There was once a time when Bitcoin (BTC) was the only crypto project that was not a scam, and advocating for only BTC made perfect sense. However, according to a Bitcoin Core contributor, this has not been true for a while, as he urged the community to drop the us-versus-them culture.
In a Twitter thread, Matt Corallo, who contributed to the Bitcoin Core, pointed out to the community that at the moment, instead of BTC proponents advocating why Bitcoin is unique and remarkable, they are spending time attacking other projects.
According to Corallo, this situation is leading to what he described as a narrative war, where crypto projects bash each other. Corallo further explained that Bitcoiners coming after Ethereum (ETH) for the upcoming Merge, saying that proof-of-stake (PoS) will not work, will, in turn push ETH proponents to lobby with regulators against Bitcoin with the same environmental angle.
Lastly, the developer urged Bitcoiners to focus on talking about Bitcoin and its positive aspects and drop the culture of attacking other projects that are not BTC.
Despite the call for more respect and courtesy for other projects, some Bitcoiners still remain unfazed. In response to the thread, Twitter user BitcoinCEOh said that "anything other than Bitcoin is a scam." They said that some projects look legit but are ultimately scams in the end.
In July, Bitcoin proponent Michael Saylor said in an interview that all PoS networks are securities and are very risky. He argued that Ethereum is a security because of its inherent features such as being issued through an initial coin offering. He noted that it's up to regulators to decide if these projects should continue or not.
Meanwhile, Ethereum founder Vitalik Buterin has been actively defending Ethereum from critics. Buterin called out arguments against ETH voting and described one as an "unmitigated bare-faced lie," saying that ETH doesn’t conduct voting on protocol parameters.
Chainlink is aligning itself with the decision of the Ethereum Foundation and its community. Therefore forked versions of the Ethereum (ETH) blockchain, which includes PoW forks, will no longer be supported by the Chainlink (LINK) protocol post-Merge.
In an official announcement, the Chainlink protocol revealed its services will remain on the Ethereum blockchain post the long-awaited Merge. The Ethereum blockchain anticipates the Merge in September 2022, which will merge its mainnet with the Beacon Chain.
This will transition all of Ethereum operations from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
The Merge has been pushed back from mid-2021 to September 2022 before. If it goes according to the timeline of developers, Phase 1 will initiate the transition of the ecosystem’s transaction history and smart contracts on the PoS network.
This transition will affect all smart contracts on the Ethereum blockchain, which in Q1 of 2022 totaled 1.45 million. Chainlink’s role in providing hybrid smart contract services is no exception.
Therefore, in the latest announcement, Chainlink urged its users to prepare their smart contract operations accordingly to avoid future mishaps during and after the implementation of PoS.
The Ethereum Merge is a major milestone in the crypto industry. The transition from PoW to PoS has been a key talking point in the community as a solution toward sustainability, scalability and enhanced decentralization.
According to Ethereum’s official website, the network’s energy consumption will be reduced by ~99.5% once operating on PoS. Previously Ethereum's total energy consumption has been likened to that of the entire country of the Netherlands, according to the official website.
However, critics of such a protocol switch say that PoS is less secure, therefore more susceptible to security breaches.
Currently, major networks such as Cardano, Avalanche, Polkadot and Solana all operate through proof of stake blockchains.
Crypto exchange Crypto.com says it achieved a key milestone in South Korea after securing two local companies, giving it access to crypto and payments registration in the country.
The news came during Korea Blockchain Week 2022 after the company announced it acquired payment service provider PnLink Co. Ltd. and virtual asset service provider OK-BIT Co. Ltd.
The move means they have now secured electronic financial transaction act and virtual asset service provider registration in South Korea.
Virtual asset service provider registration will allow Crypto.com to provide crypto asset exchange and custody services. Meanwhile, electronic financial transaction act registration keeps them in compliance with the law regarding the safety and reliability of electronic financial transactions.
However, the company did not disclose whether this means it can offer its full suite of crypto trading services in the country or if there are other requirements needing to be fulfilled.
Crypto.com CEO Eric Anziani, who presented at the conference also confirmed the announcement separately on Twitter on Saturday, stating:
“Today we announced that we have secured both payment and crypto registrations in South Korea, one of the most advanced #crypto market globally”
In a press statement, general manager Patrick Yoon said: “We believe our services can not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web3 ecosystem.”
The announcement follows Crypto.com receiving in-principle approval for a major payment institution license from the Monetary Authority of Singapore and provisional approval of its virtual asset license from the Dubai Virtual Assets Regulatory Authority.
They also have registration in Italy from the Organismo Agenti e Mediatori (OAM), in Greece from the Hellenic Capital Market Commission and in Cyprus from the Securities and Exchange Commission.
This Daily Dose was brought to you by Cointelegraph.