Maiden voyage of Chinese blockchain Sputnik
A Chinese satellite has become the first in the world to carry a blockchain imaging and screening system into orbit.
On July 22, Tai’an Star Era 16 was successfully launched into orbit from the China Jiuquan Satellite Launch Center, according to local news outlet Red Star News. Developed by Nationstar Aerospace Technology Company, the satellite features a visual blockchain on-orbit certificate storage system called ‘ADAChain’ (not related to Cardano) developed in-house by Nationstar. The researchers wrote:
“The [ADAChain] The on-orbit visual blockchain can realize functions such as multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation.
The purpose of the satellite’s journey is to “obtain rich spectral information on the surface of the target area” in the fields of “precision agriculture, water resources management, mineral resource investigation, environmental monitoring and emergency protection”. Blockchain technology will also help in achieving the goals of “high spatial resolution, high spectral resolution and high temporal resolution” in such satellite imaging.
Digital Yuan CBDC Expands to Hong Kong
Bank of China’s Hong Kong subsidiary has allowed individuals in the Special Administrative Region (SAR) to use the digital yuan central bank digital currency (e-CNY CBDC) for retail purchases.
According to a report dated July 20, more than 200 merchants such as shopping centers, pharmacies, convenience stores and electronic stores have accepted the e-CNY CBDC as a means of payment for buyers from mainland China. The e-CNY CBDC is currently not available to Hong Kong users.
As a SAR, Hong Kong maintains separate political, economic and social institutions from Mainland China. Advocates have previously called for the Hong Kong government to issue its own Hong Kong Dollar CBDC to compete with Tether (USDT) and USD Coin (USDC). Similarly, Chinese President Xi Jinping has emphasized the importance of CBDCs as a means of settling international trade in local currencies.
Terraform Labs is struggling to get back on its feet
“Whenever we make a little progress, there will be some allegation or something that will derail us,” Said Chris Amani, interim CEO of Terraform Labs, in Twitter Space on July 20.
According to Amani, the arrest of Do Kwon, the entity’s co-founder and former CEO in Montenegro, has essentially broken all the momentum the ailing network has been trying to re-establish. In May 2022, the $40 billion Terra Luna (LUNC) ecosystem collapsed due to the explosion of its algorithmic stablecoin TerraUSD (USTC). Shortly after, Kwon created the Terra 2.0 (LUNA) ecosystem. The combined market capitalization of all three tokens at the time of publication is $1.3 billion.
In its next phase, Amani says nine projects built on the combined Terra Luna ecosystem are scheduled to launch within the next few months. None of the projects will reportedly issue their own tokens. Furthermore, Amani cautioned that the projects face stiff competition from other layer-one projects due to the lack of Luna Foundation Guard or Protocol Treasury for financial support.
read this also
features
How are you dao? Can The DAO scale and raise other burning questions
features
Ethereum is eating the world – ‘All you need is the internet’
South Korean crypto lender shut down amid criminal proceedings
South Korean crypto lender Delio says that all of its company and customers’ assets have been seized in a raid by prosecutors on July 18.
In a July 22 announcement, Dalio announced that it would freeze all interest payments to users immediately following the asset seizure, making it impossible for the company to continue normal operations. In June, the crypto lender suspended all withdrawals and deposits on its platform, citing contact with counterparty and fellow South Korean crypto lender Haru Invest, which in turn suspended all transfers due to a problem with the “consignment operator,” B&S Holdings.
Haru Invest is currently undergoing bankruptcy proceedings. Meanwhile, Delio is one of the largest crypto lenders in South Korea with approximately $1.5 billion in customer bitcoin (BTC), ether (ETH) and altcoin deposits. Since June 30, the company has been under investigation by the country’s Financial Services Commission over allegations of fraud, embezzlement and breach of trust.
The firm had earlier said that it would enable the withdrawal of users’ assets without specifying any specific time frame. However, similar to the Multichain saga, it is unlikely that the company can do this when customers’ assets have been frozen as part of criminal proceedings.
In a July 23 blog post, Haru Invest CEO Hugo Lee wrote that B&S Holdings’ assets have also been seized by authorities and that the company is currently trying to recover the funds. All of the company’s operations have been suspended, and the company plans to liquidate its remaining assets in phases. Haru Invest currently has over 80,000 users.
Indonesia’s National Crypto Exchange Goes Live
A national cryptocurrency exchange run by the government of Indonesia will be the only legal venue for trading crypto assets in the Southeast Asian country.
The exchange is currently open for spot trading, with plans to expand its offering to cryptocurrency futures and derivatives in the future, said a July 20 statement from the country’s Commodity Futures Trading Supervisory Agency, also known as Bappebati. All cryptocurrency exchanges registered within the country can join a national exchange, which acts as a clearing house to ensure transactions comply with relevant regulations.
Despite official support, Islamic organizations in Indonesia have previously considered the use of cryptocurrencies haram, or forbidden, for Muslim users. There is no consensus among Islamic scholars regarding this matter, he said.
On the 40th anniversary of the introduction of Chicken McNuggets, McDonald’s Hong Kong is partnering with The Sandbox to launch an eponymous Metaverse to celebrate the occasion.
The metaverse, called “McNuggets Land”, will allow users to interact with McNuggets-themed gaming characters and avatars. McDonald’s Hong Kong CEO Randy Lai commented:
“For 48 years rooted in Hong Kong, McDonald’s has always strived to provide innovative experiences and happy moments. To celebrate the 40th anniversary of Chicken McNuggets, we are excited to collaborate with The Sandbox to deliver an immersive web3 metaverse game experience.”
A prize pool of 100,000 SAND tokens and 10,000 vouchers for McNuggets perks will be distributed to the participants. Since its entry into then British Hong Kong in 1975, the franchise currently operates 250 restaurants across the city, serving over 1 million customers per day.
subscribe
The most fascinating reading in blockchain. Delivery is done once a week.
