The 39th edition of our curated newsletter.
In today’s newsletter we look at:
- Refining Cities with Crypto
-
C.R.E.A.M. Attack
- Unpaired ZK-SNARKs
- Governing Ethereum Name Service
- Mastercard Wins Asia Pacific with Crypto
Reorganising World with Tech
In one of his latest posts, Vitalik Buterin mentions a growing interest in local governments and the idea of local governments that have wider variance and do more experimentation. Over the past year, Miami, Wyoming, Colorado, and other regions have been busy engaging tech communities, developing DAO-friendly legal structures, experimenting with quadratic voting. Some projects were even trying to create entire neighbourhoods and cities from scratch.
Another trend was the rapid mainstreaming of crypto ideas such as coins, NFTs, and DAOs. Thus, creating a city with coins, NFTs, DAOs, some on-chain record-keeping, or even all four might make sense. However, it seems like it’s already in the making.
C.R.E.A.M. Finance Post Mortem
C.R.E.A.M. Finance suffered an attack that turned out to be a mix of economic and oracle exploits executed in a single transaction. The attacker borrowed DAI from MakerDAO to create numerous yUSD tokens while exploiting the price oracle calculation for yUSD price, manipulating the multi-asset liquidity pool.
The team has managed to patch the vulnerability, and only Ethereum v1 markets were impacted. All other C.R.E.A.M. Finance v1 markets and the Iron Bank seem to be safe. The platform is working to repay lost funds and encourages the attacker to reach out, promising a 10% bug bounty. More details are in their explanatory blog post.
Mercuryo Co-Founder’s Piece
Financial Stability: After We Met Crypto Boom
Exploring Incremental Verification and Snarks Without Pairings
ZK-SNARKs are based on checking equations where the elements going into the equations are mathematical abstractions like polynomials that can hold a lot of data. Three major cryptographic technologies allow us to represent this: Merkle trees, regular elliptic curves, and elliptic curves with pairings and trusted setups. These technologies lead to the three types of proofs: FRI leads to STARKs, KZG commitments lead to “regular” SNARKs, and IPA-based schemes lead to bulletproofs.
More recently, research has explored the techniques for merging multiple IPA proofs into one. The initial work on this was done as part of designing the Halo protocol, which is going into Zcash. These merging techniques are cheap, and a merged proof takes no longer to verify than a single one of the proofs that it’s merging. If you want to dig deeper and learn how these techniques work, Vitalik’s recent post tells all about it.
Ethereum Name Service’s New Token Has a Fully Diluted Cap of $3.1B
The Ethereum Name Service (ENS) has announced its governance token. The ENS token will be used to decentralise the domain service for Ethereum wallets further, vote on a proposed constitution, and govern protocol parameters. Holders can now vote on the price oracle and how to allocate existing and future community treasury funds.
One-quarter of the entire ENS supply was made available to .eth domain holders to claim in total. Each wallet received a varying quantity of ENS based on how long it has held its domain, the expiry date, and whether it has set a Primary ENS.
Mastercard to Launch the Asia Pacific’s Crypto-Linked Payment Cards
Mastercard has announced that three leading cryptocurrency service providers in the Asia Pacific – Amber, Bitkub and CoinJar – will be launching crypto-funded Mastercard payment cards. This pioneering partnership enables consumers and businesses in the region to apply for crypto-linked Mastercard credit, debit, or pre-paid cards.
Conveniently, the interest in cryptocurrencies across the Asia Pacific region is higher than ever. According to the latest Mastercard New Payments Index, 45% of those surveyed in APAC say they are likely to consider using cryptocurrency in the next year – a massive jump over the 12% that already used it in the last year and higher than the global average of 40%.
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This is a weekly newsletter curated by our Blockchain Lead Vyacheslav Akhmetov. We cover the most sparkling events in the industry and sharing more about our journey.
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