Blockchain can be used as a "truth machine" Gopax signs virtual asset insurance

Headlines

▌Vitalik: Blockchain can be used as a "truth machine", and other tools are still needed to assist in further truth discovery

On July 20, Vitalik Buterin responded to netizens' questions on social media about "what is a global blockchain" and said that blockchain is a 'truth machine. In a specific sense, it provides a consensus approximate truth about when a message was sent, but it will not tell you whether the moon landing is true. This greatly reduces the attack surface of the blockchain, but it does mean that we need other tools to actually perform (or assist) the latter truth discovery.

▌South Korean Crypto Exchange Gopax Signs Virtual Asset Commercial Liability Insurance

With the implementation of the Virtual Asset User Protection Act, South Korean crypto exchange Gopax has signed Samsung Fire's virtual asset commercial liability insurance, which covers accidents such as hacker attacks. According to the Virtual Asset User Protection Act, exchanges must store more than 80% of their coins in cold wallets. For virtual assets stored in hot wallets connected to the Internet, the value exceeds 5%, and insurance must be registered or part of the retained earnings must be kept as a reserve.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67347.04, with a daily increase or decrease of +1.48%;

ETH's latest transaction price is $3518.46, with a daily increase or decrease of +0.99%;

BNB's latest transaction price is $596.5, with a daily increase or decrease of +1.52%；

SOL's latest transaction price is 174.29 US dollars, and the intraday increase or decrease is +2.54%；

DOGE's latest transaction price is 0.1336 US dollars, and the intraday increase or decrease is +6.99%；

XPR's latest transaction price is 0.5967 US dollars, and the intraday increase or decrease is +3.14%。

Policy

▌If Trump wins, the crypto industry expects the US SEC's enforcement to turn moderate

The cryptocurrency industry hopes that the upcoming US presidential election will bring someone who takes a more moderate approach to law enforcement to the White House, thus ending a long battle with the US Securities and Exchange Commission. Although Trump criticized cryptocurrencies during the last US presidential term, some industry lawyers expect the US Securities and Exchange Commission to stop actively enforcing the digital asset market if Trump wins.

Blockchain Applications

▌Polygon Co-founder: The value of RWA on Polygon PoS is second only to the Ethereum mainnet

Polygon co-founder Sandeep posted on social media that it is very encouraging to see so many RWA assets launched naturally on Polygon. In terms of the value of RWA created, PolygonPoS is already second only to the Ethereum mainnet. It is worth mentioning that major Italian banks participated in the ECB's 25 million euro digital bond trial on Polygon, and CDP has issued 25 million euros of digital bonds on Polygon, which will mature within four months.

▌Ripple CEO: Expects to resolve lawsuit with SEC "soon"

According to a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse expects the company to resolve its years-long lawsuit with the U.S. Securities and Exchange Commission "soon." The price of XRP has risen in recent weeks on speculation that a settlement could be announced after a closed-door meeting of the U.S. Securities and Exchange Commission (SEC) next week. According to data from the analysis company Santiment, the activity of the Ripple ledger and the creation of new addresses have also reached their highest level since March.

▌Aptos node v1.16.3 version has been updated

On July 21, Aptos node v1.16.3 version has been updated, and users need to upgrade to the latest version within the next 5 days. This update aims to improve system stability and security and ensure smooth network operation. This includes adding a procedural macro bytecode_spec so that inline specifications for Move bytecode instructions can be defined in Rust; adding a runtime environment outside the VM. This environment can be used for caching and may be shared between VM instances.

Cryptocurrency

▌JPMorgan Chase: Cryptocurrency rebound is unlikely to continue, and Trump's presidency will benefit Bitcoin and gold

According to The Block, JPMorgan analysts said that any rebound in cryptocurrency prices may be tactical (temporary and strategic) rather than the beginning of a lasting upward trend. They noted that Bitcoin’s current price of around $67,500 is high compared to its production cost of around $43,000 and the volatility-adjusted price of gold, which is around $53,000. The divergence between Bitcoin’s price and JPMorgan’s volatility-adjusted gold price “suggests mean reversion to around the zero line, limiting the potential for long-term gains in Bitcoin’s price,” JPMorgan analysts wrote in a Thursday note. The analysts reiterated that the cryptocurrency is expected to rebound from August as liquidations decrease after July. They noted that Bitcoin futures have recently been weak due to liquidations of Gemini and Mt. Gox creditors and the German government’s sale of seized Bitcoin. Analysts said these liquidations are likely to subside after July and expect Bitcoin futures to rebound from August, in line with the recent gains in gold futures. "We believe that momentum traders such as commodity trading advisors have played an important role in driving gold futures. Gold's momentum signal surged in July to the overbought zone last April," the analysts said. JPMorgan analysts said that Trump may be re-elected as president, and gold is expected to benefit from it. Analysts said that some investors believe that Trump is more favorable to cryptocurrency companies and regulation than the current Biden administration. They added that Trump's potential trade policies may lead to more diversified investments in gold by emerging market central banks, especially the People's Bank of China.

▌Open interest in Bitcoin contracts across the network exceeds US$36.5 billion

According to Coinglass data, the open interest in Bitcoin futures contracts across the network is 547,920 BTC (about US$36.51 billion). Among them, the open interest of CME Bitcoin contracts is 171,150 BTC (about 11.38 billion US dollars), ranking first; Binance Bitcoin contract open interest is 118,920 BTC (about 7.92 billion US dollars), ranking second.

▌Glassnode: CEX Bitcoin deposits are still the largest and most persistent source of selling pressure

Glassnode disclosed data showing that miners have always been the main source of selling pressure, but each halving event will reduce their supply relevance. The net flow of miners in the past 12 months shows that the general change in total balance per week is about ±500 BTC. The net deposit/withdrawal volume of centralized exchanges and the net flow into ETF on-chain wallets usually fluctuate by ±4000BTC. The data analysis results show: 1. High selling pressure from miners often occurs during price fluctuations. 2. After the market hit a new high in March, ETF outflows dominated, which was mainly led by GBTC products. 3. The selling pressure from the German government in the past few weeks has been huge, but most of the outflows occurred after the price fell to $54,000, which shows that the market effectively preempted the news, and Bitcoin deposits in centralized exchanges are still the largest and most persistent source of selling pressure.

Important Economic Dynamics

▌High-level consumption of new energy needs to be solved in multiple paths

Jinshi Data reported on July 21 that under the situation of rapid growth of new energy, how to do a good job in new energy consumption and maintain the reasonable level of new energy utilization has become the focus of attention in the industry. In the view of industry insiders, under the background of rapid development of new energy in my country, the problem of new energy consumption is imminent. All parties need to coordinate and solve the relationship between large-scale development of new energy and high-level consumption, as well as ensuring safe and reliable power supply, and scientifically arrange the layout of new energy development, production sequence, and consumption direction in combination with the consumption capacity, escort the high-quality development of the new energy industry, and help build a new power system. (China Energy News) (Jinshi Data APP)

Golden Encyclopedia

▌What is an unlimited coin attack?

Unlimited coin attack refers to the attacker manipulating the contract code to continuously mint new tokens that exceed the authorized supply limit. This hacking behavior is most common in decentralized financial (DeFi) protocols. This attack damages the integrity and value of cryptocurrencies or tokens by creating an unlimited number of tokens.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.