Ethereum Will Have its First Documentary with Participation of Vitalik Buterin

Jenson Nunez
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Ethereum Will Have its First Documentary with Participation of Vitalik Buterin

The first documentary film about Ethereum, dubbed “The Infinite Garden,”collects funds through a campaign at ETH that includes NFT. The project would come out in 2023.

Ethereum (ETH) is starring in a documentary film for the first time and will feature the exclusive participation of its young creator, Vitalik Buterin.

A multidisciplinary team, made up of filmmakers, artists, producers, and crypto enthusiasts, revealed that they are working on the first feature-length documentary about Ethereum. Dubbed ‘Ethereum: The Infinite Garden.’

The film will talk about the decentralized nature of the Blockchain project and will feature a set of interviews with many of its top leaders, and personalities including its co-founder, Vitalik Buterin.

As part of the presentation of the film project, the team is working on a novel financing campaign that also includes non-fungible tokens (NFTs) based on the Ethereum network. Crowdfunding will happen through the Mirror platform, where, in a matter of two days only, they have already gathered about 50% of the funds.

The Ethereum Documentary

There are multiple film and documentary productions on cryptocurrencies and their underlying technology, but there has never been a solo film about a currency like Ethereum. This film will be the first to portray the decentralized technologic vision behind Ethereum and the minds that manage the platform.

Film production company Optimist is in charge of the documentary, with Carrie Weprin taking the lead as producer and Zach Ingrasci and Chris Temple serving as co-directors. Weprin and Ingrasci were aware of the crypto ecosystem before getting involved in the project but said that the interviews they did for the film made them a fan of Ethereum.

According to the website, this past spring, the team established an exclusive filming relationship with Buterin and Ethereum Foundation CEO Aya Miyaguchi. “We are now broadcasting and talking to many of Ethereum’s most innovative community members,” they stated on the matter.

Financing Campaign in ETH and NFT

The filmmakers behind the project commented to the CoinDesk medium that the crypto financing campaign was the most viable way to collect funds. The filmmakers chose this way because it keeps alive the creative vision of the project. It also shapes the outcome of such a film and encourages more community members to get into it.

The NFT pieces are the product of a contribution between Past Palms, a New York-based producer who brings the music for NFT, and the artist ‘pplpleasr‘. The different series of collectibles denote, for their part, the levels of participation in the project.

95% of the funds raised will go to the film production budget. Meanwhile, 2% will go through donations to Carbonfund.org, carbon offsetting, and 3% for Gitcoin Grants. ( the campaign has already raised 374 ether and it keeps increasing.)

According to the schedule, the film might see the light in the winter of 2023. The team recently announced their intentions to show the film at a major film festival, but they are also looking for its distribution on a streaming platform.

By: Jenson Nuñez

Italian Financial Regulator Says Binance Can Not Trade in That Country Either

Alexander Salazar
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The CONSOB banned the Binance exchange from trading in Italy through both its companies and its website. The Italian agency warned about the possible risks of investing in cryptocurrencies such as Bitcoin.

In recent days, Italy’s National Securities Market Commission (CONSOB) released a statement about the Binance Group. They said that the companies belonging to the exchange could not offer investment services in the European country.

The text indicates that the prohibition includes offers on the website www.binance.com. The warning is general but refers specifically to the particularly controversial derivatives and company equity tokens.

Although it did not directly attack Binance, the Italian financial authority warned about the possible risks that trading cryptocurrencies represent. At the same time, they invited their citizens to be very careful to make conscious investment decisions.

According to the agency, cryptocurrency-related investment operations may pose risks not immediately noticeable. They claimed that cyberattacks on these instruments, their complexity, high price volatility, and malfunction are the reason for this.

The risks related to investing in cryptocurrencies are not the only reason why CONSOB has warned Italians. They also recommended that citizens verify that the Internet sites through which they make investments are duly authorized.

Binance Is in the Middle of a Hurdle Race

The Italian financial regulator released its statement amid the bans and legal issues that Binance is facing. According to data from LiveCoinWatch, this is the cryptocurrency exchange with the highest trading volumes worldwide.

As of early July, the exchange site was already facing regulatory hurdles in six countries. The United Kingdom, Singapore, Thailand, the Cayman Islands, Japan and Malaysia restricted Binance’s operations in their territories.

