S&P Global Ratings creates a new stablecoin rating system
The American corporation has developed a particular scale for determining the reliability of a cryptocurrency. According to the new system, stablecoins will be rated from 1 (very strong) to 5 (weakest). The analysis of the cryptocurrency is based on a detailed study of the quality of assets, their market value, and requirements for over-collateralization and liquidation features.
A detailed analysis and assessment of the cryptocurrency allow for understanding the capabilities of each stablecoin to maintain a peg to fiat currency. The first to be assessed were several key stablecoins, including DAI, FDUSD, FRAX, GUSD, USDP, and USDC. Gemini Dollar, or GUSD, holds the strongest position, receiving a rating of 2.
S&P Global Ratings CEO Chuck Mounts emphasized the importance of creating a new stablecoin rating system. This is primarily due to the growing demand for digital assets and the active integration of stablecoins into financial systems.
Disney announces the launch of the NFT platform
The American media corporation, in collaboration with blockchain-focused company Dapper Labs, has created its own NFT platform, Disney Pinnacle.
The new platform on the Flow blockchain will allow fans to buy and trade digital tokens featuring Disney, Pixar, and Star Wars characters. Disney Pinnacle will also feature a special line of tokens related to the 100th anniversary of the animation studio.
"Disney Pinnacle is an entirely new product, developed from scratch and combining everything we have learned over the past few years," says Roham Gharegozlou, CEO of Dapper Labs. The platform is expected to be launched by the end of 2023 and is primarily designed for mobile devices.
China develops blockchain-based identity verification technology
In collaboration with the Ministry of Public Security, China's National Blockchain Service Network (BSN) is creating a new platform called RealDID. It is designed to verify and authenticate names and other personal user data, as well as their protection.
The blockchain-based application will allow citizens of the country to register on internet portals and undergo anonymous authorization using DID addresses. This will preserve the confidentiality of their data and transactions.
It is known that previously, China's most popular social networks required influencers and bloggers to disclose their real names. Moreover, each user had to provide this information during registration.
Therefore, the creators of the RealDID project consider enhancing user privacy and providing a secure alternative to blockchain infrastructure as its goals. However, it is not yet known exactly when the new platform will be available to the Chinese population.
Hitachi and the Concordium Foundation are developing a biometric cryptocurrency wallet
In collaboration with the blockchain startup Concordium Foundation, the Japanese corporation has announced the creation of a next-generation cryptocurrency wallet. The key feature of the device is biometric user authentication. In other words, this project will allow the creation and recovery of accounts using a simple fingerprint or facial scan.
The wallet owner no longer needs to memorize a seed phrase composed of randomly selected words. When creating their own address, it is sufficient to scan a fingerprint or take a facial photo, and the smart cryptocurrency wallet takes care of the rest. Users can also reimport accounts and unlock their wallets by undergoing biometric scanning for the second time. This process utilizes the Hitachi Public Biometrics Infrastructure (PBI) and the Concordium Network platform.
Consequently, unauthorized access to a user's account is prevented unless the perpetrator has the user's fingerprint. Also, most cryptocurrency wallets require users to keep the original words of the seed phrase as a backup in case of device failure. If users lose this information, access to their account and all funds stored in the cryptocurrency wallet will be lost. Hitachi and Concordium's biometric wallets offer a solution to this problem.
Sam Altman has returned to OpenAI as CEO
Sam Altman officially announced his return to OpenAI as CEO.
Earlier, on November 17, the board of directors of the research organization OpenAI, known for developing ChatGPT, dismissed co-founder Sam Altman. This decision was made after an internal investigation revealed that Altman "was not always candid in his communication with the board," which "interfered with his ability to fulfill his duties." After Altman's dismissal, Miriam Murati, the technical director, assumed the position of CEO.
Additionally, Greg Brockman was relieved of his position as chairman of the board of directors. Three more employees — researchers Jakub Pachocki, Alexander Madry, and Shimon Sidor — also resigned.
A few days later, on November 22, the company announced Sam Altman's return as CEO. Employees and investors of the startup insisted upon this decision. It was also revealed that a new temporary board of directors had been formed, including Larry Summers, Adam D'Angelo, and Bret Taylor.
"I can't wait to return and continue working on strengthening the partnership with Microsoft — now with the new board of directors and the support of Satya Nadella," Altman said. Greg Brockman also returned to the company.
The volume of hacking attacks has decreased by more than 50%
Research conducted by the blockchain analytics company TRM Labs has shown a significant decline in hacking attacks in 2023. For example, in the first quarter of this year, the volume of crypto hacks decreased by 70% compared to the same period last year. The overall value of stolen funds also decreased to $1.7 billion. All of this demonstrates the importance and effectiveness of the security measures being taken.
"As of today, victims of hacks have recovered more than half of all funds stolen in the first quarter of 2023," clarified TRM Labs analysts. "For example, in March 2023, a hacker exploited a vulnerability in Tender.fi's code, allowing the perpetrator to steal over $1.5 million. Later, the hacker contacted the leadership of the Tender.fi project and agreed to return the funds in exchange for a reward of 62.15 ether, amounting to $850,000."
According to TRM Labs, more than $3.7 billion was lost last year due to various attacks, hacks, and fraud. It is known that 2022 is considered the worst year in the history of the crypto market precisely because of the increasing fraud cases. Previously, in 2021, wrongdoers illegally earned over $3.2 billion. However, in 2023, there is an active decline in the number of cryptocurrency hacks. Researchers at TRM Labs attribute this to the improvement of cybersecurity mechanisms and the tightening of laws.
