Iceland Eyes Farming over Bitcoin Mining; Hack VC Raises $100M for Crypto Startups; Ethereum's 'Rainbow Staking' Introduced
Summary:
Iceland's Prime Minister is planning to redistribute hydroelectric power to farming and residential use, stepping away from Bitcoin mining. Hack VC is gathering a $100 million fund to back fledgling crypto startups. Ethereum's co-founder, Vitalik Buterin, has presented a new Ethereum staking strategy dubbed 'rainbow staking' to combat centralization risks. After a 10-hour delay due to a sequencer issue, Polygon's Zero-Knowledge Ethereum Virtual Machine (zkEVM) is back online. Terra's co-founder has been freed from a Montenegro prison pending extradition decisions. The U.S. Securities and Exchange Commission has again delayed a decision on Grayscale’s ETH futures exchange-traded fund.
Iceland's Prime Minister, Katrín Jakobsdóttir, has expressed an interest in allocating the nation's rich hydroelectric resources towards farming and residential purposes instead of accommodating Bitcoin mining. Bitcoin mining in Iceland, due to its inexpensive hydroelectric power, surpasses energy consumption of local households and poses a risk to the country's energy stability.
In another development, venture capital firm, Hack VC, is reportedly collecting a $100 million investment for supporting budding crypto startups. This news comes after a successful collection of $150 million for a similar project in February 2022. The crypto market's growth this year, including new peaks for Bitcoin, has prompted a renewed interest in VC funding.
Vitalik Buterin, co-founder of Ethereum, has introduced an innovative Ethereum staking model known as 'rainbow staking'. The main aim of this model is to counter the centralization risks within the Ethereum staking ecosystem. Rainbow staking proposes a system where two types of staking, 'heavy staking' and 'light staking', exist simultaneously, each with its unique features and securing the blockchain in its own way.
Meanwhile, Polygon's Zero-Knowledge Ethereum Virtual Machine (zkEVM) which had been offline for 10 hours due to a sequencer issue, is now operational again. The problem did not affect any of Polygon's other services such as the Polygon PoS or its Chain Development Kit.
In other news, Terra co-founder Do Kwon has been released from prison in Montenegro pending a decision from the country's Supreme Court on extradition requests from the U.S. and South Korea. Furthermore, the U.S. Securities and Exchange Commission has again postponed its decision regarding Grayscale’s ETH futures exchange-traded fund (ETF). Lastly, a Bitcoin ETF makes Coinbase a major target for hackers and governments, according to the CEO of Trezor.
Published At
3/25/2024 9:28:27 AM
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