Regulatory breach sees Philippines initiate blockade on Binance

Scroll’s zkEVM Launches on Ethereum MainnetScroll, the Seychelles-headquartered project behind the Ethereum layer-2 network of the same name, has officially made its debut on the Ethereum mainnet.Photo by Zoltan Tasi on UnsplashAttempting to solve for scalabilityThe project team announced the development via a press release which was published on Tuesday. The network launch signifies the latest in a series of attempts by various layer-2 projects, including Polygon and StarkWare, to address the persistent challenges of high transaction fees and network congestion that have hindered Ethereum’s usability in recent times. Speaking to layer-2 development, co-founder Sandy Peng stated:“We see a future where the vast majority of value transfer takes place on Layer 2s on Ethereum. What will drive that adoption is improved user and developer experience.”After testing and refinement on its testnet, Scroll believes that it is in a good position to play an active role within the Ethereum ecosystem by providing a general-purpose, zero-knowledge Ethereum virtual machine (zkEVM) roll-up.The project has 900,000 wallet addresses in active use on its testnet, having executed seven million transactions since August. The testnet has seen over 55 million transactions during its year-long operation.At its core, Scroll’s mission is to combine Ethereum’s network security with reduced fees and lower latency, making it an attractive proposition for existing Ethereum projects. According to Peng, Ethereum developers can seamlessly deploy their projects on Scroll and harness the groundbreaking zkEVM technology.Incorporating bytecodePeng emphasized the significance of zkEVM’s ability to batch proofs efficiently, resulting in faster transaction speeds and cost reductions, thanks to its bytecode-level compatibility.Bytecode, in the realm of computer programming, simplifies intricate machine cryptography, making code more accessible for computer hardware. Scroll allows deployed smart contracts to store the bytecode of their transactions, which is then sent to a centralized zkEVM node. This node verifies the transaction’s accuracy without revealing its content. Once verified, the transaction’s status is updated on the Ethereum network, eliminating the need for re-execution. Peng pointed out:“Thanks to this feature, Ethereum devs can leverage all the same tools they are familiar with, ensuring that everything operates seamlessly right from the start.”Scroll’s mainnet code was subject to audits conducted by four major auditing firms, namely Zellic, Trail of Bits, OpenZeppelin, and KALOS, in an effort to ensure robust security and reliability.Efforts towards greater decentralizationWhile Scroll’s current implementation offers compelling features, the team is actively researching ways to further enhance the network’s decentralization. Currently, if the sequencer goes offline, the protocol halts, creating a potential vulnerability. To address this, the Scroll team is working on a protocol upgrade that will enable “forced batches.” This update will allow permissionless publication of batches through the base layer, even in the event of a sequencer halt.Peng elaborated on the team’s vision, stating: “Mid-term, the goal is to minimize the probability of a sequencer halt through decentralization.” This approach aims to bolster the network’s resilience and ensure a smoother user experience.While headquartered in the Seychelles, the project has its origins in China through its Chinese founders, Ye Zhang and Haichen Shen, alongside Peng, with many of its 60-strong project team based in mainland China and Hong Kong.

Bizplay Improves Payment Experiences for Foreign Tourists in South KoreaBizplay, a cost management solutions provider, is gearing up to introduce a mobile payment service for international visitors to South Korea. This innovative service will empower tourists with the convenience of seamless transactions across a nationwide network of 1.75 million merchants who accept ZeroPay, a QR code-driven mobile payment platform.Photo by Federica Bisso on UnsplashBlockchain involvementOn September 7, Bizplay joined HIVEX Network, the cross-border payment system of blockchain tech company TBCASoft. This collaboration opens up opportunities for Japanese and Taiwanese tourists in South Korea to access the same payment services they are accustomed to in their home countries.Native apps and currenciesBy the first half of next year, these tourists will be able to readily identify ZeroPay-accepting merchants in their native apps without having to install a separate app, and they will have the ability to pay in native currencies such as Japanese yen and New Taiwan dollars without the cumbersome process of currency conversion.Once integrated with the HIVEX Network, Bizplay’s services will be available in all member countries of the HIVEX Network. By strengthening its partnerships with global payment companies, Bizplay aims to facilitate easy payments for the 4.5 million Korean users of its BeplePay, another app similar to ZeroPay, when they travel abroad in the latter half of 2024.Kim Hong-ki, CEO of Bizplay, expressed his excitement that international tourists in Korea will soon be able to enjoy a convenient travel experience by easily making payments with their native apps at ZeroPay-accepting shops. He further emphasized the company’s commitment to leveraging its technology and extensive global network to expand its services, with the aim of meeting the diverse needs of consumers.

