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- Worldcoin launches in Singapore following India pause 🇮🇳🇸🇬
Worldcoin launches in Singapore following India pause 🇮🇳🇸🇬
PLUS: Chinese Web3 VC to launch $10B accelerator fund. Vitalik Buterin Wants to Modify Ethereum's Proof-of-Stake Model.
Manan Vora
December 28, 2023
Snapshot Web3
December 28, 2023
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Regulatory and Legal News
Hong Kong plans to regulate fiat-referenced stablecoins (FRS) and requires issuers to obtain a local license from the Hong Kong Monetary Authority (HKMA). The criteria include backing stablecoins with reserves equal to their par value, asset segregation, disclosure, and regular reporting. Algorithmic stablecoins are not eligible. Issuers must establish a registered office in Hong Kong. The move aims to manage risks and promote Hong Kong as a global Web3 hub. The consultation period ends on Feb. 29, 2024.
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Innovation and Launches
Worldcoin has introduced identity verification services in Singapore after temporarily halting operations in India. The project, known for its iris-scanning orbs, has expanded its services to residents in Singapore while facing regulatory challenges in certain jurisdictions like Kenya. Worldcoin's verification project, initiated in 2021 and officially launched in July 2023, has attracted over five million users, constituting about 0.06% of the global population. The founder of Worldcoin and CEO of OpenAI, Sam Altman, faced a brief removal from his position in November, resulting in protests and subsequent reinstatement.
Taproot Wizards, an art collection using Bitcoin Ordinals, has released a script allowing users to reject Ordinals inscriptions on the Bitcoin network. The move, presented as a solution for critics of Ordinals, was made by Taproot Wizards' CTO, Rijndael. However, industry experts, such as Glassnode's lead analyst James Check, believe the software is unlikely to gain traction, considering it a demonstration of ongoing governance debates within the Bitcoin community. The Ordinals controversy started when Bitcoin mining firm OCEAN rejected Ordinals transactions, citing concerns about security risks and increased mempool congestion. The debate continues amid discussions of potential benefits and drawbacks.
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NFT, Gaming and Metaverse
The evolution of the metaverse is currently being driven more by Web2 games like Fortnite and potentially upcoming titles such as Grand Theft Auto 6 (GTA 6) than by Web3 projects, according to an opinion piece. Fortnite's ability to create interoperability between different brands through commercial agreements is cited as a key example. The article suggests that Web2 games are serving as a bridge, helping users gradually move toward understanding and adopting concepts of the open metaverse. The potential inclusion of a cryptocurrency-based economy in GTA 6 is highlighted as a significant step in validating the idea of a Web3-based metaverse, expected to gain traction by 2025.
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Funding and Acquisitions
Chinese venture capital firm GBA Capital has announced a $10 billion Web3 fund during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference. The GBA Capital Web3 Fund will focus on investing in startups in areas such as virtual reality, the metaverse, and nonfungible tokens, aiming to transform the Guangdong-Hong Kong-Macao economic area into the world's "meta-asset capital." The fund is backed by China's state-owned National Engineering Laboratory, and GBA Capital plans to conduct meta-asset global tours in various locations to enhance visibility. The firm, established by China Europe International Financial Group, focuses on digital economy investment and incubation.
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Interesting Reads
In 2023, Tether (USDT) demonstrated resilience in the bear market, with its market capitalization growing by 37% to $91 billion. USDT maintained its $1 value, outperforming other stablecoins like USD Coin (USDC) and DAI. The exchange supply ratio of USDT increased, indicating strong buying pressure, and Tron (TRX) emerged as the primary host for USDT, followed by Ethereum (ETH). Tether CEO Paulo Ardoino revealed a 4 billion increase in excess reserves, contributing to the stability of the ecosystem. Tether also invested in various projects, including Tether Energy's advancements in the Bitcoin mining industry with significant investments in emerging market sites.
Ethereum creator Vitalik Buterin has proposed modifying Ethereum's proof-of-stake model to address the network's high validator count and reduce technical complexity. Currently, Ethereum has around 895,000 validators, contributing to decentralization but straining the network. Buterin suggests sticking to 8,192 signatures per slot (down from the current 28,000) to simplify the system. He presents three approaches to tackle the issue, including an emphasis on decentralized staking pools, creating two layers of stakers with different deposit sizes, and rotating communities for increased security. The community will need to decide which approach to adopt.
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Resource of the Day
The top security browser extensions in the crypto space, based on Similarweb data, include AegisWeb3, Pocket Universe, Wallet Guard, Revoke.cash, Fire, Web3 Antivirus, and BlowFish. These extensions aim to enhance transaction safety by providing detailed insights into transactions and overall wallet security. They analyze transactions, offer connection analysis, and perform general wallet health checks. Some notable features include phishing site detection, access revoke, smart contract examination, transaction simulation, and more. It's important to note that while these extensions aim to protect users, they can also be potential vectors for attacks, so users are advised to conduct thorough research and understand the permissions granted to these extensions.
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Miscellaneous
The Ordinals.com website has continued to suffer connection issues due to a distributed denial of service (DDoS).
Developer REKTBuilder claims to have discovered a “genuine device check” that transmits data about users’ wallet usage, including which apps they install.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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