Blockchain & Web3 Weekly Bytes Edition #26

MetaMask x MasterCard, Blockchain Voting, Bitcoin Accumulation Trends

August 17, 2024

Hello Fellow Enthusiast,

It’s time for Edition #26 of Blockchain & Web3 Weekly Bytes! I’ve curated a collection of the latest updates to keep you informed and ahead of the curve. Here’s what’s in store:

Tech Spotlight: Blockchain Voting Systems – A look at how blockchain is being used to innovate and secure voting processes around the world.
Week's Highlights: MetaMask teams up with MasterCard, South Korea's pension fund bets on MicroStrategy, and more noteworthy updates.
Affiliate Spotlight: Become a certified Web3 Blockchain Developer with 101 Blockchains – the course to elevate your knowledge in the decentralized space.
Chart of the Week: Bitcoin Accumulation Trends – Analyzing the recent surge in accumulation as the market gears up for potential shifts.

🧐 Weekly Trivia

Which of the following describes the concept of “Atomic Swaps”?

A) A method for splitting a large transaction into smaller parts for easier processing
B) A process that allows the direct exchange of one cryptocurrency for another without using a centralized exchange
C) A feature that automatically reverts a transaction if network fees are too high
D) A mechanism used to bundle multiple transactions into one for faster confirmation

*Find the answer at the bottom of this newsletter.

🌟 Tech Spotlight – Blockchain Voting Systems

Blockchain technology has been making waves across various sectors, and one area where it holds transformative potential is voting systems. Traditional voting methods have long been plagued by fraud, lack of transparency, and inefficiencies in counting and verifying votes. Blockchain voting systems offer a fresh approach, addressing these challenges with enhanced security, transparency, and trust.

How Blockchain Voting Works

Blockchain voting systems operate by recording votes on a decentralized ledger. Each vote is a unique transaction securely encrypted and added to the blockchain. Because the blockchain is immutable, once a vote is recorded, it cannot be altered or tampered with. This ensures the voting process is transparent and secure, giving voters confidence that their votes are counted accurately.

Real-World Utility

In 2024, South Korea's National Election Commission (NEC) launched a pilot blockchain-based voting system for local elections. This system aims to improve the transparency and security of elections by recording votes on a blockchain ledger. The pilot was part of a broader initiative to explore the use of blockchain technology in various governmental processes. The NEC's adoption of blockchain reflects a growing trend of integrating innovative technologies to enhance democratic processes, ensuring that every vote is counted and protected against tampering.

Advantages of Blockchain Voting Systems

Security: Blockchain's encryption and decentralization make it incredibly difficult for votes to be tampered with or hacked.
Transparency: Every vote is publicly recorded on the blockchain, allowing for complete transparency without compromising voter privacy.
Accessibility: Blockchain voting can be conducted remotely, making it easier for people to vote from anywhere and increasing voter turnout.

Blockchain voting is about ensuring that every vote is counted accurately and that the process is trustworthy. As trust in traditional institutions is increasingly challenged, blockchain can restore confidence in the voting process. For voters, this means knowing that their vote is secure and counted correctly and that the final outcome reflects the people's true will.

📰 This Week’s Blockchain and Web3 Highlights

MetaMask Teams Up with Mastercard for Crypto Debit Card: MetaMask and Mastercard have introduced a debit card that allows users to spend directly from their Ethereum wallets. The card automatically converts crypto to fiat at the point of sale, making using crypto for everyday purchases easier.

Spot Bitcoin ETF Inflows Signal Growing Institutional Interest: Coinbase reports a surge in institutional inflows into U.S. spot Bitcoin ETFs. The increased interest, especially from investment advisors, highlights the growing appeal of digital assets in traditional finance.

Senator Schumer Pushes for Crypto Regulation Before Year-End: Senator Chuck Schumer has pledged to pass comprehensive crypto regulation by the end of the year. The move aims to address voter concerns and shift the narrative around crypto in Washington.

Worldcoin Expands Digital Identity Verification in Malaysia: Worldcoin has announced that Malaysians can now use its orbs to verify their digital identity. The project is also exploring partnerships with Malaysia to integrate blockchain infrastructure into the country's digital landscape.

BlackRock's Bitcoin and Ether Holdings Surpass Grayscale's: For the first time, BlackRock's Bitcoin and Ether ETFs have overtaken Grayscale's in terms of holdings. This shift reflects changing investor preferences as Grayscale experiences outflows and BlackRock sees increased inflows.

South Korea's National Pension Fund Invests in MicroStrategy: South Korea's national pension fund purchased $33.7 million worth of MicroStrategy shares in Q2, reflecting a continued interest in Bitcoin exposure through corporate investments.

Bitcoin Developers Unveil BitVM2 for Enhanced Scalability: Developers have released a new whitepaper detailing BitVM2, the latest version of Bitcoin Virtual Machine. This update promises improved scalability and enhanced functionality for Bitcoin's sidechains.

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😂 A Little Blockchain Humor Break 🤣

Source: CoinTelegraph

📊 Chart of the Week: Bitcoin Accumulation Trend Score

This week's chart provides a clear view of Bitcoin's market momentum as it shifts back into bullish territory. On-chain indicators, which were teetering on the edge, have now moved firmly into a bull market signal. Remarkably, Bitcoin was briefly available at a discount for three days before the market regained strength.

Key Inferences

Strong Accumulation: The ATS hitting 1.0 indicates a robust buying trend among investors, reflecting renewed confidence in Bitcoin.
Market Implications: As accumulation increases, it often precedes bullish price movements, suggesting potential upward momentum in the near future.

The current trend underscores a growing optimism in the market, with investors steadily accumulating Bitcoin.

Source: Glassnode

Thanks for staying connected through Edition #26! We explored how blockchain is reshaping voting systems, dived into MetaMask's collaboration with MasterCard, and analyzed Bitcoin's recent accumulation trends.

Trivia Answer: B) A process that allows the direct exchange of one cryptocurrency for another without using a centralized exchange.

Atomic swaps are a fascinating way to trade cryptocurrencies directly, enhancing decentralization and security.

I always appreciate your thoughts and feedback—they help guide the direction of our community. Until next time, stay informed and connected with everything happening in blockchain and Web3.

Warmly,
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.