A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Major cryptocurrencies traded in the green early on July 30. The global crypto market cap is $1.10 trillion, a 0.34 percent increase over the last day. The total crypto market volume over the last 24 hours is $99.57 billion, which is a 6.47 percent increase over the previous day.
The total volume in DeFi is currently $11.74 billion, 11.79 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $91.30 billion, which is 91.70 percent of the total crypto market 24-hour volume.
Bitcoin’s price hovered above 19 lakh. Bitcoin’s dominance is currently 41.48 percent, a decrease of 0.09 percent over the day, according to CoinMarketCap data
FDIC urges banks to police misleading crypto claims on deposit insurance
A U.S. banking regulator is urging banks dealing with cryptocurrency companies that they need to make sure customers know which of their funds will be insured by the government in case of collapse, and which have no safety net. The Federal Deposit Insurance Corporation (FDIC) said Friday it is concerned consumers may be confused about how safe their money may be when placed in crypto assets, particularly in cases where firms offer a mix of uninsured crypto products alongside insured bank deposit products.
In a new advisory, the FDIC said banks need to make sure any crypto firms they partner with do not overstate the reach of deposit insurance. The push comes as broad turmoil in the crypto market has led to the collapse of some high-profile firms, including one regulators publicly chastised yesterday for overstating deposit insurance coverage. (Reuters)
- What’s BrewingMarriages
- and court cases can be held in the metaverse
Legal marriage proceedings, court case disputes and government services may one day be offered on the Metaverse, according to a Singaporean government minister. Speaking at the TechLaw Fest 2022 on July 20, Singapore’s Second Minister for Law Edwin Tong argued even highly personalized, intimate events such as the solemnization of marriages have taken place online in the Metaverse: “It would not be unthinkable that, besides registration of marriages, other government services can soon be accessed online via the Metaverse.”
Founder speaks against transferable governance, community responds
The governance discussion intensifies as decentralized autonomous organizations (DAOs) become more popular in the blockchain space. The dilemma between giving power to a specific few and the freedom to voluntarily delegate decision power was highlighted in a Twitter thread created by Ethereum founder Vitalik Buterin
Ethereum founder speaks against transferable governance, community responds
Vitalik Buterin wrote that supporting DAOs with transferable governance tokens is contradictory and enables the power-hungry.
DAOs become more popular in the blockchain space. The dilemma between giving power to a specific few and the freedom to voluntarily delegate decision power was highlighted in a Twitter thread created by Ethereum founder vitalik butirin
In a tweet, Buterin brought up an old adage pointing out that power-hungry individuals are not suitable to lead. The Ethereum founder highlighted that the saying can be applied to DAOs and argued that transferable governance tokens in DAOs contradict the whole point of DAOs. Buterin noted that if governance can be transferred, it enables those who are after power.
While the Ethereum founder presents a valid point, some reacted with contrasting opinions. In a reply, Twitter user Muki pointed out that it’s inevitable to delegate decision power. According to the community member, expecting everyone to participate is impossible, and a voluntary delegation of decision power is better than making uninformed decisions or not participating at all.
Contributing to the discussion, Twitter user Willyogo wrote that holding transferable governance tokens does not equate to wanting to rule people. However, the community member also said that there’s definitely room for improvement for DAOs in terms of voting mechanics.
Twitter user Vagobond also chimed in, saying that having fully recallable delegates is a way to move forward. In this idea, the delegates who were picked could instantly lose their authority the moment they stop representing those who delegated votes to them.
While others focused on governance mechanics, some pointed to the use of blockchain-based technologies like picking important positions in a DAO . Another community member suggested randomly selecting token holders and rotating when the selected holder does not show on-chain activity.
In the recent Ethereum Community Conference held in Paris, Web3 adviser Hilary Kivitz discussed DAOs and how they can fight over hostile overtakers. According to Kivitz, there are solutions such as adding poison pills into smart contracts to dilute the votes of exploiters.
Meanwhile, in a recent interview with Cointelegraph, Alex Tapscott mentioned that DAO developments are something to look out for during the bear market. Tapscott highlighted that DAOs have the potential to replace traditional organizations in organizing resources.