Shapella Upgrade to Have limited Impact on ETH’s Selling PressureThe Shapella upgrade on the Ethereum network scheduled to take place on Wednesday will only have a limited impact on the selling pressure on ETH, according to a report by the research center at Korean cryptocurrency exchange Korbit.©Pexels/JievaniShapella upgradeOne of the key features of the Shapella upgrade is to allow withdrawal of staked ETH. This upgrade follows September’s Merge upgrade that switched the Ethereum network’s consensus algorithm from Proof of Work to Proof of Stake, significantly reducing electricity consumption.Impact on selling pressureTo predict the impact of the Shapella upgrade on the selling pressure on ETH, the analysts at Korbit Research calculated the amount of time it takes for all the ETH staked as of March 22 to be withdrawn. They believe this calculation is relevant because withdrawals of staked ETH could trigger bulk sales, potentially imposing a greater selling pressure on ETH.According to the findings, the daily sell volume for the first three days is expected to be 300,700 ETH, 0.254% of the circulating supply. This volume will gradually decrease to 43,000 ETH for the next six months and to 29,000 ETH for the following six months, each corresponding to 0.035% and 0.024% of the circulating supply, respectively.All in all, bulk selling of ETH is not likely, considering it will take about a year and five months for all the staked ETH to be withdrawn and that the amount of withdrawable ETH will stay relatively low for each period. Furthermore, since this analysis assumes an extreme case, the market will be able to effectively handle the volume over the six month to 18 month period.4 other reasonsIn addition, Korbit Research outlined four other aspects that limit the selling pressure on ETH.Firstly, there is some concern that the selling volume of ETH may increase due to unstaking resulting from the cessation of staking services at American crypto exchange Kraken. However, a decrease in the number of validators on the Ethereum network will raise the base reward. This may prompt those who unstaked ETH to stake them on other platforms, rather than selling them.Second, ETH locked up at liquidity staking protocols such as Lido Finance and Rocket Pool provide liquidity for representations of staked ETH. These platforms allow users to stake fewer than 32 ETH for rewards. According to a February Binance Research report, 57.7% of ETH stakers enjoy liquidity and rewards. Therefore, there may be a limited impetus to divest of staked ETH.Third, since only 41.1% of ETH stakers are seeing profits as of the time of writing the report, the remaining stakers would have to risk losses when withdrawing ETH. This suggests that those not yet seeing profits are more likely to keep ETH staked. Furthermore, Dune Analytics data shows that most of the ETH stakers with gains staked ETH when its price was relatively low, which indicates that they participated in staking in early days. Shivam Sharma, the author of the aforementioned Binance report, states that these ETH stakers are likely “some of the strongest Ethereum believers.”Lastly, despite the Shapella upgrade, ETH withdrawals at different staking pools may not be initiated immediately. This could limit the circulation of withdrawable ETH, which in turn would hinder the selling pressure on ETH.Macroeconomic factorsThe Korbit researchers concluded their paper with a note that the selling pressure on ETH will be more influenced by macroeconomic factors than technical factors. They added that a possible downturn in the overall economy and corrections in risky asset markets might lead investors to sell ETH.