Bitfinity Weekly: ZK-Proof on Bitcoin?

Bitfinity Weekly: ZK-Proof on Bitcoin?

Welcome to Issue #101 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

😊 Have Fun: has dominated the Solana ecosystem since its launch just a few weeks ago. Since then, the memecoin launchpad has generated over $5m in fees and is on track to make $66m in revenue this year. combines a message board format with the ability to immediately deploy fair launch, "unruggable" contracts, though its volume has been tempered by both Solana's slow tx speed and recent price dip.

⚠️ All for the 'Gram: Major blockchain security firm Certik has issued a warning about an RCE vulnerability for Telegram clients, which could mean security compromises for unwitting users. Certik has said that the vulnerability can be avoided by disabling auto downloads of media files, and practicing good link-clicking hygiene. However, Telegram has denied the existence of such vulnerabilites.

🧑‍⚖️ I Fought the Law: Steven Nerayoff, a controversial figure from the early Ethereum days, is suing the U.S. government for $9.6b for damages he incurred following extortion charges that were eventually dropped by the government in 2023. Nerayoff claims that agents harassed, intimidated, and even falsified evidence to push their investigation. Nerayoff is infamous for accusing Vitalik Buterin and others at the Ethereum Foundation of serious financial crimes such as pushing fraudulent ICOs.

📝 Do the Shuffle: Disgraced Terraform Labs founder Do Kwon is facing extradition uncertainy again as the Montenegro Supreme Court overturned the initial decision to extradite him to South Korea. Kwon, who was recently found guilty in a U.S. civil case relating to fraud and other financial crimes, has been awaiting a decision since his arrest in Montenegro last March. Kwon has been in extradition limbo as both the U.S. and his native country of Korea are laying claims for extradition.

This Week in our Blog

The potential integration of Zero Knowledge Rollups (ZK-rollups) could be a major step into bringing the security of ZK-proofs to Bitcoin. We take a closer look at what this means in our latest deep dive:

ZK-Proofs on Bitcoin, Brought to You by Bitfinity: Because Bitcoin Loves a Good Secret
Unlock the secrets of Zero-Knowledge Proofs and their transformative potential in Bitcoin and the broader cryptocurrency landscape. Dive into our in-depth analysis and discover how privacy, scalability, and security are being redefined.

NFT Market Bytes

🧵 Pulling the Strings: Investor Cathie Wood's ARK Invest is the unwitting owner of a Bitcoin Puppet. The amusing fact was discovered by Arkham Intelligence, who investigated the string of transactions that led to the accident. The Puppet was sent as a transaction fee when the original owner minted a Quantum Cat, a project launched by Bitcoin Wizards. The Quantum Cat website did not make a distinction between regular sats and inscribed sats, which resulted in the valuable inscription being spent.

🎮 Hardware Issues: Playtron is developing a portable gaming device in collaboration with Mysten Labs, specifically designed to cater to both traditional and blockchain games. The SuiPlay0x1 gaming console features a built-in integration with the Sui blockchain, which allows users to link their Sui assets and access them via the handheld device.

👛 Wallet is Safu: MetaMask has partnered with transaction API provider Daylight to enable a safer, easier user wallet experience. MetaMask users can now check for NFT airdrop eligibility directly through the wallet interface, as well as the ability to discover trending mints within the wallet. Users across major blockchain networks (such as Ethereum, Optimism, Base, and Arbitrum) can check directly in MetaMask.

Tweet of the Week

Meme Time

A Matter of Opinion

We are once again seeing high volatility in the crypto markets. Those of you who have stuck it out "in the trenches" over the course of the past few years may be used to this rollercoaster ride by now. However, for many newcomers to the space, the recent fluctuations can be unsettling and confusing. Cryptocurrency has always been a realm of higher risk than traditional finance, plus its regulatory uncertainy means inherent volatility. Prices and soar to dizzying heights one day and plummet overnight, driven by a myriad of factors, both seen and unseen.

The recent market action can be attributed to a variety of factors. Regulatory crackdowns has certain put a damper on those hoping for a raging bull run; this week's news about Uniswap being under investigation by the U.S. government certainly has sparked concern in the crypto community. The conflict in Israel and Iran has also translated into market uncertainty, as some fear the escalation of a messy international war.

However, amidst the chaos, it's important to remember the fundamentals. Blockchain technology, the backbone of cryptocurrencies, continues to disrupt industries and revolutionize the way we transact and interact with each other. Beyond just digital currencies, blockchain has applications in supply chain management, healthcare, voting systems, and more. The potential for blockchain to streamline processes, reduce costs, and increase transparency is immense.

For investors, it's crucial to maintain a long-term perspective. While short-term price fluctuations can be nerve-wracking, it's essential to zoom out and focus on the bigger picture. History has shown that the crypto market is resilient, bouncing back from downturns time and time again.

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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.