After that, the Chinese authorities blocked access to the platform’s website, just as they have done with those of other exchanges. At the same time, British financial services company Barclays prevented payments with debit or credit cards to Binance. They said they did so because they wanted to protect the money of the exchange’s customers.

How Binance Responds to Regulations On Its Operations

Binance has expressed its intention to comply with the regulations in each country where it trades. In addition, it has promised to observe the so-called Financial Action Task Force (FATF) travel rule by sharing its customers’ data with other exchanges. However, they have not yet given a response to the ban that Italy has imposed on them.

Besides, they have maintained a policy of cooperation with the authorities in investigations related to money laundering or scams. For example, at the end of June, the exchange provided information that helped prevent cybercriminals from laundering money on its platform.

The fear among world authorities to using cryptocurrencies has led them to tighten their regulations on those assets. In that sense, several countries have limited the operations of exchanges and have warned their citizens not to invest in them. Given the growing relevance of cryptocurrencies in the world economy, that situation will continue to happen.

By Alexander Salazar

There is Already an Activation Date and a Block for the London Upgrade to the Ethereum Network

Alexander Salazar
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There is Already an Activation Date and a Block for the London Upgrade to the Ethereum Network

The developers consider that the rollout on the Ropsten testnet was a success. The EIP-1559 update emerges as a possible solution to the high fees on the network.

The Ethereum smart contracts network is currently preparing for its upcoming upgrade. The Ethereum Foundation said there is already a block to activate the improvements to the London hard fork.

The organization announced that EIPs (Ethereum Improvement Proposals) would hit the mainnet at block 12,965,000. The programmers estimate that the event will occur between August 3rd and 5th, that is, in just over two weeks.

The developers successfully deployed and tested EIPs on the Ropsten testnet before revealing when London will occur. The improvements to the Ethereum network will appear on the main blockchain. Therefore, users must upgrade their nodes to the latest versions of their clients.

Node operators will need to upgrade the version of the clients they use to make them compatible with the London hard fork. According to Tim Beiko, representative of the foundation, London supports several versions on the Ethereum mainnet. He refers to the programs go-ethereum (1.10.5), Nethermind (1.10.77), Erigon (2021.07.03-alpha), Besu (21.7.1), OpenEthereum (v3.3.0-rc.4) and EthereumJS (VM, v5.5.0).

If the behavior of the network persists, ethernodes.org estimates that the upgrade would occur on August 5th. Currently, the chain is at block 12,832,209, so there would still be around 132,790 blocks to process.

Strikingly, only 9.7% of the nodes have upgraded to the most recent versions of their clients. About 200 active nodes have installed the software and configured their computers for the upcoming upgrade.

The Ethereum Network Will Reduce Fees After the London Hard Fork

One of the most awaited upgrades or forks is London, which contains the EIP-1559 and five other improvements. The proposal changes the way of paying fees on the network, which miners criticize and users support.

The decrease in fees could negatively affect the income of miners but could benefit the users. The latter will pay a base fee (a part of which will burn) for each transaction while miners receive a tip.

The implementation of London will theoretically cause gas paid in operations to decrease. Furthermore, it would turn Ethereum’s native cryptocurrency, Ether, into an asset with deflationary characteristics.

Few Know These Benefits of the EIP-1559 on Ethereum

In early July, developer Evan Van Ness wrote about the benefits of implementing the EIP-1559 on Ethereum.

The expert highlights that the EIP-1559 allows taking gas fees mainly away from the user. He adds that the wallets will take care of this automatically, so users only have to pay the base fee.

According to the specialist, the novelty will benefit both users and developers of decentralized applications. The latter would have to deal with many frustrated users when their transactions get stuck.

The EIP-1559 will also help Ethereum rollups, increasing scalability in the network and allowing reducing fee payments. Ethereum co-creator Vitalik Buterin is optimistic about those developments and believes they will be critical to the network.

Van Ness also believes that the EIP-1559 would make the network more secure, which seems to be the point everyone misses. He specifies that such an implementation helps fight denial-of-service (DOS) attacks in the long run.

