Goldilocks' Comments and Global Economic News Wednesday AM 1-31-24
Goldilocks' Comments and Global Economic News Wednesday AM 1-31-24
Good Morning Dinar Recaps,
Protocol 20 Update:
In response to ecosystem feedback about a bug discovered last week in Stellar Core v20.1.0 that could have impacted applications using fee bumps to sponsor Soroban transactions, Stellar network validators postponed the Protocol 20 upgrade vote.
As soon as a new version of Stellar Core is available — which should be February 2 — we will once again encourage the ecosystem to upgrade relevant software — in this case, that’s limited to Stellar Core, Horizon, and RPC — and, if they choose, to arm validators for a February 20 upgrade vote.
Here’s the new timeline for the Protocol 20 rollout… Key dates:
February 2: Core 20.2 Release Candidate
February 6: Core 20.2 Stable Release and Testnet Reset + Upgrade
February 20: Target Vote on Protocol 20 Upgrade Vote + Phase 0
To ensure network performance and stability, smart contract functionality will be rolled out in phases. Initially, if and when validators approve the upgrade to Protocol 20, network resource limits will be too low to support production-level use. Validators will increase them based on feedback from network operators, then again based on feedback from smart contract developers, until finally, they are high enough to allow users to take full advantage of the new functionality.
Read about the decision (https://stellar.org/blog/developers/our-decision-to-disarm-validators-and-vote-to-postpone-the-protocol-20-upgrade) and get involved in the Discord (https://discord.com/channels/897514728459468821/1200432249594707998) and dev-mailing list (https://groups.google.com/g/stellar-dev/c/-IOCsnqLLwI/m/h1TAg8A5CQAJ?pli=1)channels to keep up with the conversations.
For more info, see the blog post (https://stellar.org/blog/developers/the-stellar-network-s-phased-rollout-of-smart-contracts-the-road-to-mainnet) detailing the phased rollout plan. Stellar Blog
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"OKX Ventures Announces Investment in bitSmiley, a Stablecoin Protocol in the Bitcoin Ecosystem"
Bitcoin is a store of value coin. On its own, it does not scale the new Quantum Financial System. This is why the BRC-20 protocol is necessary.
When a request is made for the use of a Bitcoin store of value, a fungible digital asset is created on the Bitcoin blockchain. Here, BITUSD coins are minted to fulfill transactions on the Bitcoin blockchain.
BitUSD coin is over collateralized due to the volatile nature of Bitcoin, and a person can buy lending insurance to cover the cost during the times of price volatility to keep their Bitcoin's price at a stable rate. This insurance keeps a situation from being necessary to liquidate a person's Bitcoin assets. Thus, this enables the use of Bitcoin as a stablecoin through BITUSD possible.
Bitcoin goes through bitSmiley, a company that provides comprehensive Bitcoin DeFi solutions for coins needing extra support in creating decentralized protocols on the new Web 3 application in financial functions for the QFS.
In other words, Bitcoin goes through the BRC-20 protocol to enable bitUSD to scale the Quantum Financial System as a stablecoin.
Ethereum has a similar setup. ERC-20 tokens are cryptocurrencies built on the Ethereum Blockchain. They are digital tokens representing shares in a company or virtual assets.
So, here we have it. We have a stablecoin interface that can scale the QFS through Bitcoin and a smart contract program through Ethereum that can process the transaction.
Spot Ethereum ETF is currently in review for adoption in May of 2024. Each of these spot ETFs have several companies underneath them that connect to these protocols allowing the operation of our new Digital Asset Based Trading System to function.
© Goldilocks
FintechFutures 1
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Investopedia 1
Techopedia
Investopedia 2
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Did you ever think that you would see the day when Bitcoin would be used as a stablecoin for payments? It's here.
© Goldilocks
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What Are Stablecoins? | Back to Basics | https://youtu.be/PWvAINFwkbk?feature=shared
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Look for a stablecoins to come into the forefront on the new QFS. Stablecoins give each country's currency a value as a virtual asset on the new digital economy.
Stablecoins are collateralized by gold and other assets to give them a stable value. This is how the Global Currency Reset is being done.
As we watch this process, you will notice how the next building phase of our digital economy is going to level the playing field inside a Global Currency Reset.
This phase of development on the QFS will take the digital economy and interface itself with the banking system through Basel 3 Capital requirements.
Things will begin to move much faster going forward as networks from around the world begin their process of connecting their Quantum Technologies together.
This is why Protocol 20 is so important to get right, and why, they're working on current bugs in the system. It is important that we keep in prayer the technological servants who are building this new Global Economic Network for us. Their groundbreaking discoveries and movements into the digital economy are literally efforts that are transforming the way we live.
© Goldilocks
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It is important to take time to express my deepest thanks to Freedom Fighter who listens to me go over what we talk about in this room each day.
He brings to you a voice and opportunity to interact with these concepts building the new Financial System in a way that is easier for you to understand.
And, I am very Lucky to have another friend who has been listening to me for some time since the beginning of putting this new Financial System together bore her with the details of its conception.
These reflective moments with my friends give me the opportunity to voice what I need to be heard, so you can get an understanding of where we are going.
Thank you my friends.
© Goldilocks
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Ethereum ETF Approval Expected in May, Standard Chartered Predicts | Bloomberg
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Transcript of January 2024 WEO Update Press Briefing | IMF
"So you put all of this together, and what we are seeing, and we are agreeing with that assessment, is central banks holding off on easing until maybe the second half of 2024. And then that's when we anticipate that the Federal Reserve, the European Central Bank, the Bank of England, and others might start easing. Including the South African Reserve Bank, by the way."
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Harvest Global Investment Shows Interest in HK Stablecoins, Spot BTC ETF: Reports | Coin Desk
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There may be one last chance to buy BTC at ‘bargain’ prices — Rekt Capital | Coin Telegraph
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Next Bitcoin Halving 2024 Date & Countdown [BTC Clock] | BuyBitcoinWorldwide
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Foreign Exchange Announcement:
"The United Arab Emirates' central bank marked a significant milestone by executing a $13.6 million cross-border digital dirham transfer to China via the mBridge central bank digital currency (CBDC) platform. Learn how this multinational collaborative effort is reshaping cross-border transactions."
mBridge (Multiple CBDC Bridge) is a multi-CBDC platform. It was developed to support real-time peer-to-peer, cross-border payments, and foreign exchange transactions using CBDCs.
This transfer of money from UAE to China took place on January 29th, 2024. It went through seamlessly and successfully digitally completing this transaction between two countries.
It was a significant amount of money being used in this transaction to test large transactions on the QFS.
The mBridge platform key has the ability to onboard multiple commercial banks from each in the network that is connected together. Coinnounce
© Goldilocks
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Asia’s Prospects for A Soft Landing Have Improved | IMF
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