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SEC TAKES STEPS TO APPEAL JUDGE TORRES’ RULING ON XRP

▪️The SEC is preparing to appeal Judge Torres' ruling on XRP.

▪️Experts share mixed views on the outcome of the potential appeal.

▪️XRP's price is trending upward, reflecting increased investor interest.

The U.S. Securities and Exchange Commission (SEC) is moving to appeal Judge Torres’ summary judgment on XRP in the Ripple case. Pro-XRP attorney John Deaton and other legal experts are assessing the likelihood of the SEC’s appeal and its potential ramifications.

Intent to Appeal by the SEC
Recently, the possibility of the SEC filing an appeal has increased. A former SEC attorney stated to Fox Business journalist Eleanor Terrett that the agency would likely challenge Judge Analisa Torres’ July 2023 ruling.

Legal Critiques and Expert Opinions
John Deaton, working pro bono for 75,000 XRP holders, noted that judges have criticized the SEC’s adherence to the law. He pointed out that under Gary Gensler’s leadership, the SEC might still pursue an appeal, which could waste taxpayer money.

“I don’t believe an appeals court will rule that Judge Torres erred in applying the third criterion. Judge Torres’ decision was based on very specific facts. The SEC did not rely on any expert testimony regarding XRP holders (which was ultimately excluded), but the judge did.”

Deaton added that even if the Second Circuit judges determined that Judge Torres erred in applying the third criterion, the case would return to her, where the SEC would likely lose again, as the district court would conclude that the SEC failed to establish a ‘joint venture.’

The Only Way to Win the Case
Fred Rispoli agreed with Deaton, stating that it would be very challenging for the SEC to alter Torres’ ruling. Rispoli expressed that the SEC’s chances of winning depend on the preferences of three randomly selected judges reviewing the case.

“If the SEC selects three SEC-friendly judges (rare but possible), it could win.”

Rispoli and other attorneys anticipate a last-minute appeal from the SEC. If the SEC does not appeal, it would be a significant victory for Ripple and the XRP community, allowing them to argue that all secondary sales do not constitute an investment contract.

There is a rising trend in XRP’s price, which has seen a 2% increase in the last 24 hours, currently trading at $0.602. The recorded low and high levels are $0.585 and $0.610, respectively. Additionally, trading volume has surged by 21% in the last day, indicating growing investor interest. XRP price analysis suggests a target price of $2.

These developments in the legal process could significantly impact the future of XRP in the cryptocurrency market and the SEC’s regulatory role. Investors and market observers are closely monitoring how court decisions and potential appeals might affect the value of cryptocurrency assets.

@ Newshounds News™

Source:  CoinTurk

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CARDANO TURNS 7: A LOOK BACK AT KEY MILESTONES AND THE ROAD AHEAD

On Friday, the Cardano blockchain marked its seventh anniversary, solidifying its position as one of the most recognized protocols in the cryptocurrency market. Currently, Cardano’s native token, ADA, ranks eleventh among cryptocurrencies, boasting a market capitalization of approximately $14 billion.

Input Output Global (IOG), the development company behind Cardano, celebrated this milestone on social media, highlighting significant achievements since its inception by co-founder Charles Hoskinson, who also played a key role in the creation of the Ethereum blockchain.

Cardano’s Architectural Evolution Over Seven Years
In a commemorative video, IOG shared notable statistics reflecting Cardano’s growth and development. The blockchain has facilitated over 95 million transactions, showcasing its usage and adoption through the years.

Additionally, more than 74,000 Plutus scripts have been executed, which are essential for the effective deployment of smart contracts on the platform.

Cardano has also witnessed significant community engagement, with the creation of 1.3 million delegated wallets and the publication of 226 research papers. Furthermore, approximately 1,373 projects have been launched on the blockchain, also showcasing the community usage.

The Catalyst funding program, which has undergone 12 funding rounds, has played a crucial role in advancing the Cardano ecosystem. This initiative has supported over 1,800 funded ideas, fostering upgrades and further developments within the protocol.

However, the last seven years have also seen significant transformations in Cardano’s architecture. The transition from the Shelley era to the Alonzo hard fork marked a pivotal shift.

