Korean Gov’t Encourages Discussions on Tax Imposition within the Metaverse

Bitget invests in Morph layer 2 networkBitget, the Seychelles-incorporated crypto derivatives exchange, has injected a multi-million dollar investment into Morph, a Layer 2 blockchain that puts consumer experience at the forefront.Photo by Shubham Dhage on UnsplashCombining zero knowledge and optimistic rollupsThe collaboration, unveiled on Monday, signals a significant stride toward cultivating a novel, value-driven decentralized application (dApp) ecosystem. Morph, formerly known as Morphism, has garnered attention for its unique use of roll-up technology. By seamlessly blending optimistic and zero-knowledge (ZK) roll-ups, Morph aims to revolutionize scalability, reduce cost barriers, expedite dispute resolutions and ensure secure and adaptable transactions.The project’s modular framework allows individual components of the ecosystem to evolve independently, staying abreast of rapid innovations in consumer applications.Combating MEVA distinctive feature of Morph’s design is the Decentralized Sequencer Network, a mechanism that ensures swift and cost-effective Layer 2 transactions. This challenges the dominance of maximal extractable value (MEV) and eradicates central points of control. MEV involves the maximum amount of value that can be extracted from a block on a blockchain network. It may be manipulated through the ordering and sequencing of transactions on the chain.Technological innovation is not the sole objective of the Morph development team. Their ambition extends to creating a space where dApps seamlessly integrate into users’ daily lives, delivering tangible value. This consumer-centric approach prioritizes user experience through easy onboarding processes and intuitive interfaces. The network is attractive to developers due to lower cost barriers and accelerated dispute resolution.Gracy Chen, Managing Director of Bitget, underscored the significance of the collaboration, praising Morph’s exceptional team, multicultural approach and strategic capabilities. Chen notes that Morph’s emphasis on a decentralized and consumer-centric approach aligns seamlessly with Bitget’s vision. This partnership, she believes, has the potential to transform the blockchain space, making the technology more accessible for everyday use and unlocking widespread consumer adoption.Cecilia Hsueh, Co-Founder and CEO of Morph, expressed gratitude for Bitget’s support, emphasizing that the recent capital infusion underscores confidence in Morph’s unique value proposition, setting the stage for an upcoming seed funding round. The strategic alliance with Bitget provides Morph with a robust platform for growth, tapping into Bitget’s expansive user base of 20 million exchange users and 12 million Bitget Wallet users. Notably, Morph had previously entered into a strategic alliance with Foresight Ventures, a crypto fund based in Singapore.Looking ahead, Morph is gearing up for significant milestones as it develops further. The project plans to intensify the refinement of its technical framework and broader ecosystem in the coming months. Notably, Morph is slated to launch its public testnet in January 2024, followed by the beta mainnet of its Optimistic zkEVM, which is scheduled for Q2 2024.As Bitget continues to forge ties with up-and-coming Web3 entities, this collaboration with Morph has the potential to propel the project towards its strategic goals but also sets the stage for a transformative shift in the landscape of Layer 2 solutions.

