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Summary of Past Week Articles August 12, 2022

Ethereum Developers Seeking Potential Merge Dates:

During a call on Thursday, Ethereum (ETH) developers discussed potential dates for the Merge – the significant and highly awaited event in which Ethereum transitions from the proof-of-work (PoW) consensus method to proof-of-stake (PoS) (PoS). 

The following dates are indicated in the material given on the call: September 15, 16, and 20. 

The developers will hold another conference call next week to discuss the tentative dates. But as they commented, they prefer not to have the Merge on the weekend, and some suggested avoiding Friday for the Merge.

What’s more, in the end, no specific date for the Merge has been set.

Meanwhile, the developers talked about the Goerli testnet Merge on Thursday. 

At 8:00 UTC on Friday, ETH was trading at USD 1,890, steady from the previous day and up 17% over the previous week.

A survey finds that 76% of Spaniards are aware of cryptocurrency:

According to a survey, 76% of Spaniards are aware of cryptocurrency, and nearly a third know how tokens are governed in the country.

The study was conducted in collaboration with the data compiler Análisis e Investigación and Spain’s market regulator, the National Securities Market Commission (CNMV).

Between May and June of this year, the organizations interviewed 1,500 people between the ages of 16 and 70 around the country as part of their research.

However, there was one unexpected outcome: 14% of investors were from the southern region of Andalusia, which has historically been Spain’s poorest region.

As per the poll, men were substantially more likely than women to know about cryptocurrency among non-investors, but the knowledge did not vary significantly across age groups. 

Almost a third of those polled said they first learned about coins from family and friends.

The Block Bitcoin Wallet team has revealed its plans and is seeking feedback:

Block, the payment startup founded by Twitter founder Jack Dorsey, revealed further details about its previously announced wallet, concentrating on ambitions to combine safety and simplicity of use/access to generate a more extensive and less ‘hesitant’ user base.

Just over a year ago, in July 2021, the company, then known as Square, announced its intention to develop a bitcoin (BTC) hardware wallet to make bitcoin custody more widespread.

Dorsey had previously disclosed that Square was exploring developing a hardware wallet for Bitcoin.

The team prepared a list of things they want to avoid to simplify wallet use and boost security. That includes unencrypted backup material (seed phrases), password memorization, and severe identification verification via providing comprehensive identity evidence.

As a result, among the goals the team has set for the wallet, they named: 

  • the option of enabling Social Recovery – selecting a set of personal contacts who can help recover from a situation, even if both the App and the Hardware are lost
  • setting limits for how much money can be moved using only the App while moving the rest would require approval from the Hardware
  • basic setup and no need to remember new phrases.

Finally, the team contends that a better, faster, and more reliable approach should be to notify users of specific occurrences and difficulties.

Tornado Cash Ban Creates Both Division and Unity in the Crypto Community:

The decision by the United States Treasury’s Office of Foreign Assets Control (OFAC) to effectively ban the Ethereum (ETH)-powered crypto mixing service Tornado Cash has upset the crypto community.

Tornado developer, Roman Semenov, posted on Twitter that his GitHub account had been suspended while also questioning the company whether or not coding is legal. 

However, the operator of the secure mobile bitcoin wallet company Samourai Wallet’s Twitter account responded by offering to let Semenov utilize the wallet’s services.

Meanwhile, tornado cash (TORN) was trading at USD 22 at 9:46 UTC, down 28% in a day and 13% in a week. Overall, it lost 8% in a month, 63% in a year, and 95% from its all-time peak in February 2021.

The decision to penalize TornadoCash, a decentralized system, calls into question the prudent and balanced approach to cryptocurrency. Circle, the creator of the USD currency (USDC) stablecoin, has blocked around USD 75,000 in tokens linked to Tornado, according to Dune data.

Over USD 36 million has been returned to Nomad Bridge’s Fund Recovery Address:

Over USD 36 million has been returned to the official money recovery address given by Nomad Bridge. The cross-chain communications protocol was robbed of USD 190 million in what many dubbed the first decentralized theft last week.

The recovery wallet presently holds crypto assets worth USD 36.4 million, according to Etherscan movements.

The Nomad team released the fund recovery wallet on August 3.

However, the team reportedly gained traction after announcing a 10% bounty, stating that anyone who returns at least 90% of stolen assets will be deemed white hat hackers, and Nomad will not pursue legal action against them.

The club stated in the same announcement that more than USD 20 million had been returned by that moment.

The team said on Monday that they had established the Nomad Official Communication Key to send on-chain communications to outstanding wallet addresses to reach out to more “white hat hackers” and recover more assets.

The Nomad Bridge was hacked earlier this month, as previously reported.

Before the exploit, the bridge had USD 190 million in total value locked (TVL). However, the money was drained in a matter of hours.

Buyers Retain CryptoPunk-Themed Tiffany NFTs Following Swift Sale:

NFTiffs, a series of 250 CryptoPunks-themed NFTs by American luxury jewelry shop Tiffany, has seen a drop in sales volume since buyers have not yet flocked to the secondary market.

According to NFT data aggregator CryptoSlam, the sales volume of NFTiffs has plummeted by 32% in the last 24 hours, to roughly USD 458,000.

Notably, NFTiffs is still the sixth most popular NFT collection on OpenSea in volume during the last day.

Meanwhile, the floor price of the collection, or the lowest price, has held up nicely.

According to NFT data tracker NFTGo, the collection’s floor price is currently ETH 28, up around 17% in the last 24 hours. As previously said, NFTiff is a collection of 250 bespoke NFTs designed to become a digital and physical pendant for CryptoPunk owners.

The collection was released on Friday and sold out in less than 20 minutes.

Each NFT sold for ETH 30, or around USD 52,000, producing approximately USD 13 million in revenue for the company.

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