Blockchain & Web3 Weekly Bytes Edition #34
Decentralized Identity, Blockchain AI Surge, & MicroStrategy’s Big Bitcoin Move
October 12, 2024
Hello Fellow Enthusiast,
Welcome to Edition #34 of Blockchain & Web3 Weekly Bytes! I've got some standout updates for you this week:
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Tech Spotlight: Decentralized Identity (DID) — how blockchain is shaping secure, self-sovereign identities in the digital world.
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Weekly Highlights: From MicroStrategy's ambitious trillion-dollar Bitcoin goal to South Korea revisiting its crypto ETF ban—there's plenty to unpack.
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Affiliate Spotlight: Don't miss out on Ledger's latest offers—secure your digital assets and get rewarded with BTC.
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Chart of the Week: Blockchain activity skyrocketed in Q3, hitting record highs for daily active wallets driven by AI-powered DApps.
🧐 Weekly Trivia
Which company was the first to accept Bitcoin as payment for its services?
A) Microsoft
B) Overstock
C) Tesla
D) Subway
*Find the answer at the end of this newsletter.
🌟 Tech Spotlight – Decentralized Identity (DID)
Managing personal data is more important than ever, and Decentralized Identity (DID) is offering a fresh approach. Unlike traditional systems, DID puts the individual in control, allowing you to manage your identity without relying on central authorities like social platforms or government databases.
How Decentralized Identity Works
With DID, you maintain your own identity and decide what information to share and with whom. Built on blockchain, this approach ensures your data stays private and secure, removing intermediaries from the equation. When you log into a service, you don’t need to hand over unnecessary personal data—just enough to prove who you are.
Real-World Example
Take Microsoft’s ION project. It’s allowing people to prove their identity without relying on the usual centralized platforms. Want to access a service or verify your credentials? You can do it directly without involving third-party logins or passwords while keeping your data safe.
Practical Uses
In healthcare, DID allows patients to control access to their medical records, granting permission only when necessary. In education, students can prove their degrees or certifications without needing a middleman to verify them. This new way of managing data is already making an impact across industries.
Decentralized Identity gives back control, offering a safer, more personal way of managing identity online.
📰 This Week’s Blockchain and Web3 Highlights
MicroStrategy's Bold Goal: Trillion-Dollar Bitcoin Bank: Michael Saylor reveals MicroStrategy's vision to become the largest Bitcoin bank, targeting a trillion-dollar valuation by borrowing at low rates, offering competitive returns, and investing heavily in Bitcoin.
Crypto ETFs in High Demand Among U.S. Investors: According to a survey by Charles Schwab, nearly half of U.S. investors are looking to buy Bitcoin and Ethereum ETFs, signaling strong demand in the space.
Former Bitcoin Dev Challenges HBO's Satoshi Theory: Gregory Maxwell, a former Bitcoin Core developer, points out a critical detail undermining HBO's claim that Peter Todd is Satoshi Nakamoto, raising doubts about the documentary's accuracy.
South Korea Considers Lifting Spot Crypto ETF Ban: South Korea's financial regulator may lift the current ban on spot crypto ETFs, paving the way for new investment opportunities in the country.
Mt. Gox Repayment Pushed to 2025: Mt. Gox's repayment deadline has been extended to 2025, easing fears of a potential Bitcoin selloff that could have impacted prices.
SEC's Crypto Stance Labeled a 'Disaster': SEC Commissioner Mark Uyeda criticizes the agency's approach to crypto regulation, calling it ineffective and unclear, and calls for better guidance moving forward.
FBI Turns Profit From Ethereum Scam Token: An Ethereum token created by the FBI to catch market manipulators unexpectedly earned investigators $14,500 in profit from on-chain activity.
🔗 Affiliate Spotlight: Ledger Wallets — Secure Your Crypto and Earn BTC!
Looking for a trusted hardware wallet to safeguard your digital assets? Ledger’s got you covered, and now they’re sweetening the deal with some BTC bonuses!
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Ledger Nano S Plus: Buy now and get $20 in Bitcoin.
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Ledger Nano X: Purchase this premium wallet and score $30 in Bitcoin.
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Ledger Flex (Touchscreen): Get the newest model and enjoy $50 in Bitcoin.
👉 Secure your crypto with Ledger’s top-tier hardware wallets and earn some BTC along the way here!
😂 A Little Blockchain Humor Break 🤣
Source: Naiive
📊 Chart of the Week: Blockchain Activity Surges in Q3
The third quarter of 2024 brought a massive spike in blockchain activity, with daily active wallets hitting a record 17.2 million. AI-driven decentralized applications (DApps) played a major role in this surge, seeing a 71% increase to 4.3 million users.
🔍 Key Takeaways:
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Record Blockchain Activity: A 70% growth in daily active wallets during Q3.
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AI DApps Boost: AI-related DApps have become a significant driver, surging by 71%.
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Broadening Adoption: Games and social DApps also saw significant rises in user engagement, contributing to the overall increase.
Blockchain usage across sectors continues to rise, showcasing the dynamic growth of the space, particularly with AI innovations leading the way.
Source: DappRadar
Thanks for sticking with me through another packed edition! From the rise of Decentralized Identity (DID) to blockchain's record-setting quarter driven by AI DApps, it's clear that we're witnessing some big shifts in the space.
Trivia Answer: B) Overstock!
They made history back in 2014 by offering their customers Bitcoin as a payment option.
Stay tuned for more insights next week, and feel free to reach out if there's anything you want to dive into further. Your feedback always helps make this space even more engaging!
Until next time,
Ajay Tomar
Disclaimer:
Content in this newsletter is for educational and informational purposes only and is not intended as financial, tax, or legal advice. Always do your research and consult with a professional before making financial decisions. As a solopreneur, I may earn commissions from affiliate links in this newsletter at no extra cost to you. This support helps me bring you valuable content. I only endorse products I trust and believe could benefit you.