Moves Toward Decentralized Decision-Making
The Shelley era, which began in 2020, focused on decentralization and enhancing network security through the introduction of the Ouroboros upgrades. These upgrades improved stake pool operations and ADA delegation, encouraging staking rewards for users.

The Alonzo hard fork, implemented in 2021, enabled smart contract functionalities on Cardano, significantly increasing the block size and enhancing script memory unit parameters. This advancement allowed developers to create decentralized applications (dApps) that leverage Cardano’s capabilities.

Further enhancements came with the Vasil and Chang upgrades, the latter being the first hard fork of the Voltaire era, the protocol’s final era. The Vasil upgrade, released in 2022, introduced new features, including Plutus script upgrades to reduce transaction costs and the implementation of diffusion pipelining for faster block propagation.

The recent Chang upgrade is being rolled out in two phases, introducing on-chain governance to the network. The first phase, which implements governance features through CIP-1694, sets the foundation for decentralized voting and governance actions.

The second phase will introduce additional governance functionalities, including delegated representative participation and treasury withdrawals, further empowering the community.

Next Steps In The Voltaire Era
Looking ahead, the second part of the Voltaire era will replace the initial genesis keys, which have been key in managing the network since its inception, with ongoing support from stake pool operators (SPOs) and increased involvement from delegated representatives (DReps) and the Constitutional Committee (CC).

The next steps toward achieving decentralized governance involve ensuring that stake pool nodes meet the required thresholds for operation and that decentralized applications (DApps) are nearing completion.

The final transition to the Voltaire era will occur with the last use of the Genesis keys, which will trigger a hard fork and cement Cardano’s status as a self-sustaining blockchain. However, further announcements of subsequent upgrades and their respective dates remain undisclosed.

@ Newshounds News™

Source:  Bitcoinist

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7 CONFUSING CRYPTO TERMS (ALMOST) NOBODY UNDERSTANDS

The crypto world is full of technical terms, some of which are so difficult that almost no one understands them.

Getting to grips with cryptocurrency isn’t easy. Even after you’ve got your head around Bitcoin and Ethereum and the difference between proof-of-work and proof-of-stake, there’s still a whole new world of terminology to learn and understand.

But even among fairly hardened cryptonians, there are still terms that are difficult to understand. Here are the seven terms that almost nobody in blockchain understands as fully or as deeply as they’d like.

Blobs
In the 1958 movie starring Steve McQueen, and its 1988 remake, The Blob is an amoeba-like jello monster that terrorizes the inhabitants of a small town, growing larger and redder as it consumes them.

In crypto, most especially Ethereum, blobs (Binary Large Objects) are substantial chunks of data not required by Ethereum’s electronic virtual machine (EVM). Blob data is held onchain for around 20-90 days and then deleted.

The result is a more cost-effective and scalable blockchain. As part of Ethereum’s Dencum update, blobs are often discussed in parallel to the next term on this list.

Blobs may also refer to chunks of data held on decentralized storage systems such as IPFS or Filecoin. These blobs are encrypted and stored across multiple nodes.

Finally, blobs can also refer to transaction blobs on Monero, which is the binary data of a transaction before it is broadcast to the network. Being that Monero is a privacy chain these blobs are structured in a way to maintain anonymity.

And that’s a whole lot of blobs.

Rollups
Rollups are a way of processing transactions on layer-2 protocols, freeing up valuable space on the base layer. A rollup folds transaction upon transaction on the layer-2 level, sometimes dozens of times over, then rolls them together before sending the data back to layer-1.

There are two main types of rollups, optimistic and zero-knowledge (ZK) proofs.

Optimistic rollups is a fairly clear term. It means the rollup operates on an “optimistic” approach, assuming a transaction is valid unless proven wrong by a validator. They only check the validity of a transaction if there’s a dispute.

ZK rollups prove a transaction without revealing any of the transaction data. Hence, “zero-knowledge.”

ZK-rollups offer instant finality because the cryptographic proof guarantees the data is valid.

In many ways a rollup is to your standard blockchain transaction what a Calzone is to a regular pizza slice. By rolling it over, you can fit more in.

Byzantine Fault Tolerance
It’s one of the classic blockchain terms and a key feature of the technology, but for most people, it’s something they spend absolutely no time thinking about.

