Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-14-24
Good Afternoon Dinar Recaps,
XRP Ledger Set for Upgrades as Amendments Secure Majority
XRP Ledger (XRPL) might be poised for significant upgrades in the days ahead as key amendments have recently gained majority support from the network's validators.
On XRP Ledger, fully functional transaction process changes are introduced as amendments and validators vote on them. According to Vet, an XRPL dUNL validator, two XRP Ledger amendments just gained the majority and are now in the two-week activation period. These two amendments are fixPreviousTxnID and fixEmptyDID, a crucial amendment required before the DID amendment.
Amendments represent new features or other changes to transaction processing. The amendment system utilizes the consensus process to approve any changes that affect transaction processing on XRP Ledger.
To be enabled, amendments must have at least 80% support from trusted validators for two weeks. If support falls below 80%, the amendment is temporarily rejected, and the two-week time frame repeats.
If an amendment achieves more than 80% support for two weeks, it passes and the change is permanent for all subsequent ledger versions. To disable a previously enacted amendment, a new amendment must be introduced.
Two new XRPL specs published Aside from the two amendments that have entered the two-week activation period, Mayukha Vadari, a senior software engineer at RippleX announced the addition of two new specs to XRP Ledger this week. Vadari in a tweet stated she had published two new XRPL specs focused around permissioning and compliance.
First, XLS-80d: Permissioned Domains, which is a building block feature aimed at making on-chain permissioning easier to handle, developing on top of XLS-70d. Second, XLS-81d: Permissioned DEX — Secure and regulated trading environments. Vadari believes that these additions will help to drive greater flexibility and safety on XRPL.
@ Newshounds News™
Source: U Today
~~~~~~~~~
New US Bill Aims To Bring Order To Crypto Chaos With Unified Regulations
Congressman John Rose of Tennessee introduced the “BRIDGE Digital Assets Act,” one of the most important legislative proposals with changes in the regulatory landscape of crypto assets in the United States.
It provides for a Joint Advisory Committee consisting of participants from the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would, therefore, look to harmonize the sometimes-conflicting regulations existing presently between the two agencies for digital assets, coming under both securities and commodities jurisdictions.
Rose argues that the “regulation-by-enforcement” approach stifles innovation and drives investment overseas, requiring the United States to create an environment friendlier to digital asset development.
Joint Committee’s Role
It proposes a composition for the Joint Advisory Committee that should consist of at least 20 participants from the private sector, including digital asset issuers, academic researchers, and users.
They would be able to provide insight into and make recommendations regarding digital asset regulations with respect to aspects such as decentralization, functionality, and security.
The committee will be expected to meet at least twice a year, with findings and recommendations mandated to be done and given both to the SEC and the CFTC. This collaborative approach could bridge the regulatory gap to create a more cohesive approach in regulating digital assets, hence benefiting both consumers and investors.
Addressing Gaps In Crypto Regulation
One of the key features of the BRIDGE Digital Assets Act is that it aims to deal with the confusion at the current regulatory level. Both the SEC and CFTC interpret digital assets in a different way, hence creating confusion among businesses and investors.
The bill calls for a joint committee where the two agencies further align their regulatory frameworks with cooperation and clarity. The catch here is that the alignment shall avail an opportunity for a harmonized approach in the regulation of digital assets, which if realized would raise the protection of customers, as well as disclosure and economies in transaction costs.
Future Implications
The BRIDGE Digital Assets Act could be a major change in how digital assets are regulated in the United States. It also includes a specific timeline for actualizing the bill: the agencies, the SEC and CFTC, will adopt a joint charter to provide for the committee within 90 days and will appoint the members on the committee within 120 days, while the first meeting is expected to take place within 180 days of the enactment.
This structured approach not only sets a framework for the improvement of regulatory practices but also points toward new innovation in the digital asset space. As the crypto industry is still evolving, perhaps the BRIDGE Act would be the key to unlock such a balance between regulation and innovation, one that will finally play to the benefit of the US economy and its positioning in the global digital asset landscape.
@ Newshounds News™
Source: Bitcoinist
~~~~~~~~~
Cardano (ADA) Upgrade Ogmios v6.7.0 Just Landed: What's New
The novel release of Ogmios, a Cardano-node bridge interface responsible for the interaction with Ouroboros via JSON/RPC endpoints, addresses the issues with the so-called transactions era mismatch, CF open source tech director says.
Cardano (ADA) era mismatch errors are gone with Ogmios v6.7.0 release Cardano (ADA), a major proof-of-stake (PoS) network, received an upgrade for Ogmios, a crucial component of its node software stack. Ogmios v6.7.0 release is focused on fixing the issues with transactions from previous "Eras," i.e., phases of Cardano (ADA) consensus maturation.
