Some Good News From The Cryptoverse πŸ‘€

Some Good News From The Cryptoverse πŸ‘€

This week in The Flippening, TL;DR

  • Chipotle is trysting with crypto to make your late-night binge worth a while.
  • 1M Algo commitment made by Algorand and MakerX to migrate Terra users to Algorand 
  • Middle East’s first metaverse FIFA gaming tournament to be hosted in Qatar.

Top Highlights of the Week

Fast-food chain Chipotle to make your late-night cravings cost less!πŸ’°

Chipotle is now taking cryptocurrency payments at all of its 2,950 locations in the United States, It will accept all the 98 cryptocurrencies Flexa currently supports, including Bitcoin (BTC), Ether (ETH) & seven U.S. dollar-pegged stablecoins like USD Coin (USDC). There’s also a 10% discount if you pay via altcoin, which will make your late-night binge worth a while!

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

The Algorand Foundation has demonstrated its dedication to assisting those affected by the Terra collapse by providing a space for developers and projects to grow and innovate.

Terra developers will be able to migrate their NFT projects to the Algorand network via the Algorand Migration Service while receiving support from the Algorand team.

Qatar Hosts The First Metaverse Fifa Gaming Tournament ⚽️

Qatar is all set to let fans across the globe see the top FIFA players compete for the EA Sports FIFA 22 Champions Cup. The competition will take place at the Aspire Ladies Sports Hall in Doha & will have 16 players battle for different prizes.

πŸ“° Other news and top reads:

  • Prada becomes the latest fashion brand to launch NFTs: Read it here
  • Women will drive the next Bitcoin bull market: Read it here
  • India to launch CBDCs in a graded approach: Read it here
  • Read how SIPs could have returned impressive returns even in a sideways market: Read it here

Disclaimer: All price movements are recorded up to 10:00 AM UTC.

Bitcoin investors would finally be breathing a sigh of relief after the brief halt in the selloff. On a weekly basis, BTC ended the week with modest gains. Most of the other top cryptos still seemed to be struggling. SOL faced a massive setback after yet another power outage.

Disclaimer: All price movements are recorded up to 10:00 AM UTC.

Finally, we are seeing some green numbers! All the top sectors managed to stay in the green this week. This is another advantage of investing across sectors rather than individual cryptos. Even when most of the top cryptos struggled, the sectors witnessed decent upside moves. Mudrex Coin Sets lets you invest across curated baskets built around different sectors and themes.

Coin of the weekπŸ€‘πŸ’Έ

Avalanche: $AVAX

Our coin of the week is AVAX, considering multiple fundamental parameters and the current market correction. The amount of money a project raises post an ICO has a significant play in how it fares during a bear market. AVAX is among the frontrunners in this regard.

  • AVA Labs raised approx. $700 million by mid-April.
  • Pocket Worlds, a metaverse company, announced that it would be creating the first metaverse subnet on Avalanche.
  • Avalanche’s goals for 2022 and beyond are to be the biggest blockchain by total value locked.

Moreover, AVAX’s price had taken a beating over the past couple of months. We are seeing a consolidation now, and it could likely be a good time to explore this project.

Crypto simplified

The Solana blockchain went down for the eighth time on June 1st. After the outage, the development team halted the network for over four hours because of a bug in how the blockchain processes offline transactions.

What are offline transactions?

Offline transactions require collecting signatures from geographically distributed signers for their processing. Such transactions usually keep the signing process separate from transaction creation and network broadcast. They follow a more complex and time-consuming process and hence can’t always keep up with the lightning speed of the Solana blockchain. Usually, it is difficult to create and validate these transactions within the same block.

As a result, the Solana blockchain introduced ‘durable nonces’. It is a way for token holders with such an offline signing setup to sign off on a transaction prematurely without requiring an immediate block hash.

This gives the offline signing of transactions a two-minute window to complete.

What happened on Wednesday is – Solana flunked in managing durable nonces. Instead of treating both of these transactions as a single transaction in the same block, the validators double-counted them as a single transaction in two different blocks. Effectively, the same transaction got recorded twice in two separate blocks.

Thus, breaking down Solana’s consensus mechanism.

The validators have disabled ‘durable nonce transactions’ until the developers identify and fix the exact issue.

The Solana blockchain has faced many outages before this but let’s just say this is what happens when you have set out to build the fastest blockchain in the world. The network claims to have the ability to process 65000 TPS – You Fail, You Learn and Become Better.

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