Last Week in Review: Financial controls under the spotlight, and Twitter users flock to decentralised social media
The highlights from last week’s headline grabbers. All the important news, numbers and events from the crypto industry in easy-to-read, digestible news bites.
News from the block
Chapter 11 expert condemns lack of corporate controls
- John Ray III, the person in charge of FTX while bankruptcy proceedings take their course, said the extent of mismanagement at FTX was “unprecedented”.
- “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he stated in a court filing.
- At Luno, our customers’ crypto is also safely stored in your name on a 1:1 basis. View our quarterly proof-of-reserves and read how Luno’s transparent and long-term approach serves our customers.
- Luno has always put regulation first in its approach to crypto. We continue to focus heavily on being the most licensed and compliant crypto platforms globally, because we believe that is the best way to keep our customers safe.
Cardano entity to launch stablecoin on the Cardano blockchain next year
- Emurgo, a founding entity of the Cardano blockchain, announced its plans to launch a USD-pegged stablecoin, called USDA, next year.
- “The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realising the future for our community,” Emurgo Fintech Managing Director, Vineeth Bhuvanagiri, told Coindesk.
- Whereas the value of other types of cryptocurrencies is decided by how many investors are buying or selling at a given time, a stablecoin is generally linked to the price of a reserve currency such as the US Dollar.
The company behind USDC stablecoin integrates Apple Pay
- Circle has integrated Apple Pay with USDC.
- The company sees this integration bringing traditional retail and cryptocurrency closer together.
- “Traditional businesses can also take advantage of this enhancement to shift more retail payments to digital currency and experience the benefits of USDC settlement,” according to a press release by the company.
Is this the age of decentralised social media?
- Mastodon, a decentralised version of Twitter, has seen its user count skyrocket in the weeks following the shakeup over at Twitter HQ.
- The decentralised social media platform saw roughly 322,000 new downloads from the app store in the 12 days following Twitter’s acquisition, more than 100 times the number recorded in the previous 12 days.
- Mastodon isn’t run by a for-profit company, which means a few key things for the platform, one being that its feeds aren’t driven by algorithms that seek to maximise user engagement.
What is proof-of-reserves and why does Luno issue these reports every quarter? Read how Luno’s transparent and long-term approach serves our customers 👉 HERE.
Crunching the numbers
763,919 – The number of blocks on the Bitcoin blockchain at the time of writing.
2,000 – The number of transactions, give or take, fitting into one block on the Bitcoin blockchain. Each block can store up to 1MB of information.
932,105 ETH – The amount of Ether (ETH), Ethereum’s cryptocurrency, transacted on the network in the last 24 hours (at the time of writing), equating to about $1.05 billion.
$705,361,265 -The volume of transactions, in Dollar terms, processed on the Uniswap blockchain on 14 November.
The crypto time capsule
Nothing to see here.
What is a satoshi and who decided its value?
A satoshi is the smallest unit that Bitcoin can be broken into: 1 satoshi is equal to 0.00000001 Bitcoin. In other words, 100 million satoshis make 1 Bitcoin. The name of the unit is a nod to Bitcoin’s anonymous founder(s) Satoshi Nakamoto, but it only caught on in 2011, after first being mentioned on a public forum for blockchain enthusiasts in late 2010.
Worth a watch
Watch as podcaster extraordinaire Lex Fridman talks all things Bitcoin with the fiery Michael Saylor, one of the most vocal proponents and largest holders of Bitcoin out there 👉 HERE.