As explained by Cardano Foundation tech director Matthias Benkort, with the new software activated, the system automatically upgrades transactions from previous eras (up until Alonzo) on submission.
Published Sept. 13, 2024, Ogmios v6.7.0 is designed to address the issue where the ledger would complain about receiving a transaction in an invalid era (typically Babbage or Alonzo) while being in a more recent era (typically Conway). As covered by U.Today previously, Cardano (ADA) ushered into Conway era with the activation of its long-anticipated Chang hard fork.
The upgrade affects the period after the activation of the Alonzo hard fork in mid-September 2021. DEX Screener finally added Cardano (ADA) liquidity pools tracking Software packages with the upgrade are available in the official GitHub repository of Cardano (ADA) dubbed Cardano Solutions.
The Cardano (ADA) ecosystem witnessed yet another major milestone this week. For the first time ever, its liquidity pools became visible on DEX Screener, a popular browsing platform for decentralized finance (DeFi).
As of printing time, DEX Screener tracks 34 ADA-based liquidity mechanisms with various Cardano-based altcoins. The largest one, BOOK/ADA has a verified marker cap of $121 million in equivalent while SNEK/ADA amassed $55 million.
@ Newshounds News™
Source: U Today
~~~~~~~~~
Ripple Set to Introduce Ethereum-Compatible Smart Contracts on XRP Ledger
This upgrade will enable developers to create scalable dApps, DeFi projects, and supply chain management solutions across XRPL, Ethereum, and EVM networks.
▪️Ripple is upgrading the XRP Ledger with Ethereum-compatible smart contracts via a new sidechain.
▪️The upgrade incorporates the Axelar network for cross-chain token transfers and introduces Wrapped XRP (eXRP) as the main token on the sidechain.
▪️It sparked debate within the XRP community about Ripple's long-term strategy, particularly regarding the company's support for RLUSD on the Ethereum blockchain.
@ Newshounds News™
Source: Newz Chain
~~~~~~~~~
IMF Backs BRICS Expansion
Enhanced international economic cooperation “should be welcomed and encouraged,” a spokeswoman has said.
ASIATODAY.ID, ANKARA – Expansion of BRICS could be beneficial globally and should therefore be “encouraged,” Julie Kozack, a spokeswoman for the International Monetary Fund (IMF), told journalists on Friday in response to a question about Ankara’s plans to join the group.
Türkiye was the latest nation to formally apply for BRICS membership in early September. Founded in 2009 by Russia, China, India and Brazil, the organization was joined by South Africa the following year. In 2024, the group expanded further to include Egypt, Iran, the United Arab Emirates and Ethiopia.
Earlier on Friday, Russian President Vladimir Putin noted that up to 34 nations had expressed interest in BRICS, with ongoing discussions about potential partnerships.
When asked if the IMF “sees any dangers in BRICS,” Kozack replied, “our view is that improved and expanding international cooperation and deepening trade and investment ties among groups of countries should be welcomed and encouraged,” especially if aimed at “reducing fragmentation and lowering trade and investment costs” among participating nations.
The spokeswoman also emphasized that “the decision to join such initiatives is a sovereign decision of each member country.”
Ankara has previously asserted its right to establish relations with any nation or international organization it deems fit, stating that its engagement with BRICS or the Shanghai Cooperation Organization (SCO) does not interfere with its other commitments, including to NATO.
“We do not consider BRICS to be an alternative to any other structure. We regard all these structures and alliances as having distinct functions,” Turkish President Recep Tayyip Erdogan said earlier. He added that Ankara seeks to be a “reliable partner” for all organizations it is part of.
“As a NATO member, we do not see it as a problem to interact with countries in the SCO, BRICS, the European Union, or the Organization of Turkic States. We believe these relationships contribute to world peace,” the Turkish leader stated.
Bloomberg reported earlier in September that Turkish membership could be considered at the upcoming BRICS summit in Kazan, Russia, in late October. Erdogan has been invited to the meeting. Russian presidential aide Yury Ushakov confirmed that Ankara formally applied for membership and said the organization would consider it. (RT/AT Network)
@ Newshounds News™
Source: Asia Today
~~~~~~~~~
In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance
As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.
Transforming Global Finance: The Rising Influence of Stablecoins
According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.
This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.
Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities.
The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.
In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:
Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.
In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape.
The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.
@ Newshounds News™
Source: Bitcoin
~~~~~~~~~
THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
~~~~~~~~~
Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps