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Summary of Past Week Articles April 22, 2022

Vitalik Buterin claims that his influence over Ethereum is dwindling and that it is more difficult to make things happen:

Vitalik Buterin, the co-founder of Ethereum (ETH), argues his power over Ethereum “continues to dwindle” and has less influence now than he did six months ago. 

He went on to say that there are many people in the Ethereum community who he has to persuade to push on a particular path.

Buterin also noted in the interview that implementing significant modifications to the Ethereum protocol is becoming more difficult due to many stakeholders who have a role in the decision-making process.

The Ethereum co-founder explained that he feels like the window of essential things is closing on him. 

Protocol choices nowadays, according to Buterin, tend to be done through a bi-weekly meeting known as the “all-core devs call,” where everyone must agree on a proposal to move ahead. 

He went on to say that the process of making things happen on Ethereum is “certainly more vetocratic” than it was years ago when he could get a modification accepted, and it would get incorporated rapidly.

Coinbase NFT Marketplace Goes Live in Beta, with Plans to Expand Beyond Ethereum:

Coinbase NFT, a new non-fungible token marketplace, was launched in beta on Wednesday by crypto exchange Coinbase.

The exchange also stated that it intends to decentralize this marketplace by shifting features from Coinbase infrastructure to decentralized solutions and introducing support for NFTs on blockchains other than Ethereum.

Meanwhile, beta testers will create a Coinbase NFT profile and begin buying and selling NFTs, according to the company’s blog post.

The new marketplace mixes various social networking characteristics into the trading experience, intending to make it intuitive and straightforward for everyone to use.

According to Coinbase, the platform allows users to create a personal profile and follow the accounts of others, much like social networking platforms such as Instagram.

Coinbase stated that the company would add more functionality in weeks and months. For example, support for NFT drops, minting, token-gated communities, and the ability to buy NFTs directly with a credit card or a Coinbase account are all in the works.

The beta launch on Wednesday is the company’s latest stride into the world of digital art, a process that began last October when more than 1 million users joined up on a queue to join the platform in a single day.

With De-AMP, the privacy-focused Brave Browser aims to ‘cut out’ Google:

Brave, the popular crypto-native browser, has improved user privacy by unveiling the “De-AMP” feature, which will “cut out” Google and allow users to directly surf publishers’ websites.

Brave believes this feature is required because Google’s AMP is detrimental to privacy, security, and internet experience.

The browser also contends that AMP contributes to Google’s monopoly and control over the Web’s direction.

The core promise of AMP is to provide users with a cleaner and faster mobile experience.

Google serves pages from its servers to do this.

Many, however, contend that AMP does not even increase performance.

There has also been some discussion about Google forcing publishers to utilize AMP.

The discussion has even resulted in a new antitrust action against Google.

These two steps are included in the IMF’s DeFi Governance Recommendations:

The International Monetary Fund (IMF) has proposed regulations for the decentralized finance (DeFi) industry. According to the report’s authors, “as a first step,” legislation should focus on certain parts of the crypto ecosystem that have permitted the rise of DeFi. Particularly Stablecoin issuers, centralized crypto exchanges, and hosted wallet service providers.

The organization proposed increasing transparency and user education to identify platform-specific hazards, which it claimed would bridge the information gap between retail and institutional investors. 

Japan has a large self-regulated centralized crypto exchange sector. Following that, the IMF proposed that similar to traditional securities markets, self-regulatory bodies for centralized crypto exchanges would result in definite listing rules for DeFi platforms, improving governance and quality.

The authors acknowledged that regulating in DeFi would likely be difficult, as policing the centralized crypto industry has proven “difficult” thus far.

The authors of the IMF report claim that DeFi has the potential to demonstrate cost-effective financial intermediation. However, they must bypass and short-circuit the intermediation chain to do so.

After a user lost $650K, MetaMask issues a warning against phishing attacks via iCloud:

MetaMask, a popular software crypto wallet, has issued a warning regarding potential phishing attacks via Apple’s cloud service, iCloud.

The warning comes after scammers stole $650,000 in cryptocurrency using this attack vector.

If the backup option is enabled, MetaMask vaults, including encrypted passwords known as seed phrases, are transferred to iCloud.

Scammers utilized this attack vector to siphon cash from a user’s MetaMask wallet, prompting the alert.

They claimed suspicious activity on the victim’s Apple ID and requested a one-time verification code to establish the account’s ownership.

The crooks hung up after receiving the 6-digit verification code, and The MetaMask wallet was erased, with over $650,000 stolen. Serpent adds that this was possible since the user preserved the seed phrase on iCloud.

The user lost ETH 132.86 ($387,500) and USDT 252,400, which is now valued around $639,900.

Meanwhile, some users accused MetaMask of storing the seed phrase on iCloud and demanded a speedy correction.

As New Challenges Emerge, the Crypto Community Applauds Musk’s Twitter Bid:

Twitter’s board of directors is developing a “poison pill” defensive strategy to prevent a hostile takeover in response to Tesla CEO Elon Musk’s quest to buy all of the company’s shares.

A shareholder rights plan, which would allow existing owners to buy more shares at a discount, is one alternative being discussed by the board to prevent Elon Musk from buying Twitter.

However, there is a rumor that private equity firm Thoma Bravo is also mulling a bid for Twitter, according to the New York Post.

“They’re making a push,” a source said of the investment group, which already owns IT security business McAfee and software firm Landesk.

As stated by one of the individuals, Thoma Bravo might potentially come to Twitter’s aid as a “white knight” while the company and its CEO, Parag Argawal, seek ways to avert a takeover by Musk. Hence, Twitter may become a “payments business.”

In a conversation with CNBC on Thursday, Jack Mallers, CEO of the Bitcoin payments app Strike, said he supports the planned takeover. However, he adds that the only reason for declining the offer might be an earnest desire to censor.

Others, including Jackson Palmer, co-creator of Musk’s favorite cryptocurrency Dogecoin, have opposed Musk’s takeover effort.

Finally, according to Sam Bankman-Fried, CEO of the crypto exchange FTX, a decentralized version of the social network could be an alternative solution to the issue of how much moderation is required on social media.

Following yesterday’s proposal, Twitter shares dipped 1.7% on Thursday.

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