Terraform Labs civil trial proceeds with confidential filings

Disagreement has emerged within the Bitcoin blockchain community, revolving around the BRC-20 token standard. Domo, the pseudonymous developer behind the creation of the token standard, has publicly expressed his opposition to an upcoming upgrade proposed by the Hong Kong headquartered project, UniSat Wallet.Photo by Kanchanara on UnsplashDue diligence concernsOn Tuesday Domo took to the X social media platform (previously Twitter) to articulate his concerns. He voiced apprehensions about hastily implementing updates in BRC-20, asserting that such a rush could potentially harm the broader BRC-20 user community. Domo's resistance is rooted in his belief that UniSat Wallet's proposed updates lack due diligence and are being introduced precipitously without considering potential repercussions. He wrote:”Recognizing the serious implications and valuations involved, I believe rushing these updates in BRC20 is reckless, disregards their peer indexers, and could potentially harm the broader community of BRC20 users.” ‘Split’ rather than ‘fork’Conversely, UniSat Wallet has declared its intention to “follow the Ordinals Jubilee upgrade, to confirm that BRC-20 is still on Ordinals without splitting into an isolated protocol." Described as a "split" rather than a "fork," UniSat Wallet's approach adapts to the Ordinals Jubilee upgrade, a transformative change in how the Bitcoin blockchain manages tokenized assets. In mapping the way forward its proposing to take, UniSat outlined that it would publish a whitepaper on Jan. 31, describing it as “the most significant present we are able to deliver” for BRC-20, Ordinals and Bitcoin. The crux of the matter lies in the method and pace of implementing these changes. Domo's concerns reflect a broader sentiment within the crypto community, where the rapid pace of advancements often collides with the need for stability and thorough vetting. UniSat Wallet's proposed changes, though innovative, may be viewed as potentially destabilizing by certain community members, especially those deeply entrenched in the current BRC-20 standard. Striking a balanceThis development is pivotal, highlighting the dynamic and occasionally contentious nature of blockchain technology and cryptocurrency standards. Web3 project incubator and investor TrustlessLabs summed up the matter in a social media post on Wednesday, drawing the following conclusions:”This situation encapsulates a critical challenge in blockchain protocol development: finding the right balance between preserving stability and embracing technological advancements.” As technology evolves, divergent opinions on the trajectory of these advancements are inevitable. The ongoing debate between Domo and UniSat Wallet serves as a microcosm of the larger conversations transpiring in the crypto space about how to strike the right balance between progress and stability. The BRC-20 token standard, an experimental fungible token standard on Bitcoin, draws inspiration from Ethereum's ERC-20 standard. It allows the creation of fungible tokens using Bitcoin’s Ordinals protocol, constituting a significant breakthrough in cryptocurrency by enabling novel forms of tokenization on the Bitcoin blockchain. This disagreement not only spotlights a critical debate in the crypto realm but also emphasizes the delicate equilibrium between innovation and stability.  

The Chinese authorities are reportedly mulling over the possibility of approving the use of stablecoins pegged to and backed by the Chinese yuan. That’s according to a report published by Reuters on Aug. 20, with the publication citing “sources familiar with the matter.”Photo by Eric Prouzet on UnsplashInternationalization of the Chinese yuanChina’s State Council, its cabinet and primary administrative authority, has scheduled a review of yuan-backed stablecoins for later this month, a development that could potentially lead to their approval. The Chinese have been leaders in recent years in the development of a central bank digital currency (CBDC), the digital yuan. The digital yuan was further along in its development than any other CBDC globally, with the Chinese making concerted efforts to bring the digital currency into use at home, with an eye toward global use for international trade. While the U.S. dollar has enjoyed an extended period as the world’s reserve currency, the weaponization of the currency by the U.S., particularly through the application of sanctions, has led BRICS (Brazil, Russia, India, China and South Africa) nations to consider alternatives. One of Reuters sources asserted that the Chinese authorities are now homing in on the potential to internationalize the yuan via stablecoins. Setting the tone for stablecoin useMembers of the Chinese government leadership are expected to establish the tone for stablecoin use following their upcoming review, outlining the parameters within which the Chinese authorities will permit their use. Reacting to this development, Robin Brooks, a senior fellow at the Brookings Institution, asserted that China’s newfound interest in yuan-backed stablecoins is a sign of “how insecure China is in the global financial system.” Brooks added that the way to internationalize a sovereign currency is to promote the rule of law and property rights rather than pursue the use of stablecoins, which he described as “ridiculous.”  Growing global interestWhile the Brookings Institution is not directly backed by the U.S. government, the organization is nevertheless a Washington, D.C.-based think tank. Despite Brooks’ objection to the use of stablecoins, China is not the only nation to show interest in using them.Taking to X, Raphaël Bloch, co-founder of crypto media platform The Big Whale, pointed out that increasingly, nations around the world are embracing stablecoins due to the efficiency of global currency distribution that is possible via public blockchain networks.  Additionally, stablecoins offer an effective means of government debt financing, given that stablecoin reserves are backed by government bonds. In the U.S., President Donald Trump has ruled out the pursuit of a CBDC. Last month, the U.S. House of Representatives passed the Anti-CBDC Act to prohibit the development of a CBDC by the Federal Reserve. Instead, Trump has said that a stablecoin regulatory bill working its way through the legislative system will ensure global dominance for the U.S. in the crypto sector. In June a Deutsche Bank strategist claimed that the legislation would strengthen the U.S. dollar’s global dominance, with several American politicians having since expressed the same view.Earlier this week, Japan’s Financial Services Agency (FSA) signaled that it is likely to approve the issuance of a yen-pegged stablecoin. Meanwhile, the authorities in South Korea are working on a bill related to won-pegged stablecoins.

Bithumb META Unveils Naemo World: A Sneak Peek into Immersive Metaverse ProjectBithumb META, the metaverse subsidiary of leading South Korean cryptocurrency exchange Bithumb, has unveiled a demonstration video of its metaverse project, Naemo World.Photo by julien Tromeur on UnsplashA glimpse into the virtual urban realmShowcased on the official YouTube channel, the 20-second video clip provides a glimpse into a virtual urban landscape that features both indoor and outdoor environments. Naemo World, a creation brought to life with Epic Games’ advanced 3D creation tool Unreal Engine 5, replicates intricate details such as the texture of fashion items, encompassing garments and accessories.More collaborations to enhance user experienceSpeaking about this development, Bithumb META CEO Cho Hyun-sik said, “The Naemo World demo video offers just a brief preview of the extensive range of content we have created thus far.” Cho added, “While our focus lies in the development of a broad and captivating content portfolio, we strive to create a multitude of practical applications by integrating content into tangible real-world products and services. To achieve this and expand our ecosystem, we are looking forward to collaborating with domestic and international partners across diverse industries.”Presently, Bithumb META is in collaboration with innovative companies such as tech firm Tencent Cloud and 3D fashion design software developer CLO. With an eye toward expanding the user experience within the metaverse, the subsidiary is poised to establish further partnerships.The forthcoming official launch of Naemo World, scheduled for next year, is projected to contribute to bolstering Bithumb’s endeavors to diversify its business ventures and foster synergistic growth.