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Blockchain and Web3 Weekly Bytes Edition #5
Blockchain & Web3 Weekly Bytes: AI Token Surge & Mastercard's Crypto Innovation
February 24, 2024
Hello Fellow Enthusiast,
Welcome back to Blockchain & Web3 Weekly Bytes. This week, we're looking closely at Bitcoin Halving, the event that fine-tunes the supply of Bitcoin and can ripple through the market.
We'll also explore The Graph (GRT), a tool that's making blockchain data more accessible than ever. Plus, I've got the latest on AI tokens, Mastercard's venture into crypto rewards, and other timely updates.
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Let's dive into the latest from the world of blockchain.
Weekly Trivia
What key technology ensures the uniqueness and verifiable ownership of Non-Fungible Tokens (NFTs)?
Find the answer at the bottom of this newsletter.
Bitcoin Halving – The Essentials
Bitcoin Halving and Its Impact on the Crypto World
Bitcoin Halving is a pivotal event in the Bitcoin network, marked by its occurrence approximately every four years. It signifies the reduction of the reward for mining Bitcoin transactions by half.
What Happens During Halving?
The Halving process strategically decreases the number of new bitcoins entering circulation. This event is an integral part of Bitcoin’s economic model, inspired by the scarcity principle. Like reducing the supply of a precious metal, halving helps control Bitcoin's inflation.
Effects on Bitcoin’s Value
While not a straightforward cause-and-effect, Halving periods have historically aligned with significant shifts in Bitcoin's market price, often sparking increased interest and market speculation.
Why Halving Matters
Bitcoin Halving events emphasize the cryptocurrency's distinct supply management. Unlike fiat currencies, Bitcoin's supply is algorithmically determined, with a total limit of 21 million coins, underscoring its scarcity and value.
Community Response to Halving
The crypto community often views Halving with a mix of excitement and speculation. It’s a time when the potential for Bitcoin’s growth is widely discussed and analyzed.
Bitcoin Halving — More Than a Technical Event
Bitcoin Halving transcends being a mere technical event; it's a cyclical occurrence that spotlights Bitcoin's scarcity aspect and its role as a unique digital asset. It illustrates Bitcoin's novel approach to supply and demand, setting it apart from conventional currencies and assets.
Snapshot of Bitcoin Halving Dates. Source: CoinWarz
This Week’s Blockchain and Web3 Highlights
AI Tokens Surge with OpenAI's Sora Project: AI-related cryptocurrencies are experiencing a significant rally. Ocean Protocol and Fetch.AI notably surged, with Worldcoin hitting a new peak, fueled by excitement around OpenAI's Sora initiative.
Mastercard's Crypto Loyalty Program Fills Google Pay Void: Mastercard's collaboration with Swoo Pay aims to offer crypto-based loyalty rewards, targeting emerging markets in Africa and Southeast Asia, areas where Google Pay has less reach.
Bitcoin Reaches Record Highs in Multiple Countries: Bitcoin has set new all-time high prices in local currencies in 14 countries, including Argentina, Egypt, and Japan, indicating its growing global influence.
Arbitrum Foundation Funds Film Exploring Digital Art: A partnership with Dpop Studios has led the Arbitrum Foundation to finance a film by Oscar-winning producer Shane Boris, delving into the world of digital art and crypto.
Sports Illustrated Tickets Adopts Avalanche for NFT Ticketing: Moving from Polygon to Avalanche, Sports Illustrated Tickets is enhancing its NFT ticketing capabilities, offering unique features like NFT videos and loyalty benefits.
Coinbase Advocates for Grayscale's Ethereum ETF: Coinbase is backing Grayscale's bid for an Ethereum ETF, highlighting Ethereum's robust market presence and technical stability as reasons for SEC approval.
Reddit Files to Go Public, Reveals Bitcoin and Ethereum Investment: As Reddit prepares to go public, its SEC filing discloses investments in Bitcoin and Ethereum, underscoring the growing mainstream acceptance of cryptocurrencies.
A Little Blockchain Humor
Bitcoin Halving Confusion
The Crypto Journey
And that brings us to the end of this edition of Blockchain & Web3 Weekly Bytes. I hope you've found the insights on Bitcoin Halving and The Graph informative and thought-provoking.
Your perspectives and participation make this journey through the blockchain universe all the more rewarding. If you have questions, insights, or topics you'd love to see covered, just hit reply – your input is invaluable.
For those who've been moving this newsletter to your primary inbox, a big thank you. It's a small action that supports our growing community immensely.
Trivia Answer: Blockchain technology is essential for NFTs. It guarantees each NFT's uniqueness and provides a secure, transparent record of ownership.
Until next Saturday, keep a steady hand on your digital assets and an open mind to the endless possibilities of Web3.
Warm regards,
Ajay Tomar
P.S. Enjoy the trivia? Stay subscribed for more snippets of wisdom in each issue!
Disclaimer:
Content in this newsletter is for educational and informational purposes only and is not intended as financial advice. Always do your research and consult with a professional before making financial decisions.
Weekly Digital Assets Spotlight
Spotlight on The Graph (GRT)
This week, let's take a close look at The Graph (GRT), a protocol that's reshaping how we access and use blockchain data.
The Role of The Graph in Blockchain
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The Graph serves as an indexing protocol for querying networks like Ethereum and IPFS. It's fundamental for applications in both DeFi and the broader Web3 ecosystem.
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Developers use The Graph to build open APIs, known as subgraphs, which allow applications to retrieve data from the blockchain efficiently.
The Graph by the Numbers
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The adoption of The Graph is impressive. Over 3,000 subgraphs are deployed, benefiting DApps such as Uniswap and Decentraland.
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In a single month, like September 2020, The Graph processed over 7 billion queries, highlighting a significant monthly usage increase.
Community Engagement and Growth
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Beyond technology, The Graph is buoyed by a strong community. This includes over 200 Indexer Nodes in its testnet and more than 2,000 Curators in its Curator Program.
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Financially, The Graph has seen robust support, raising around $25M from community members, VCs, and blockchain influencers, including Coinbase Ventures.
Why Keep Tabs on GRT?
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The Graph is expanding its reach beyond Ethereum, promising increased utility for a growing range of blockchain networks.
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Its significance lies in its ability to make blockchain data not only accessible but also usable for a wide array of applications.
The Graph (GRT) defies the tag of being just another digital asset; it's a critical component in the rapidly evolving landscape of blockchain technology, offering a streamlined, efficient way to handle the ever-growing data in this space.
