Welcome to another new crypto news
summary. All the important news and events within the world of cryptocurrency from last week are summarized for you below so that you are completely up to date again before you head into the weekend. Read on to find out!
Sony is building its own blockchain
Sony, the company behind Playstation, is working on leaving a giant footprint within the crypto world. Sony Network Communications, a subsidiary of Sony, has revealed that the company is going to develop its own blockchain.
To do so, Sony is joining forces with crypto technology company Startale Labs.
This collaboration will join forces with the goal of "establishing a network that can become the backbone of the global Web3 infrastructure."
Startale Labs is the company behind Astar Network, one of the so-called parachains within the Polkadot (DOT) ecosystem
. Parachains are customized blockchains that are all connected to the Relay Chain, or main network.
Jun Watanabe, president and representative director of Sony Network Communications, announced that Sony's subsidiary will combine its experience in areas such as "Internet of Things (IoT) and Artificial Intelligence (AI) with Startale Labs' insights and technical prowess in Web3.
Man who threw away 8.000 bitcoin is now suing the government
James Howells, from Newport in the United Kingdom, has experienced an extremely unfortunate situation in the world of cryptocurrency. In the past he invested in bitcoin (BTC)
, but in 2013 he lost his wallet after his hard drive was accidentally thrown away.Therefore, he is trying to recover the wallet at the local landfill, but the municipality is totally uncooperative. For this reason, the man is now demanding hefty damages from the municipality.
Currently, the value of bitcoin is significantly higher than in 2013. Therefore, he is now trying to recover his wallet from the local landfill, but the municipality is not cooperating. As a result, he has decided to demand substantial damages from the municipality.
The reason he was denied permission to conduct an extensive search of the landfill has never been explained by the community. Remarkably, Howells was even willing to pay the cost of digging and offer financial support to the Newport community.
Now Howells has taken a different approach and has filed a lawsuit against the local government. This is no small matter, as his wallet contained as much as 8,000 BTC, which at its current market value amounts to more than $205 million or £164 million.
Howells is not only asking for permission to conduct a thorough search of the landfill, but is also demanding damages of as much as 446 million pounds from the municipality.
Visa releases statement on choice of Solana
Visa recently announced that it is partnering with Solana (SOL)
to support crypto payments through its blockchain network. This move is seen as a positive development for the acceptance of crypto and blockchain technologies. Visa released a statement to explain the reasons behind this collaboration.
Visa's plans mainly focus on facilitating payments with stablecoins. After thorough research, Visa has chosen Solana as the most suitable blockchain to realize this crypto initiative. The main motivation for working with Solana is its impressive transaction speed. Solana is capable of processing as many as four hundred transactions per second, and this number can even reach five thousand transactions per second during peak times.
Another advantage Visa highlights is the parallel structure of the Solana blockchain. This allows the blockchain to process multiple transactions simultaneously, so to speak, unlike other blockchains where transactions often occur in sequential order.
Defunct Friend.tech grows in popularity again
A few weeks ago, the world of cryptocurrency
was completely in the spotlight because of the rise of Friend.tech, a crypto app that allows users to earn Ethereum (ETH)
through their X accounts. The app experienced tremendous growth in the beginning, but after a week and a half, its popularity declined rapidly and it was considered unsuccessful.
But now the app seems to have suddenly come back to life. The beta version of Friend.tech was launched August 11 on the Ethereum scaling network Base. Specifically, Friend.tech allows users to buy tokens related to X accounts. These accounts are tokenized, and token holders get exclusive access to chat channels.
After the launch, the number of transactions and associated transaction fees increased significantly. On Aug. 21, the app peaked with transactions worth $1.68 million, but then activity declined rapidly, dropping 90% in just a few days.
In recent days, however, activity on the app has recovered sharply. On Sept. 9, a trading volume of a whopping $12.3 million was recorded, making it the third-highest trading volume ever on the platform.