Everything at a glance: The most important crypto news of the week
A pair of glasses lies on a pile of newspapers. Next to it is a white coffee cup with a coaster.
IOTA wallet in test mode; Tesla accepts Bitcoin; Jack Dorsey sells Twitter NFT; Charles Hoskinson faces Cardano critics and Erdogan promotes Bitcoin boom in Turkey – the top news of the week.
Another exciting week in the crypto space is drawing to a close. A compact overview of the most important events around Bitcoin and Co.
IOTA sends new wallet into test mode
After attackers managed to exploit vulnerabilities in the IOTA wallet Trinity a little over a year ago, the start-up is now sending its successor Firefly into test operation. Firefly is intended to form the basis for the next wave of crypto adoption: The app aims to Bitcoin Rejoin provide users with easy access to the world of smart contracts – from DeFi to NFT. To achieve this goal, the IOTA Foundation has also released two new code libraries for the Rust programming language with Firefly, which developers can use to implement corresponding functions in the modular wallet. One of them, called „Stronghold“, enables the use of separate storage areas to protect sensitive data.
Apart from that, the wallet offers hardly any new features that other providers could not also score with. Firefly is currently in the beta phase. The wallet is to become an integral part of IOTA 1.5 – codename: Chrysalis. Chrysalis is to be integrated into the IOTA mainnet before the end of the year.
Elon Musk: „Tesla purchase now possible in Bitcoin“.
As Tesla CEO Elon Musk announced on his favourite platform Twitter on Wednesday morning, US customers can now pay for new Teslas with BTC. As expected, the public reaction was not long in coming. After all, Tesla is considered one of the hopefuls for broad Bitcoin acceptance in the future. Most recently, Tesla had caused a stir in the Bitcoin scene because the company had followed MicroStrategy’s example and bought BTC to the equivalent of 1.5 billion US dollars. At the time, rumours were also circulating about the imminent integration of Bitcoin as a payment method. Meanwhile, the multi-entrepreneur announced that the Bitcoin collected would not be exchanged for fiat currencies. Instead, they want to hodln.
Jack Dorsey sells Twitter NFT for 2.9 million US dollars
It’s done: Jack Dorsey has sold the first tweet of his platform as an NFT. Since the end of 2020, investors have been able to bid on the first message in Twitter history on the trading platform Valuables. After a hesitant start, the auction went into high gear in early March. In the end, it was a neck-and-neck race between Tron founder Justin Sun and Bridge Oracle CEO Sina Estavi, who won the duel of the super-rich with a final bid of 2.9 million US dollars. Dorsey will donate the proceeds to the charity project „GiveDirectly“. The money will be used to support Corona conservation efforts in Africa.
The tweet, however, will remain on the platform. Estavi will receive a „digital certificate of the tweet, which is unique because it has been signed and verified by the creator“. This certificate is only issued once on Valuables and is cryptographically signed. As a result, it contains the metadata of the original tweet, such as the date, text content and a digital signature of Dorsey’s wallet address. According to Valuables, the NFT is comparable to „an autograph on a baseball card“.
Charles Hoskinson confronts Cardano critics
In a video, Cardano founder Charles Hoskinson commented on the future of cryptocurrency and confronted critics. The critics had previously repeatedly brought up arguments why Cardano (ADA) was a „ghost chain“ for them, i.e. a blockchain without users. In response, Hoskinson admitted that there are still few use cases, but that this is because ADA does not yet support smart contracts. Several users on Reddit speculate that the so-called Goguen upgrade, which introduces smart contracts to ADA, will go fully live this year.
In addition, the founder of the crypto project did not spare criticism of his nemesis Ethereum. The current ecosystem is unsustainable and useless for DeFi and NFT projects. Hoskinson is aware that the sustainability of the Ethereum ecosystem should improve with Ethereum 2.0, but he believes that it will take a long time until implementation. ADA, on the other hand, is already more advanced than Ether, Hoskinson said. In contrast to Ethereum, Hoskinson is convinced that his team is building ADA for eternity. In this respect, he believes it is possible that the Cardano DeFi sector will be one of the largest in the entire crypto space within the next 365 days.