Next Month’s Hackathon Event in Seoul Draws Attention from Ethereum DevelopersTickets for Ethcon Korea 2023, a conference dedicated to Ethereum developers and hackathon enthusiasts, are now available for purchase.Photo by DrawKit Illustrations on UnsplashTickets now availableThe Ethcon Korea organizing committee announced today that tickets are now on sale through the official event website. Participation in the hackathon is open to programmers who stake $79, while conference enthusiasts can buy their tickets at the price of $69.With the goal of expanding the Ethereum development ecosystem, Ethcon Korea is the only non-profit Ethereum developer conference in Korea, benefiting from the sponsorship of the Ethereum Foundation. This year’s event will take place in Seoul between September 1 and 3, consisting of four main parts: the conference, an educational workshop, a hackathon, and a demo day.Vitalik Buterin to deliver a keynote speechAt the conference, Ethereum co-founder Vitalik Buterin is set to deliver a keynote speech, which will be followed by presentations of prominent developers and researchers from both home and abroad. Industry experts will participate in the workshop to share valuable insights, bolster participants’ technical skills, and cultivate a collaborative environment, encouraging them to showcase their potential in hackathon projects.Hackathon backed by quadratic fundingThe three-day hackathon will be backed by the quadratic funding method, an idea initially proposed by Vitalik Buterin together with Harvard economist Zoë Hitzig and Microsoft researcher E. Glen Weyl. Quadratic funding is a democratic and inclusive funding mechanism that puts more emphasis on smaller contributions from a larger group of contributors.The organizing committee noted that Ethcon Korea 2023 will not only encourage developers to pursue learning but will also drive growth within the blockchain industry. The group also added that the event will play a role in increasing the global recognition and understanding of the Korean Ethereum community.Ethcon Korea 2023 is sponsored by many renowned organizations including Ethereum layer-2 projects Optimism and Polygon, decentralized oracle network Chainlink, and blockchain investment group Hashed. Contributions from these sponsors and proceeds from ticket sales will be allocated towards event operations and the establishment of a prize pool.The organizing committee is recruiting individuals who are interested in contributing as volunteers or offering their expertise as hackathon advisors. Those interested in participating in these roles can apply through the official event website. The application window for these roles will remain open until the end of this month.

A legislator in the Philippines has put forward a bill that, if passed and enacted, would see the Southeast Asian country establish a Bitcoin reserve consisting of 10,000 BTC. The proposed bill was filed with the House of Representatives as House Bill 421. Its proposer is Congressman Miguel Luis Villafuerte, a representative of Camarines Sur’s 5th district since 2022. Villafuerte also served as governor of the same province on two occasions, gaining recognition for becoming the youngest individual to assume the governorship in the Philippines.Photo by Michael Förtsch on UnsplashDrawing on developments overseasPrefacing the bill with an explanatory note, Villafuerte draws on developments related to Bitcoin in the United States. He drew attention to U.S. Federal Reserve Chairman Jerome Powell having referred to Bitcoin as “digital gold,” while pointing to a bill in the U.S. proposed by Wyoming Senator Cynthia Lummis to create a strategic Bitcoin reserve in the U.S., with the support of U.S. President Donald Trump. The bill itself, if passed and enacted, would provide a mandate to Banko Sentral ng Pilipinas (BSP), the country’s central bank, to acquire 2,000 BTC on an annual basis over a period of five years. According to Villafuerte’s proposal, that would result in the Philippines amassing a reserve of 10,000 BTC. 20-year minimum holding periodFollowing the achievement of this accumulation, the bill sets out that the leading digital asset would be locked in trust for a period of 20 years for the benefit of the country. A provision is included to establish a procedure that would enable the purchase schedule to be adjusted if a need arose to do so due to prevailing market conditions. Upon completion of the 20-year holding period, the proposed legislation calls on the central bank to present a report to Congress with recommendations as to whether Bitcoin should continue to be held or if some of the holdings should be sold off on a gradual basis. Following the expiration of that initial 20-year period, the governor of the central bank cannot recommend the selloff of more than 10% of the holding over any two-year period. Proof of reservesIn terms of sovereign nations, an early mover with regard to Bitcoin has been El Salvador. It became the first nation to establish Bitcoin as legal tender, while also establishing a Bitcoin reserve. However, the Central American nation has been criticized with regard to a lack of transparency surrounding that reserve. In the case of Villafuerte’s bill, the proposed legislation includes a requirement for the central bank governor to establish a system of quarterly proof of reserve attestations. It calls for attestations to be performed by an independent third-party auditor with expertise in auditing digital assets.The proposal comes as a number of nations are understood to be exploring the establishment of a strategic Bitcoin reserve. In April, a parliamentarian in Sweden proposed adding Bitcoin to the Nordic nation’s foreign exchange reserves. The Swedish parliament is set to debate the notion of a Bitcoin reserve next month. Meanwhile, Switzerland’s central bank has reportedly gained exposure to Bitcoin through a $253 million shareholding in Bitcoin treasury firm Strategy.