Crypto Market Overview October 19th | Dex-Trade
No Sooner Said Than Done: Jack Dorsey Launches the First Decentralized Social Network
Three years after Twitter co-founder and former CEO Jack Dorsey unveiled his project for a decentralized social network with the ability to seamlessly share and store data, the Bluesky Social (BS) application has finally seen the light, but so far only in beta format. On the sidelines of the techno industry, BS has already been dubbed the decentralized answer to Twitter. The protocol on which the application runs has been renamed from ADX to Authenticated Transfer Protocol (or AT Protocol). It is positioned as a “protocol for large-scale distributed social applications,” which should provide account transfer operations, algorithmic choice, compatibility and performance. The protocol specification states that user identification will be handled by domain names (eg @alice.com) directly in the AT. They will then be matched against cryptographic URLs that will protect the user account and its data. This data can also be transferred from one provider to another without any loss. However, little is known about the Bluesky Social app itself. The press release only says that it will be "launching soon," but for the time being, those who wish can join a private waiting list to test the beta version, the estimated timeline for which is also not yet indicated.
Sad Story About South Korean Passport: Do Kwon No Longer Needs It
The South Korean passport of TerraForm's founder, Do Kwon, which he had to return to the country's authorities if he refused to cooperate in the investigation of the collapse of the company, seems to have no legal value anymore. However, Kwon himself expressed enchanting indifference about this. In a recent interview with crypto journalist Laura Shin, he stated, “I’m not using it anyway. I can’t see how that makes a difference." At the same time, Kwon did not answer the question whether he has a passport of any other country and whether he plans to apply for asylum in connection with an arrest warrant opened in his name from the South Korean prosecutor's office. The crypto businessman also stated that he has hired an on-chain analytics company to provide all trading data to the Luna Foundation Guard, whose mission is to maintain the Terra ecosystem. According to him, the firm, as planned, will publish information in a couple of weeks. As for the 313 bitcoins held in Luna Foundation Guard accounts, Kwon cited the pending civil lawsuit as the reason the funds cannot be moved anytime soon. But these funds are meant to eventually be distributed to offset investors' losses as a "goodwill gesture."
The European Commissioner Urged US to Take on “Global Crypto Regulations”
European Commissioner for Financial Services, Mairead McGuinness, in an interview with the Financial Times spoke about the regulation of cryptocurrencies and referred to the Crypto Assets Markets Bill (MiCA), which should provide a regulatory framework for digital assets in the countries of the European Union. The key idea of McGuinness was the issue of global regulation. She emphasized that any regulation imposed on the crypto industry should work according to single, transparent rules common to all: “We do need to see other players also legislating … perhaps differently, but with the same objective . . . We need to look at global regulation of crypto.” As such, McGuinness urged US lawmakers to develop "radical" new rules to govern the crypto industry and warned that digital assets could pose a threat to financial stability if left unregulated. By the way, during her recent trip to Washington, McGuinness met with several US lawmakers who were pushing bills to regulate digital assets in Congress, including Rep. Patrick McHenry (R-North Carolina) and Senator Kirsten Gillibrand (D-New York). York). And now is the time to remember the first goal of regulators — stablecoins and carefully diversify them before it's too late.