Welcome to the Protocol, Coindesk’s weekly wrapping of the most important stories in cryptocurrency tech development. I am Margaux Nijkerk, Coindesk’s Tech & Protocol’s reporter.
In this number:
- Eclipse launches $ es AirDrop that distributes 15% of the token supply
- RISC ZERO’S ‘UNLIMITED’ INCITAMENTED TEST NETHING GOING LIVE
- Bitcoin Devs Float suggestions to freeze quantum-vulnerable-address-endda satoshi nakamoto’s
- Aethir and credibly introduce first Depin-driven credit card
Network news
Eclipse Token Generation Event: Eclipse, Layer-2, which combines technology from Ethereum and Solana Blockchains, shared that it has gone live with an air dorp of its $ es-token. The team behind the network shared that the original distribution will occur over the next 30 days, and a total of $ 1 billion has been embossed, with distribution structured to go to social incentives and long-term protocol sustainability. The supply is awarded 15% to an air drop and liquidity provisions for core communities and developers who have supported the network from the start. 35% will support the growth and research and development of the ecosystem with the aim of helping to scale the network. Contributors receive 19% of the supply, including team members, with a four -year vesting period and three -year lockup plan. The remaining 31% are premature supporters and investors who are subject to a three-year lockup plan to commit to Eclips’s timetable in the long term. – Margaux Nijkerk Read more.
RISC-ZERO “BUNDLESS” INCITAMENTED TEST NETHING GOING LIVE: Limited, the decentralized zero-knowledge (Zk) Calculate Market Square Driven by RISC ZERO, has launched its incentive test network (as it calls “Mainnet Beta”) At the base is Coinbase’s Ethereum Layer-2 network. With unlimited ‘incentive test networks, developers can build up and test applications in an environment as if the protocol is in full live format. The network has already landed early support from industry heavy weights such as the Ethereum Foundation, Wormhole and Eigenlayer. A decentralized marketplace for zero-knowledge calculation connects those who need zero-knowledge certificates, such as developers who build rollups, bridges or privacy-preserving applications with a distributed network of independent “ZK-ProRover or miners” that generate and verify this evidence. Instead of relying on centralized parties, this model allows anyone with the right hardware to contribute computing power and be rewarded for performing the cryptographic work. – Margaux Nijkerk Read more.
New Bitcoin suggestions to freeze Quantam-Vulnerable Addresses: A new Bitcoin draft proposal wants to do what has long been inconceivable: freezer coins secured by inheritance creepography – including those in Satoshi Nakamoto’s wallets – before quantum computers can crack them. According to a new draft proposal, co-author of Jameson Lopp and other Crypto Security scientists introducing a phase soft fork that transforms quantum migration into a ticking clock. Do not upgrade and your coins become unexplained. It includes approx. 1.1 million BTC tied to early pay-to-pubkey addresses, like Satoshis and other early miners. “This proposal differs radically from anyone in Bitcoin’s history, just as the threat of quantum calculation is radically different from any other threat in Bitcoin’s history,” the authors explained as a motivation for the proposal. “Never before has Bitcoin faced an existential threat to its cryptographic primitives.” – Shaurya Malwa Read more.
The first depin -driven credit card: Aethir, a decentralized GPU -Cloud network, has joined forces with credible funding, a loan protocol, to introduce what they call the first credit card and loan product driven by a decentralized physical infrastructure network (Depin). The move is designed to give Aethir’s native ATH-token holders and node operators access to stableco-credit without liquidating their symbols-a step towards mixing infrastructure on chain with real world economic capital. The product, which debuted on Wednesday, lets eligible users security quoted their ATH-tokens to access a rotating credit line or pre-enter a non-feud with ATH or Stablecoins at Solana. The loan’s approvals and limits are determined by the AI -driven credit engine of the Thirti -driven credit engine, which evaluates a user’s activity, asset holdings and transaction history. – Margaux Nijkerk Read more.
In other news
- Ripple has expanded his institutional custody services to the Middle East and is working with UAE-based tokenization platform CTRL everything to support Dubai’s government-led property digitization initiative. The deal will see CTRL EVERYTHING USE RIPPLE’s custody infrastructure to store tokenized property title deeds issued by Dubai Land Department (DLD) on the XRP headbox (Xrpl). – Shaurya Malwa Read more.
- Sharplink gaming (Sbet)the nasdaq -noted company with a crypto-state-box strategy centered about ether ETHTuesday said it has become the largest business owner of the asset with 280,706 ETH worth approx. $ 840 million at current prices. The company raised $ 413 million through the issuance of over 24 million shares between July 7 and July 11, according to a press release. It bought a total of 74,656 ETH over the last week at an average price of $ 2,852 each. About $ 257 million of this fundraising remained for future ETH acquisitions, the company said. – Kristzian Sandor Read more.
Legislative and politics
- The House of Representatives on Tuesday did not vote for a procedural movement to promote a trio with crypto bills, but can vote Wednesday to promote the legislation. As it entered its cryptophocused week on Tuesday, the US House’s process opposed to pass on digital assets bills that suddenly stop over a procedural vote as members of the House Freedom Caucus opposed how some of the legislation has evolved during Senat’s dominance. The legislation still has strong, bipartisan support, suggesting that the procedural accident can be overcome as a further vote was scheduled for later Tuesday afternoon. This vote was canceled less than 15 minutes before it was set to begin, so the case may not be raised again until early Wednesday – the same day the digital asset market clarity law was set to be voted on. – Jesse Hamilton, Stephen Alpher, & Nikilesh they Read more.
- A 12-person jury has been seated for Tornado Cash Developer Roman Storm’s criminal trial, and opening arguments will begin later this afternoon in Thurgood Marshall Courthouse in Lower Manhattan. Seven women and five men with a wide range of backgrounds and ages will decide whether the US Ministry of Justice can prove over a fair doubt that Storm is dealing with conspiracy to commit money laundering, conspiracy to violate US sanctions and conspiracy to run an illegal money transmitting business. – Cheyenne Ligon & Nikilesh they Read more.
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