Former Thai PM expresses positive view on crypto

OmniBOLT to Support BRC-20 Tokens on LightningSingapore’s OmniBOLT, a project that’s developing technological solutions within bitcoin’s layer two network environment, has outlined that it will support BRC-20 tokens on Lightning Network.Before we consider precisely what OnmiBOLT's decision to support BRC-20 tokens means, let’s cover the backstory.Photo by Sander Weeteling on UnsplashBRC-20BRC-20 is an experimental token standard which was created by an anonymous developer with the handle “Domo”, and username ‘@domodata’ on Twitter. A token standard governs how and where a cryptocurrency can be used. The approach has been pioneered by developers on the Ethereum blockchain who created the ERC-20 standard a number of years ago, relative to the Ethereum network.A bitcoin evolutionIn this instance, BRC-20 is a fungible token standard designed for the bitcoin blockchain. Bitcoin development is very slow and conservative, and deliberately so, in an effort to put network security first. However, it has had two major upgrades over the course of the last few years, namely SegWit and Taproot.Many in crypto have been critical of the bitcoin project on the basis of it being a pet rock that lacked features and the flexibility to use it in other ways aside from as a store of value or means of exchange. However, those protocol upgrades have led to further development that is expanding bitcoin’s use case and versatility.SegWit and Taproot enabled the development of Bitcoin Ordinals in January 2023. Ordinals provide a means to create Bitcoin non-fungible tokens (NFTs), by attaching data to individual satoshis, the smallest denomination of Bitcoin. NFTs created this way are immutable as they’re not created on side chains but on the bitcoin blockchain itself.In a fast moving scenario, the development of Ordinals led two months later to the emergence of the BRC-20 standard. BRC-20 tokens can be stored on the bitcoin base-chain, built with the assistance of Ordinals. BRC-20 is an exciting development as it stands to enable smart contract capabilities relative to bitcoin.Solving the bitcoin fee issueMany see this development as a solution for the longer term fees issue that the bitcoin blockchain will have to overcome. Bitcoin miners are compensated in mining rewards but the level of rewards is being cut in half every four years. The concern is that in the longer term, there may not be enough revenue for miners to continue to secure the network effectively.With the development of Bitcoin Ordinals, more fees are generated, and so this is seen as a means through which the network can sustain itself over the longer term.Mempool backlogSo what’s not to like? The issue that has arisen over the past few days is that bitcoin transaction fees have hit a two year high. Over the past few days, there have been in excess of 400,000 unconfirmed bitcoin network transactions sitting in the mempool. The mempool is a mechanism within the bitcoin protocol that stores the data relative to a queue of transactions that are waiting to be confirmed.Relieving pressure on bitcoinThat brings us back to the significance of the Singaporean team of developers at OmniBOLT deciding to support BRC-20 tokens on the lightning network. That move can relieve the pressure on the bitcoin mainnet. The project is being backed by Waterdrip Capital, Danhua Capital, Redline DAO and others.Bitcoin has been a boring protocol and many have celebrated that fact as a feature and benefit for a network that serves a couple of vitally important use cases exceptionally well. However, development never stops and it’s fascinating to see another side to the protocol unfold, and all the while, it’s not entirely clear where it will end.

South Korea’s one of the leading crypto exchanges, Bithumb, has launched a new service dubbed Benefit Zone. Here, users can participate in the platform’s promotional events and earn in-app points, local media outlet Digital Today reported. These rewarded points can be traded for crypto assets through an in-app point shop. The event missions are available either on its mobile app or on PC. Photo by Kanchanara on UnsplashOne of these event missions involves participants predicting Bitcoin prices – BTC Up? Down? – where users can make a bet on whether Bitcoin’s price will rise or fall compared to its closing price of the previous day. The mission is available daily from 10:00 to 22:00 (KST). Winners of the bet are provided with a reward of 100 points and double that amount if they are newly signed-up users of the given month. If the Bitcoin price remains unchanged, all participants are rewarded points.  More promotional events to comeAside from the Benefit Zone, Bithumb is hosting another event targeting new members who joined the platform in March. Those who deposit funds in Korean won into Bithumb deposit accounts are eligible for Bithumb Cash worth around KRW 20,000, or approximately $15. Bithumb’s Service General Manager Moon Seon-il stated that the exchange platform is conducting various promotional events to offer more perks and benefits to users, showing the company’s commitment to introducing more user-friendly services and events in the future.  

Korean Travel Rule Solution Provider CODE to Start Charging Monthly Fees Next MonthSouth Korean Travel Rule solution provider CODE, established in collaboration between local cryptocurrency exchanges Bithumb, Coinone, and Korbit, has announced the implementation of service fees starting next month. Up until this point, CODE has been offering its services free of charge. The notification regarding this change was issued to CODE’s clientele, which includes various crypto exchanges, as reported by local tech news outlet Digital Daily.Photo by Kenny Eliason on UnsplashTravel RuleThe Travel Rule regulations, set by the Financial Action Task Force (FATF) and Korean legislation, require Korean trading platforms to maintain records of both the sender and recipient’s information for virtual asset transactions exceeding 1 million KRW ($780). The FATF, founded in 1989 and headquartered in Paris, is an international financial watchdog dedicated to combating global money laundering and terrorist financing.More competitive priceCODE is anticipated to offer its services at a more competitive price of 1 million KRW ($780), in contrast to its rival VerifyVASP (VV), which introduced a monthly fee of $1,800 earlier this year. VV is a product developed by Lambda 256, a subsidiary of Dunamu, the parent company of Upbit, the largest cryptocurrency exchange in Korea.CODE launched its services in March last year. Among its crypto exchange members are Gopax, Cashierest, and Coredax. In December, the Travel Rule solution provider appointed Lee Sung-mi, the former compliance officer of Bithumb, as its new CEO, and since then, it has accelerated its monetization plan. Prior to Lee’s appointment, Coinone CEO Cha Myung-hun had been at the helm of CODE.