Blockchain & Web3 Weekly Bytes Edition #30

Polymarket's $1B Election Bet & Bitcoin’s Outperformance — Plus Blockchain Digital Twins!

September 14, 2024

Hello Fellow Enthusiast,

Welcome to Edition #30 of Blockchain & Web3 Weekly Bytes! Here’s what's on the radar this week:

Tech Spotlight: Digital Twins on Blockchain — How virtual replicas are changing industries with real-time, secure tracking and insights.
Weekly Highlights: From Polymarket approaching a $1 billion bet for the 2024 U.S. election to Bitcoin's potential price surge, this week's headlines are worth noting.
Affiliate Spotlight: Gumroad — An essential platform for creators to easily sell digital products. Learn how I use it for my content.
Chart of the Week: Bitcoin's standout performance compared to major assets and classes over the past decade — check out the numbers!

🧐 Weekly Trivia

What was the first physical location to officially accept Bitcoin for in-store purchases?

A) Subway
B) Whole Foods
C) Tesla Store
D) A Burger King in the Netherlands

*Find the answer at the end of this newsletter.

🌟 Tech Spotlight – Digital Twins on Blockchain

Digital Twins have been around for a while, allowing industries to create virtual replicas of physical objects for monitoring, analysis, and optimization. But what happens when you pair this concept with blockchain? You get an unbeatable combination of real-time tracking, tamper-proof data, and secure communication.

What Are Digital Twins on Blockchain?

A digital twin is a virtual model that mirrors a physical object or system, allowing real-time insights. Think of it as a digital mirror that continuously updates as the physical counterpart changes. When powered by blockchain, these twins gain an extra layer of security and trust—ensuring that data can't be altered or tampered with.

Why Does Blockchain Matter?

Blockchain ensures that the data fueling these digital twins is secure, decentralized, and transparent. This makes it possible to monitor, track, and manage everything from machinery in manufacturing to health devices in real time without worrying about false data or unauthorized access.

Digital Twins in Supply Chains

Take global logistics, for example. Shipping companies can now track the status of goods in real-time by using digital twins, while blockchain keeps a record of every movement or condition change (temperature, humidity, etc.) along the way. This ensures accountability and efficiency by providing all stakeholders with accurate, reliable data.

Other Applications:

Automotive: Car manufacturers can track the lifecycle of a vehicle, from production to real-time performance on the road, using digital twins on blockchain. This means safer, more reliable cars and better maintenance scheduling.
Healthcare: Consider a digital twin of a medical device, tracking its usage, wear, and tear while blockchain secures every interaction. This helps reduce risks and ensures compliance with regulations.

Digital Twins on Blockchain offer real-time insights, but with added layers of security and transparency. Whether optimizing a manufacturing process or monitoring the health of an entire fleet of vehicles, these twins are set to redefine industries, providing unparalleled trust in the data we rely on.

📰 This Week’s Blockchain and Web3 Highlights

Polymarket Nears $1 Billion in Election Bets: Polymarket is making waves with nearly $1 billion in bets for the 2024 U.S. presidential election. Democratic candidate Kamala Harris leads with a 50% estimated chance and a $127 million wager.

Bitcoin Could Hit Record High by Year-End: Analysts at Standard Chartered predict Bitcoin may reach a new all-time high by the end of the year, regardless of who wins the U.S. election.

U.K. Proposes Bill to Classify Crypto as Personal Property: The United Kingdom has introduced a groundbreaking bill that would officially classify crypto assets like Bitcoin and NFTs as personal property, giving legal clarity to holders and businesses alike.

eToro Cuts Crypto Offerings in U.S. After SEC Settlement: After settling charges with the SEC, eToro is scaling back its U.S. crypto offerings to just Bitcoin, Ethereum, and Bitcoin Cash.

Women Holding Strong in Crypto Investments: A new Gemini survey finds that while fewer women hold crypto compared to men, those who do are equally committed to long-term investments.

MicroStrategy Buys Another 18,300 Bitcoin: MicroStrategy has added another 18,300 BTC to its holdings, totaling $1.1 billion in value. This brings their total Bitcoin stash to an impressive 244,800 BTC, solidifying their position as one of the largest holders of the cryptocurrency.

Bitcoin Mining Difficulty Reaches All-Time High: Bitcoin's mining difficulty has hit a new peak, increasing by 3.6% to reach 92.7 trillion. This comes after the network achieved a record-breaking seven-day average hash rate, demonstrating the increasing security and participation in the network.

🔗 Affiliate Spotlight: Gumroad

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Why Gumroad?

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I've used Gumroad to sell my blockchain and Web3 products, which has streamlined my entire process, giving me more time to focus on content and solution creation.

Ready to see what Gumroad can do for you? Check it out here: Gumroad.

😂 A Little Blockchain Humor Break 🤣

Source: CoinMarketCap

📊 Chart of the Week: Performance of Major Assets and Asset Classes

Bitcoin continues to dominate the charts with impressive returns compared to other asset classes. Over the past decade, Bitcoin has consistently led the pack, standing out against traditional investments like U.S. equities, bonds, and commodities. The latest data shows Bitcoin’s YTD (2024) performance at 45.6%, making it one of the top performers yet again.

Noteworthy Trends:

Bitcoin’s Long-Term Strength: Whether during bullish or bearish periods, Bitcoin’s annual returns have often outpaced those of other major asset classes.
Gold’s Stability: Gold has remained a relatively stable performer, consistently ranking in the middle but never coming close to Bitcoin’s volatility and potential upside.
U.S. Equities: Though traditionally considered safer, U.S. equities have seen varied performances but are trailing behind Bitcoin in recent years.

This consistent outperformance by Bitcoin solidifies its position as a growing contender among traditional asset classes, with both individual and institutional investors continuing to take notice.

Source: Bitwise

Thanks for joining me for this week’s Blockchain & Web3 Weekly Bytes edition! We touched on some interesting topics, from Polymarket’s growing bets on the U.S. election to Bitcoin’s potential price surge. We also dissected how Digital Twins on Blockchain are making waves across industries and checked out Bitcoin’s standout performance among major asset classes.

Trivia Answer: D) A Burger King in the Netherlands

As always, I hope you found this newsletter insightful and valuable. Stay tuned for next week’s updates, and feel free to share your thoughts or hit me up with any questions!

Best,
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.