Coinbase Unveils Cutting-Edge Metric for Tracking Crypto Adoption and Blockchain Use

Rootstock, a Bitcoin layer 2 solution, has made a splash. They've verified a SNARK proof on-chain. This could be huge for zero-knowledge proofs on Bitcoin. The verification happened Thursday on Rootstock's mainnet. They'd already nailed it on the testnet a day earlier. Rootstock used BitVMX for this feat. It's their tweaked version of BitVM. BitVM is a computing model. It aims to bring Ethereum-style smart contracts to Bitcoin. SNARK stands for Succinct Non-Interactive Argument of Knowledge. It's a mouthful, right? Basically, it lets you prove you know something without spilling the beans. This move is a big deal for BitVMX. It shows the system can challenge and validate SNARK verifiers on-chain. Rootstock's team was pretty chuffed. They said in an email, "This breakthrough opens the door for replicating this process with any program compiled to the RISC-V architecture." They're using BitVMX's general-purpose virtual CPU for this. It's some serious tech. The implications could be far-reaching. Zero-knowledge proofs on Bitcoin? That's new territory. It's not just about Bitcoin, though. This could impact the whole blockchain scene. Will other platforms follow suit? Only time will tell. But Rootstock's definitely made waves with this one.

Binance Coin (BNB) has seen a massive 6,000% surge in trading volume since June. This explosion comes on the heels of several key developments in the Binance ecosystem. And of course, their is a "small" input of the infamous legal battle between Binance and SEC that was quietly dismantled recently. BNB is currently trading at $579. It's up 3% in the last 24 hours and 0.9% over the week, according to Coingecko. The SEC's decision to end its probe into Binance's stablecoin issuer is a major factor driving this increase. This move has cleared up a lot of legal mumbo-jumbo that's been hanging over Binance. The company sees it as a big win for rebuilding trust with investors. Adding fuel to the fire, former Binance CEO Changpeng Zhao (CZ) is set to be released from house arrest next month. CZ has been teasing a new project that he claims could offer a 100x return. Talk about hype! These events have created a perfect storm of optimism. It's sent BNB trading through the roof. Despite the recent trading frenzy and positive developments, the Binance-backed BNB Chain has faced adoption challenges. Market watchers have spotted a mismatch between Binance's actual support and the BNB Chain's marketing efforts. To boost the BNB Chain's success, Binance needs to tackle these issues head-on. Supporting meme coins and other innovative ideas could add value to the chain and attract more users. Industry experts reckon that overcoming these hurdles could unlock massive potential for the BNB Chain. By aligning its marketing with real support, Binance could strengthen the chain's credibility and build a more robust ecosystem. Looking ahead, BNB's price outlook remains cautiously optimistic. CoinCheckup data suggests a potential upswing in the next week. This could mean either a reversal or continuation of the current market momentum. In the longer term, BNB's value could increase by 62% in the next three months. This aligns with the overall positive sentiment and growing investor confidence. The crypto prediction platform also forecasts a 60% price rally over the next year. With favorable market conditions and recent positive developments in the Binance ecosystem, things are looking up for BNB. The removal of legal roadblocks and the BNB Chain's readiness for wider adoption set the stage for Binance's expansion in the coming quarters. It's been a wild ride for Binance and BNB. But with legal troubles in the rearview mirror and CZ gearing up for his next big move, the crypto world is watching closely. Will BNB keep its momentum, or is this just another crypto rollercoaster? Only time will tell.

A US senator's push to make Bitcoin a Fed reserve asset has sparked debate. Not everyone is totally happy with the idea because it may be used to help greedy speculators profit from rising BTC prices. For instance, famous banking lawyer Todd Phillips isn't buying it. Senator Cynthia Lummis is set to unveil legislation at the Bitcoin Conference. The bill would require the Federal Reserve to buy and hold Bitcoin as a strategic reserve. Lummis hopes to get Trump's backing if he wins the presidency. But Phillips isn't convinced. He argues Bitcoin lacks the qualities of a proper reserve asset. "It's not like oil," Phillips says. The lawyer claims Bitcoin isn't an input for real-world goods and services. He reckons the move is just to pump Bitcoin's price. "It's simply to require the Fed to buy Bitcoin, sending its price higher for speculators," Phillips states. But crypto bigwigs are hitting back. VanEck's Matthew Sigel challenged Phillips' take. Sigel points out Bitcoin's role in stabilizing renewable energy grids. He also notes intangible assets make up 60% of US GDP. "Bitcoin's $800 billion market cap speaks for itself," Sigel adds.

