Bitfinity Weekly: Chain Fusion

Welcome to Issue #115 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.

What's in Today's Email?

• Global Crypto News
• This Week in our Blog
• NFT Market Bytes
• Tweet of the Week
• Meme Time
• A Matter of Opinion

Global Crypto News

Not Safu: Major Indian crypto exchange WazirX suffered a security breach relating to one of its multisig wallets on Thursday, with almost $235 million in funds moved to a new wallet through cryptocurrency mixer Tornado Cash. Crypto and rupee withdrawals have been temporarily paused following the breach, drawing criticism from WazirX's users. Several different coins were drained, including stablecoin $USDT and memecoin $PEPE, and swapped for $ETH.

Open Bitcoin: The TON (The Open Network) Foundation announced on Wednesday that TON Teleport BTC, a trustless bridge that allows secure Bitcoin transfers to and from the TON blockchain, is coming soon. The bridge will enable frictionless DeFi activities on TON while maintaining the security of users' original assets, according to the Foundation. "All transactions are executed via smart contracts and verified by TON blockchain validator," said Anatoliy Makosov, TON's technical lead, with all Bitcoin units on TON fully backed by $BTC.

Not Wright: Computer scientist Craig Wright, who has long claimed to be Satoshi Nakamoto, has been ordered by a UK court to publicly admit that he is not the creator of Bitcoin. Wright was ordered to publicly pin his admittance on his website and social media for six months, and is barred from filing further lawsuits related to his claims of being Satoshi or writing the Bitcoin whitepaper.

Attention Economy: Hours before public confirmation from the FBI, several Solana memecoins named Thomas Matthew Crooks as the former U.S. President Donald Trump's attempted assasin. Over a thousand Trump-related tokens were launched prior to public statements from President Biden, according to a tweet from memecoin launchpad Pump.fun.

Bitcoin 2024 - Nashville: The Bitfinity team will be attending this historical event in Nashville on July 25- 27, 2024. With a legendary list of speakers, there is much excitement among the crypto community! Find more about the event here.

This Week in our Blog

This article will explain everything you need to know about token standards and their significance. Before diving into the details, it’s essential to differentiate between tokens and cryptocurrencies.

Are All Tokens Created Equal?

As a vivid user of several blockchain protocols, you’ve likely encountered terminologies that are difficult to understand at first. “Token standard” is likely of those terms. In this article, you’ll learn everything about the token standard and and what it means. Before we delve into the details it

Bitfinity BlogFred

Bitfinity will leverage ICP's Chain Fusion technology to ensure smooth integration with the Bitcoin network. This week's article covers all you need to know about this exciting innovation in blockchain interoperability:

What Is Chain Fusion Technology and How Does It Transform Blockchain Tech?

This article explores how Chain Fusion works through decentralized signing and verification, the capabilities it unlocks, integrations so far, and the future of universal multichain interactions. We also examine Bitfinity’s EVM sidechain that brings advanced smart contracts to Bitcoin.

Bitfinity BlogHans

NFT Market Bytes

Get Punk'd: This week saw the release of "What The Punk", an 80-minute documentary on the history of CryptoPunk NFTs. The film follows the story of the emergent NFT art scene as well as the origin and development of the CryptoPunk collection. CryptoPunks is an early Ethereum based collection, considered by many to be the first 'Blue Chip' NFTs. The documentary is currently available for streaming online.

Expressionless: Reddit is sunsetting its Collectible Expressions animations for their Polygon-based NFTs. The animation feature, which enhanced Reddit's Collectible Avatars NFTs, was supported directly on Reddit forums. While users may still be able to view some of the animations on historical comments, support will be discontinued as of August 5th.

Trump Cards: Former U.S. President and current candidate Donald Trump is planning on launching more NFTs, according to an official statement this week. Following a failed assassination attempt last Saturday, official Trump NFTs as well as Trump-themed memecoins enjoyed a surge in popularity. This unnamed project, if launched, would be Trump's fourth NFT collection.

Tweet of the Week

Exciting news for developers! You can now access the Bitfinity Network technical whitepaper on our GitHub. Read more about it in our tweet then dive right in:

Meme Time

A Matter of Opinion

The upcoming American Presidential election is turning into a hot topic of debate within crypto circles. While crypto itself encompasses a broad range of people with varied political stances, Trump's decidedly pro-crypto stance has undoubtedly swayed many voters. Most recently, Marc Andreessen and Ben Horowitz (founders of a16z), endorsed former President Donald Trump. Other prominent figures in the industry, such as Ryan Selkis (of crypto analytics firm Messari), have also publicly declared support for Trump.

While it's undeniable that as a whole, the Republican party favors crypto more than the Democratic party, it's important to consider all factors when it comes to a major decision such as who to cast your vote for. It's true that America has lagged behind on crypto regulation matters. But while the re-election of former President Trump would likely fast track many of the frustrating roadblocks of government oversight, electing the President should not be a single issue matter.

Vitalik Buterin, co-founder of Ethereum and one of the most influential voices in crypto, recently made a statement about crypto netizens about the dangers of voting based on cryptocurrency matters alone. This however, was met with significant backlash on CT (CryptoTwitter), with people going so far as to criticize Buterin's COVID-19 vaccination status. Buterin, who last week admitted to taking the vaccine as well as multiple boosters, is now seen with suspicion by some.

As the crypto and tech communities navigate their political endorsements, it is crucial to adopt a holistic perspective. Evaluating candidates on a broad spectrum of policies ensures a more balanced, informed decision-making process. Foreign policy, immigration, issues relating to increasing crime in major cities, and many other factors must be carefully considered by the American voter.

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