By Alexander Salazar

Alliances between Exchanges and Colombian Banks Emerge in the Framework of the Regulatory Sandbox

Alexander Salazar
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Alliances between Exchanges and Colombian Banks Emerge in the Framework of the Regulatory Sandbox

Some cryptocurrency exchanges and banks have started partnering to achieve more effective regulation of cryptocurrencies. The pilot tests limit operations to around USD 1,845 for electronic deposits and around USD 13,181 for traditional deposits.

The first regulatory tests in Colombia have led some cryptocurrency exchanges and banks to operate differently. According to Alejandro Beltrán, country manager of the Buda.com exchange, the regulatory sandbox will allow replicating the good practices of the financial system in the field of crypto assets.

In recent days, Beltrán explained the regulatory sandbox that Colombia announced in February. He said it seeks to test associated trading mechanisms between banks and exchanges. The goal is to achieve more effective regulation of cryptocurrencies.

Beltrán stated that participation in regulatory tests grants a temporary certification for one year, extendable to two years, to work under certain conditions. The Financial Superintendency of Colombia leads financial institutions that want to understand crypto assets. These entities do not know how to link traditional services and defend consumer rights in this area.

However, exchanges and banks have the power to decide on the implementation deadlines for these tests. For example, Beltrán explains that a platform (Bitpoint) began to operate alongside a financial institution (Movii).

Colombia has a regulatory sandbox in which banks and exchanges are testing methodologies through partnerships. The authorized alliances were: Bancolombia with Gemini, Davivienda and Powwi with Binance, Banco de Bogotá with Bitso and Buda, Coink with Banexcoin, and Movii with Panda and Bitpoint.

Who Can Enter the Regulatory Sandbox in Colombia

Beltrán commented that the pilot tests allow no more than 5,000 users to enter the regulatory sandbox. Furthermore, they limit transactions to around COP 7 million (approximately USD 1,845) for electronic deposits and COP 50 million (approximately USD 13,181) for traditional deposits.

For example, users participating in the tests will include those wanting to have accounts with Bancolombia and Gemini. In this way, everyone can have the necessary information to manage risks.

Regarding the upcoming tests, Beltrán clarified that neither companies nor legal entities can join yet, but natural persons can. He said that both the bank and the exchange must prepare a message protocol to answer user questions.

However, he clarifies that not all the transactions of a given exchange go into the pilot test or the sandbox. Some users are unwilling to trade under sandbox conditions, such as operating with only accounts of the partner bank.

The Colombian Cryptocurrency Market Today

Alejandro Beltrán gave his opinion on the current situation of Colombia in the world of crypto assets. He stated that the region has a lot of potential for the adoption of cryptocurrencies, particularly Bitcoin. According to a study by Chainalysis, Colombia is one of the ten economies with the highest adoption worldwide.

The Buda.com country manager said that remittance systems and e-commerce could be interested in the adoption of cryptocurrencies. However, he clarified that the banking system still shows hostility despite openness. They hope that this situation will change through the joint work that banks and exchanges do in the sandbox.

By Alexander Salazar

As Inflationary Levels in the US Increase, Bitcoin Trade Volume Decay More than 20% in the Last Seven Days

Jenson Nunez
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As Inflationary Levels in the US Increase, Bitcoin Trade Volume Decay More than 20% in the Last Seven Days

The reduction in the commercial volume of Bitcoin goes hand in hand with the fall in the price of the first cryptocurrencies. It goes at the same time with the increase in inflationary levels in the US economy.

A report recently published by the firm Arcane Research revealed that Bitcoin’s trading volume crumbled down to new lows last weekend, just within the framework of the drop seen in the prices of the first cryptocurrency.

According to these events, the report reflects that the average daily volume of Bitcoin (BTC) traded last weekend went between USD $ 18,000 million and USD 22,000 million, a figure that declined between 10% and 20% compared to what happened on the last July 3-4.

Along with this reduction in the trading volumes of Bitcoin, it is also vital to consider that volatility seen around its prices has fallen, as the price seems to settle between USD 30,000 – USD 33,000 per unit, prices at the end of January of this year. This time is the same that the digital currency used to get on top, setting new all-time highs. As such, heading into the last month, the price of the principal digital currency fell more than 12%.

Each Bitcoin trades at an average of USD 32,664 per unit, with a drop of 1.42% in the last few days.