Singapore's government has spotted an uptick in cryptocurrency use for terror financing. But cash and informal value transfer systems still rule the roost for financial transactions. The Ministry of Home Affairs dropped a report assessing the terrorist threat to Singapore. It found no signs of an imminent attack. Yet the threat to the city-state remains "very real" and "high". The report pointed to monthly crypto funds sent by ISIS to folks at the Al-Hol detention camp in Northern Syria. This camp houses ISIS-affiliated and displaced individuals. It also highlighted how pro-ISIS groups in Southeast Asia shared a poster "soliciting cryptocurrency donations". "As a global financial centre and transport hub with a significant migrant workforce, Singapore remains a potential source of funds for terrorists and terrorist organisations abroad," the report said. The government stressed that "Our strongest defence is our collective vigilance." The report noted that the threat level has gone up since the Israel-Palestine conflict kicked off again. After Hamas' attack on Israel on October 7, 2023, a Wall Street Journal report claimed Palestinian groups got hefty funds in crypto. But blockchain analytics firms like Chainalysis pushed back. They suggested such claims are likely overstated. Blockchain security firm Elliptic also chimed in. They said these claims are probably exaggerated.

The Pacific island of Palau is upping its tech game. It's now offering digital residency IDs on the Solana blockchain. This move is a big deal. It's the first time a country has put legal IDs on Solana. RNS.ID, a decentralized identity protocol, is behind this project. They announced it on Twitter yesterday. The company is pretty chuffed about it. Palau kicked off its digital residency program in 2022. It gives people worldwide a chance at residency. The kicker? You don't have to live there. Last September, Palau minted its first decentralized ID on Ethereum. Vitalik Buterin, Ethereum's co-founder, was there to see it happen. Want a Palau digital residence card? It'll set you back $248. RNS.ID's platform handles the applications. These residencies come with perks. You can extend your visa up to 180 days. Plus, you get anonymity on some crypto exchanges. George Harrap, co-founder of Step Finance, is optimistic. "It's exciting to see Palau using Solana now for their IDs," he told Decrypt. He reckons this new initiative will gain traction. Palau isn't just handing these IDs out willy-nilly. They've got a vetting process. It includes anti-money laundering and identity checks. It takes up to 10 days. Since last September, RNS.ID claims they've issued 7,338 digital residencies. Decentralized identity systems are a hot topic in blockchain. They're seen as a game-changer. Even Microstrategy, known for its Bitcoin hoarding, is getting in on the action. They're developing their own system based on Ordinals-like inscriptions. Shiba Inu developers are also working on digital identity systems. And let's not forget Worldcoin. They've got OpenAI CEO Sam Altman on board. Worldcoin's latest move? They're teaming up with Community Gaming. The plan is to use World ID to verify e-sports players' identities. How? By scanning their irises with a device called the Orb. It's all a bit sci-fi, if you ask me.

