoto. Wright, who is something of a joke in the crypto community for his inability to produce proof of his claims, was taken to court by COPA in order to fight Wright's copyright claims on critical Bitcoin sourcecode. $BSV (Bitcoin Satoshi Vision), a Bitcoin fork that Wright co-launched in 2018, dropped 13% following the ruling.

🐝 Bee Excited: Wednesday saw the highly anticipated Dencun upgrade go live on Ethereum. One of the upgrade's biggest features is optimized temporary data storage called 'blobs' for Layer 2 (L2) blockchains, thereby reducing transaction fees for the L2s that run on top of Ethereum's mainnet. At least two Ethereum developers celebrated the event by uploading the entire Bee Movie script onto the Ethereum blockchain's newly implemented 'blobs'.

🤝 Group Decisions: Domo, creator of the BRC-20 standard, announced on Monday that his nonprofit organization (The Layer 1 Foundation) will be partnering with leading Bitcoin ecosystem marketplace UniSat, as well as other appointed "oversight committee" members to steward the future of BRC-20s. This announcement is especially pertinent following the Ordinals Jubilee upgrade earlier this year, which UniSat followed despite Domo's explicit opposition.

This Week in our Blog

Love them or hate them, memecoins are an inescapable part of the crypto world. In this detailed guide to the world of memecoins, you'll find everything from what they are to how you can launch a token on Bitfinity Network yourself:

Memecoins Mania: Unveiling the World of Meme Coins
While controversial, meme coins’ popularity demonstrates crypto’s relationship with internet culture. However, high gas fees challenge new launches. Bitfinity’s scalable platform seeks to enable lower-cost BRC-20 token launches on Bitcoin to address this.

The next evolution of the internet is here, and it's helmed by the revolutionary tech stack of the Internet Computer Protocol (ICP). Here is how Bitftinity will leverage ICP to create a decentralized and secure user experience:

Bitfinity + ICP: Because Even the Internet Needs a Hero
Discover the transformative power of Internet Computer Protocol (ICP) with Bitfinity, revolutionizing Web 3.0 for a decentralized, secure, and user-centric internet experience.

NFT Market Bytes

🎮 Super-Fun Time: Japanese tech and gaming giant Sony has filed a patent for 'Super-Fungible Tokens' (SFTs) in the gaming industry. These tokens are to be stored on a distributed ledger, which will then allow players to own unique in-game assets and transfer them to other players. While the patent does not specify what blockchain Sony intends to use, the patent indicates an aggressive move into on-chain digital assets by a major gaming entity.

🧑‍🌾 Pixel Perfect: Despite this week's overall decline in both trading activity and price floors for virtually all NFTs, Pixels continues to attract new players. Over 739k unique active wallets played the NFT-centric web3 farming game this week and the game's land plots continue to see an uptrend in trading activity, according to DappRadar. Ronin, the blockchain Pixels is built on, has benefitted from Pixels' popularity as native token $RON surged by over 503% in the past week.

🐕 Dogwifauction: Owners of Achi, the beanie-wearing Shiba Inu who inspired the dogwifhat memecoin, is auctioning off the iconic photo on Ethereum. The move has upset some members of the dogwifhat community, as the token is based on the Solana blockchain, leading Achi's owners to make a public statement on Instagram to stop harassing them. The current bid is at 50 $ETH, as of time of writing. The auction ends on Monday.

Tweet of the Week

Our wallet is now better than ever!

Meme Time

A Matter of Opinion

The recent UK High Court ruling definitively debunking Craig Wright's claim to being Satoshi Nakamoto brings a sense of closure to a long-standing saga in the world of cryptocurrency. A saga that has been equal parts comedy and drama--and one that many of us are eager to finally close the book on.

For years, Wright has aggressively asserted his supposed identity as Bitcoin's creator, using legal means to intimidate and silence those who questioned his authenticity. Wright's attempts to claim the title of Satoshi Nakamoto weren't a matter of identity: he sought to leverage his alleged association with Bitcoin's creation to assert control over its sourcecode and intellectual property rights.

The ruling puts an end to Wright's years-long campaign of misinformation (which has been heavy with factual inconsistencies and alleged forgeries). As amusing as his antics could be at times, Wright posed a very real threat to Bitcoin developers and advocates who had been legally targeted by him in previous years. Now they can now operate without fear of unwarranted litigation or harassment. Thus the ruling reaffirms the principles of open-source development and collaborative innovation that underpin the cryptocurrency movement.

With Wright's claims definitively debunked, we as a community can continue to advance and evolve without the distraction of baseless assertions and legal battles, marking this occasion a moment of triumph for truth via proof of work.

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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.