Worldcoin has launched support for Minecraft and Telegram
Sam Altman's Worldcoin system has released an update, incorporating integration with significant services and introducing a new multi-level verification system.
In the new version, World ID 2.0 developers have added compatibility with the Minecraft game, the Telegram messenger, the Reddit forum, the Shopify online store, and the Mercado Libre trading platform. Previously, the platform could connect to applications such as Discord, Talent Protocol, and Okta's Auth0.
It is also known that World ID 2.0 "facilitates the recognition of bots and verified individuals on the internet while maintaining privacy in popular applications and services."
Thanks to the update's release, the WLD token rose by 10% in just one day, from $2.3 to $2.56, with a market capitalization of $312 million.
The forecast predicts an increase in the price of Bitcoin to $80,000 next year
According to research conducted by the American cryptocurrency asset management company Bitwise, the price of Bitcoin will exceed $80,000 in 2024. This will be a historical maximum if the researchers' forecasts are correct.
They highly evaluate spot Bitcoin ETFs, the potential of the cryptocurrency exchange Coinbase, and the opportunities for stablecoins. Researchers believe that next year, the exchange's revenue will double due to a bull market rally in the cryptocurrency market, and the number of transactions in digital assets with a stable value will reach $10 trillion.
In turn, the investment company VanEck stated that Bitcoin will reach $100,000 if Donald Trump becomes the President of the United States again. Matthew Sigel, head of digital asset research at VanEck, and Patrick Bush, senior investment analyst for digital assets, suggest that a Republican victory will please traders. This is because the US Securities and Exchange Commission, under Trump's presidency, will not regulate cryptocurrencies as hostilely since the agency's composition will change. In addition, this year, Donald Trump released the third series of his personal NFT collection called MugShot, featuring his photo from prison.
Analysts also predict that the "Person of the Year" title, awarded annually by Time Magazine, will go to the creator of Bitcoin, Satoshi Nakamoto, in 2024. Among other forecasts, VanEck speculated that by 2030, the Ethereum cryptocurrency would reach $11,850, and under favorable conditions, the coin's value could exceed $51,000.
Blackdot company has invented an automatic tattoo machine for NFTs.
The startup has introduced the world's first automatic tattooing device. The company claims that the image applied to the skin is based on a non-fungible token. Blackdot's CTO, Jan Azdud, also stated that the high-tech robot master makes tattoos of higher quality, making their application less painful. This is because the machine uses "hidden test dots" during the process to determine the characteristics of its client. These dots are then compared to the Blackdot database to determine the ideal location for the tattoo.
The tattoo designs are sold on the Blackdot marketplace. The company utilizes blockchain technology to track which images have already been used. Artists receive royalties for their sketches and designs. Notable artists such as Tyler Hobbs, tattoo master Omer Tunka, illustrator John Craig, and others have been attracted to collaborate with Blackdot. The creators of the world's first automated tattoo machine believe that this invention has the potential to change culture and people's attitudes toward art, tattoos, and self-expression.
"Artists are always amazed at the precision with which the Blackdot device can reproduce their work. Our dots are about 250 micrometers (0.25 mm) in diameter, and we can apply them with surgical precision, allowing us to create extremely detailed drawings that are impossible to hand-poke," clarified Jan Azdud.
Bitcoin mining difficulty has reached its highest point this year
Another recalculation has shown that the mining difficulty of the leading cryptocurrency has reached a level of 92.2%. The indicator increased by more than 5%.
Previously, the mining difficulty level had stabilized at 67.96 T. The previous record was noted on November 12, 2023, when the indicator reached 64.68 T. The average hash rate of Bitcoin has also reached its maximum value, representing the cumulative computing power of mining equipment at 486.35 EH/s. The block interval is over 9.5 minutes.
At the same time, the total rewards and fees for miners have also reached the highest level in the last six months, reaching 46.7 million dollars. Researchers note that one of the reasons for this surge is the growing demand for BTC Ordinals, which are analogous to NFTs in the Bitcoin system.
The most influential people in the crypto industry were announced
CoinDesk has announced the 50 individuals who shaped the crypto industry in 2023. Among them, notable names include:
— Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC);
— Ryan Selkis, CEO of Messari;
— Casey Rodarmor, creator of Ordinal Theory, which transfers data and even digital collectibles to Bitcoin;
— Brian Armstrong, CEO of Coinbase cryptocurrency exchange, who significantly advanced the crypto derivatives system this year;
— Jose Fernandez da Ponte, who leads PayPal's initiative to create its own stablecoin in U.S. dollars based on Ethereum;
— Paolo Ardoino, the new CEO of Tether, for his leadership resilience in possibly the most successful cryptocurrency (after Bitcoin);
— Pascal Gauthier, CEO of Ledger;
— Larry Fink, CEO and chairman of BlackRock;
— CoinDesk journalist Ian Allison;
— Vitalik Buterin, co-founder of the Ethereum project.
The rest of the list includes individuals from various areas of the crypto industry, ranging from NFT and DeFi to hardware and central bank digital currencies. Previously, influential figures like investor Balaji Srinivasan, economist Caitlin Long, Timo Schlaefer, Adam Ludwin, and many others were included at the top.
CoinDesk asked 10 leading artists to create 10 original illustrations featuring portraits of the most influential people in the crypto market this year. These works were presented at the auction on December 4. It lasted 24 hours after the first bid on the Transient Labs trading platform. The proceeds were directed to the non-profit organization The Hunger Project, which fights hunger worldwide.