Ledger, the hardware wallet maker, has rolled out its new Flex wallet. It's a fresh take on their Stax model's E Ink touchscreen interface. The Flex is priced at $249. It's cheaper than the $399 Stax. The device sports a 2.8" E Ink touchscreen with 600 x 480 pixel resolution. Unlike the Stax, it doesn't have a curved screen. You can get it in two colors. There's the classic black and silver. Or you can opt for a special orange BTC Edition. Ledger's CEO, Pascal Gauthier, is pumped about the launch. "Our new secure touchscreen category will make self-custody more accessible than ever before," he said. The Flex is pretty compact. It weighs 57.5g and measures 78.40 mm × 56.50 mm × 7.70 mm. It's got USB C, Bluetooth 5.2, and NFC connectivity. The battery life is impressive too. Ledger claims it can last "weeks or even months on one charge." But here's the kicker: the Flex has Ledger's EAL 6 certified secure element. This is the heart of the device. It generates and stores private keys and powers the secure screen. Ledger's approach to secure elements is unique. They use a proprietary operating system called BOLOS. They also have a team of white-hat hackers, Donjon, who look for vulnerabilities. The Flex is part of Ledger's "Proof of You" initiative. It's their way of "securing a world that's embracing AI," they say. They've launched a new Ledger Security Key app for this. This app lets users create 2FA and Passkeys using the FIDO 2 specification. You can use it for passwordless login on sites like Google, Amazon, and crypto exchanges Binance and Coinbase. But it hasn't all been smooth sailing for Ledger. In 2021, their customer email database was hacked. Almost 300,000 users had their details exposed. Last year, they had to warn customers about a malicious version of their Connect Kit. They also faced backlash over Ledger Recover, an ID-based key recovery service. Some users weren't happy, calling it a "backdoor" on devices. Ledger insisted it was opt-in, but the damage was done.

VanEck, a New York-based asset manager, has released a report with bullish predictions for Bitcoin, far more bullish than anything you have heard before, that's for sure. The firm suggests the cryptocurrency could reach $52 million per coin by 2050. This forecast is based on several assumptions. VanEck's digital assets team foresees Bitcoin becoming a global reserve asset. They also anticipate a decline in current reserve currencies. The report, authored by Matthew Sigel and Patrick Bush, presents two scenarios. The base projection puts Bitcoin at $2.9 million by 2050. The more bullish scenario sees it hitting $52,386,207. Bitcoin currently trades at $64,896. It has risen 95,564% in 11 years. VanEck's predictions represent a massive jump from current levels. "We expect BTC to be widely used in international trade," the report states. It adds that Bitcoin could become "a significant medium of exchange and a valuable store of wealth." The authors argue that increased adoption will drive up demand. "Central banks and long-term investors will want to hold more BTC," they write. This could reduce the available supply, pushing prices higher. In other words, Satoshi Nakamoto was absolutely right about scarcity as the main tool to secure Bitcoin's ability to survive and prosper. VanEck's base projection assumes 2.5% of central bank assets will be held in Bitcoin. This scenario factors in world GDP and current growth projections. The $52 million prediction is based on even wider Bitcoin adoption. It assumes increased use in global trade and reduced circulation. However, the report comes with a caveat. It stresses the need for improved scaling networks. "If Bitcoin cannot become an important medium of exchange because adequate scaling is not completed, our core thesis for its meteoric rise will be broken," it warns. Simply put, Layer-2 solutions for Bitcoin are the absolutely mandatory condition for its survival.

John Deaton, a pro-XRP attorney and Republican Senate nominee in Massachusetts, has emerged as a major crypto holder in the political arena. His portfolio is turning heads. Deaton's crypto holdings are no small change. A whopping 80% of his net worth is in Bitcoin or related investments, though it's worth mentioning that the senator has also got stakes in Ethereum, Solana, and XRP (no meme coins, in case you wondered). This news came to light on Wednesday. Fox journalist Eleanor Terret spilled the beans. Deaton's not just a lawyer. He's a Marine vet too. He's been defending cryptocurrencies, especially Ripple, for years. Ripple's been in a nasty legal scrap with the SEC since 2020. The regulator claims they violated securities laws. Deaton's been a key player in Ripple's defense. Now, Ripple's backing Deaton's campaign. They've been throwing serious cash at it. The company's pumped $1 million into a super PAC. It's called the Commonwealth Unity Fund. Legal expert James Murphy, aka "MetaLawMan", set it up. Murphy's got big plans. He wants to see more crypto-friendly faces in Congress. He reckons Deaton's the man for the job. But it's not all smooth sailing. Deaton's up against Elizabeth Warren. She's held her seat since 2013 and isn't a fan of crypto. Warren's got deeper pockets too. Deaton's playing catch-up in the fundraising game. Murphy's not fazed. He told Fox: "We're in it to win it." Meanwhile, XRP's price is feeling the heat. It's down 1.5% in the last 24 hours, trading at $0.615. The whole crypto market's taken a hit, with Bitcoin leading the slide on Thursday.