The Byzantine Generals problem was a theoretical exercise that describes the difficulty of decentralized parties arriving at a consensus without a trusted centralized entity. Namely, it grappled with the possibility for bad actors to produce false information to produce a poor outcome in a given scenario.

Specifically, generals with no direct communication must attack Byzantium simultaneously to be victorious. If one of the generals retreats, or signals they will attack but then retreats, the battle will be a rout; worse than a coordinated retreat between all generals.

Satoshi Nakamoto solved the Byzantine Generals problem for Bitcoin by using a proof-of-work consensus mechanism. The significant amount of time and effort in creating a block is costly for the creator, thus giving them the incentive to produce accurate information.

A Byzantine fault is an error in a decentralized computing system that would show a different error or result to different actors, as in the Byzantine Generals problem.

Therefore, Byzantine fault tolerance is the resilience of that computing system to producing such a fault.

We hope this wasn't too Byzantine an explanation.
Proto-danksharding
Sharding is a means of partitioning a ledger into smaller pieces called shards.

But proto-danksharding is one of the most opaque terms to enter the lexicon of the crypto world. The term just isn’t particularly instructive. Is proto short for prototype? Is this the same dank of your favorite meme folder? Both may be fairly reasonable assumptions, but both are wrong.

First proposed by Protolambda and Dankrad Feist, the creators who lent their names to the idea, proto-danksharding is a transaction type that accepts the aforementioned blobs. The blob-utilizing solution is designed to overcome Ethereum’s longstanding issues with high gas fees and low transaction throughput.

The blobs are used by layer-2 rollups to bundle transactions and submit them to the Ethereum base layer without overwhelming it.

But if proto-danksharding seems like a confusing and mysterious turn of phrase, you can instead choose to use the far more instructive name for the process; EIP-4844.

On second thoughts, the term proto-danksharding isn’t all that bad.

DVT — Distributed validator technology
Most people in cryptocurrency are already familiar with the validators that approve transactions in proof-of-stake consensus models.

DVT takes that concept and decentralizes the process across multiple validators. As described by Lido, DVT “functions as a system that operates similarly to a multisignature (multisig) setup for running a validator.”

This they call “simple DVT” though what’s simple about it remains a mystery.

Ultimately, DVT utilizes multiple operators instead of depending on a single operator, enhancing resilience and mitigating single points of failure.

Dynamic resharding
Dynamic resharding is not your grandmother’s old shards. Dynamic resharding is a relatively new term that Near Protocol’s marketing team has dubbed “the holy grail of sharding,” but it also creates a new lexicon that isn’t immediately understandable.

Building upon the concept of blockchain shards, resharding occurs when the network adjusts the number of shards depending on the load.

An overloaded shard can become two shards, while two underutilized shards can become one.

Nonce
Nonce is one of those terms most people come across during their early days of cryptocurrency discovery and then completely forget about, like the individual names of a large group of people you’ve just met at a party.

In the Bitcoin blockchain, the nonce is the number used in the block header, which is then cryptographically hashed. It is the number guessed through trial and error to decide which miner produces the next blockchain.

Nonce generation makes the mining process more fair and transparent. It takes lots of computation power and energy to do and in some cases, miners may have to adjust the nonce multiple times before solving a block.

@ Newshounds News™

Source:   CoinTelegraph

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China pressed to speed up crypto policy as US takes Bitcoin ETF lead

▪️Former Finance Minister urges China to rethink crypto policy.

▪️China's allowance of Hong Kong ETF investments signals cautious steps toward crypto.

At a 2024 economic forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policies.

He acknowledged the risks but stressed the importance of staying updated on global shifts, stating, “We must fully recognise its risks and the harm it poses to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect of digital economy development.”

Zhu noted that the US has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.

He even quoted former President Donald Trump, who has been advocating for embracing crypto to prevent China from taking the lead in the sector.

Trump’s opponent, Kamala Harris, has also recently adopted a stance on clear-cut and progressive crypto regulations.

This call for a policy shift echoes comments from Tron founder Justin Sun, who urged China to reconsider its stance on crypto following Trump’s endorsement of Bitcoin.

Sun tweeted in July, “China also needs to step up... US policies have warmed. China should make further progress.”

While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.

Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.

@ Newshounds News™

Source: DI News  

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🌍 Old System Plows to New QFS Drones Planting Good Seeds.  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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