Ethereum Price Falls Below $ 2,000 per Unit

Another important event that took place a few hours ago was the sudden decline in the price of Ethereum (ETH), the second digital currency with the largest market capitalization, which fell below USD 2,000 per unit on July 13.

Data published in various price indices indicate that Ethereum is trading at about USD 1,941 each unit, with a drop of 4.57% in the last 24 hours. However, from a weekly perspective, the decline has been more significant. For seven days, there was a speak of reduction circling 15.9%.

Although the evolution of Bitcoin generally makes its effect felt on the price of the digital currencies, several analysts point out that Ethereum would be keeping a correlation with bitcoin, due to the growing institutional interest that starts to emerge about the cryptocurrency. This interest might represent a good investment asset precisely because of its associated properties.

Another relevant aspect regarding Ethereum is that next August, an update will happen in the network. This update would provide the digital currency with deflationary features that would further reinforce its commercial value.

Inflation Increases in the US

Perhaps the most notable event cited in recent days relates to the increase in inflationary levels recorded by the US economy this month, which shows all-time highs not seen since 2008.

A report published today by the EFE news agency stated that year-on-year inflation in the US rose to 5.4%. Data reported by the Bureau of Labor Statistics (BLS) indicates that this happened because of the increase in the cost of second-hand vehicles (10.5%) and gasoline (2.5%).

By: Jenson Nuñez

Illegal Mining Farm Discovered in Ukraine with Almost 5,000 Computers, Including Playstation

Jenson Nunez
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0
Illegal Mining Farm Discovered in Ukraine with Almost 5,000 Computers, Including Playstation

The illegal operation cost the State of Ukraine an amount that circles between $ 186,000 and $ 259,300 in electricity per month.

Ukraine’s police unit recently unveiled a vast underground crypto mining farm in Vinnytsia city, which is located three hours from the capital city of Kyiv. The police opened criminal proceedings against the farm operators, who are originally from Kyiv and Vinnytsia, alleging non-authorized use for water, electricity, and thermal energy.

The operations took place in the former warehouse of JSC Vinnytsiaoblenerho, a Ukrainian company that focuses on the transmission and distribution of energy. During the raid, the Security Service of Ukraine (SBU) seized at least 3,800 PlayStation game consoles, more than 500 graphics cards, 50 processors, laptops, phones, and flash drives used during operations.

To hide this consumption from the authorities, the operators used electricity meters that did not show consumption. Investigators are now looking to see if JSC Vinnytsiaoblenerho officials also took part in the operations.

Mining Activities Around the World

According to the University of Cambridge analysis, Bitcoin mining globally consumes 121.36 terawatt-hours (TWh) of electricity per year. This figure surpasses the electricity consumption of entire nations like Argentina or the Netherlands. Preliminary estimates suggest that the Vinnytsia operation used an amount of energy in the range of 5-7 million Ukrainian hryvnia ($ 186,000 – 259,300) per month, an amount of power that the country was not paying.

This recent raid comes after another illegal crypto farm located in Chernihiv, in the northern part of Ukraine, was closed down earlier this month. In June, a tinier operation broke down with the theft of electricity worth $ 70,000 in two months.

This event also comes just weeks after China’s crackdown on mining, which has forced many miners to migrate to other territories, including the United States of America. While cryptocurrency is not illegal in Ukraine, it is also not a legal tender as such. Current legislation requires citizens to disclose how many cryptocurrencies they have.

According to a December 2019 Legal Amendment, Cryptocurrencies are Property

Lawmakers in Ukraine enabled a new measure to the legislation that allows cryptocurrency payments. This measure appeared right after the attempts of the European country to comply with strict international standards against money laundering (AML).

The law additionally includes a provision for individuals to act as transmitters and custodians of cryptocurrencies. However, there is a restriction on services. These services must operate complying with the financial monitoring and reporting standards prescribed by the recently adopted bill.

Also, the government of Ukraine is encouraging the Law on Virtual Assets that will permit Ukrainian citizens to own and transact with cryptocurrencies. The country has more than 100 companies involved in this sector and plans to become a global destination for cryptocurrencies, mining them with nuclear energy, Foreign Policy reported.

By: Jenson Nuñez

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