Welcome to this week‘s crypto news summary. All the essential news and events in the crypto world from last week (Feb. 27 to March. 3) are summarised below, so you‘ll be entirely up to date again before you head into the weekend.
Do you want to know what news there was in the crypto world this week? Then read along quickly!
Crypto donations amplify the speed and global reach during a crisis.
Cryptocurrencies show the world how useful they are in facilitating quick and unfettered donations during crises, as we have recently seen during earthquake relief efforts in Turkey and Syria. Donations in cryptocurrency here are proving to be a quick and easy way to provide financial assistance in times of crisis.
Cryptocurrency showed its usefulness after devastating earthquakes hit parts of Turkey and Syria in February. According to blockchain analytics company Chain Analysis, it is estimated that around $5.9 million in donations were made in cryptocurrency in the month of the natural disaster to support relief efforts in these countries.
Cardano announces new major update "Voltaire."
Cardano (ADA) is known as one of the most active cryptocurrency networks in terms of development. Cardano rolls out one development after another, calling it Cardano's various "eras." The network's newest era is already awaiting: "Voltaire." Voltaire will be introduced after three significant steps the network has yet to take, indicating Input Output Global, the company behind Cardano, on March 1, 2023.
Voltaire will be the fifth era and also the last. This final phase for Cardano will focus on the governance of the network. With this, Cardano wants to take decentralization to new heights.
The first step is MBO, which stands for member-based organization. MBO will be the starting point for all governance processes within the network. The second step the network is undertaking is the constitution, or constitution, which is a set of rules that all members of Cardano's community must abide by.
Cardano's third and final step is democratic consent or democratic assent. This will become the democratic mechanism behind the decision-making of the Cardano network. Using a mechanism that uses blockchain
When Voltaire is live and functions as expected, it will mean that Cardano can stand on its own two feet. The users of the network will then run the network together through a democratic system supported by blockchain technology, ensuring that the entire community will be part of the network's development and functioning.
Polygon launches decentralised ID product powered by ZK proofs.
Polygon (MATIC), the layer two scaling protocol built on Ethereum, launched a zero-knowledge decentralised ID solution on 1 March. The platform has finally launched almost a year after its announcement. According to the Polygon team, Polygon ID should "solve the problem of digital trust."
The Polygon ID service uses zero-knowledge proofs (ZK proofs) that use cryptographic techniques to enable users to verify their identity online without sensitive information being passed or stored by third parties.
Vitalik Buterin: There is work to be done for Ethereum.
Ethereum (ETH) was among one of the most popular cryptocurrencies in the last bull market, but that does not mean that Ethereum's network is out of development. Criticism regularly comes out about the network, including the level of transaction fees. Ethereum creator Vitalik Buterin agrees and says there is still work to be done for Ethereum.
In mid-September 2022, the Ethereum network underwent a Merge upgrade resulting in lower transaction costs. The network is also working on a well-functioning user interface and the speed of transactions.