Reviving the Rich Cultural Heritage of an Island with Bitcoin: A Journey to Elevate its Past Glory

BitcoinDeepa or Bitcoinදීප - " Deepa" means an Island in Local Language

🏝️Picture this: the sun is shining down on the stunning landscapes of Sri Lanka, and the BitcoinDeepa team is out and about, spreading the good word about Bitcoin. That's right – Bitcoin is making waves in Sri Lanka, and it's all thanks to the tireless efforts of the BitcoinDeepa team and the wider Bitcoin community.

Now, you may be thinking – what does Bitcoin have to do with poverty in Sri Lanka? Well, hold onto your hats, because we're about to blow your mind. Bitcoin has the potential to provide financial inclusion to people who may not have access to traditional banking services. That's right – Bitcoin is a game-changer.

The BitcoinDeepa team has been working tirelessly to educate merchants and locals on Bitcoin acceptance and the Lightning Network. By organizing meetups across the island, the team has been instrumental in raising awareness of the benefits of Bitcoin and promoting its adoption as a means of payment in Sri Lanka.

But it's not just about payments – Bitcoin can also act as a store of value, protecting people's savings from inflation and economic uncertainty. And in a country where many people rely on remittances from abroad, Bitcoin can provide a fast, secure, and low-cost solution.

The CeylonCash team has also been doing their part in driving Bitcoin adoption in Sri Lanka. By translating content into Sinhalese and getting rewarded with 1000 Sats per post, the team has created a thriving Bitcoin Economy. Their outreach and education programs have been critical in promoting the adoption of Bitcoin in Sri Lanka and raising awareness of its potential to transform the lives of people across the country.

And let's not forget about the economic benefits of Bitcoin adoption. By attracting more foreign investors, boosting international trade, and creating job opportunities for locals, Bitcoin has the potential to lift the country out of poverty and improve the standard of living for its citizens.

So, what's next for Bitcoin in Sri Lanka? With the support of companies like Blue Wallet, who have added LKR support and Sinhala language integration to their wallet, the team is one step closer to bridging the gap between the global community and the people of Sri Lanka.

In conclusion, the BitcoinDeepa team and CeylonCash are on a mission to create a brighter future for Sri Lanka. By embracing Bitcoin as a means of payment, the country can improve financial inclusion, attract foreign investment, and create job opportunities for its citizens. It's time to join the Bitcoin revolution – together, we can create a more decentralized, accessible, and inclusive financial future.

Ethereum (ETH) might be heading for an $11,800 price by 2030, according to leading investment management firm VanEck Research.

In a recent report, investment management firm VanEck Research revisited its estimates for Ethereum’s (ETH) future revenue and valuation following the hard fork. Utilizing a rigorous valuation model, the firm predicts an ETH price increase to $11,800 by 2030, translating to an annual revenue rate of $51 billion from the current $2.6 billion.

In a tweet today, Chinese blockchain reporter Colin Wu drew public attention to this ambitious projection.

VanEck’s analysis offers a transparent valuation methodology for Ethereum, considering various factors such as transaction fees, Miner Extractable Value (MEV), and “Security as a Service.” The $11,800 price forecast depends on Ethereum’s capture of up to 70% of the market share of all smart contract protocols in 2030. 

However, this projected $11,800 price is discounted to $5.3k at present, considering a 12% cost of capital derived from ETH’s recent beta. According to VanEck, the recent Ethereum Shanghai hard fork, which gave users an opportunity to withdraw staked ETH, allows ETH to potentially compete with US Treasury Bills.

It is essential to grasp the nature of Ethereum as a digital mall where secure internet commerce takes place. Ethereum is a platform for businesses built on smart contract code, allowing users to engage in commerce without relying on trust. Validators maintain the network’s security and ledger of economic events. At the same time, Ethereum charges users for conducting business and exchanging value within the platform.

Ethereum Revenue Recognition And Value Accrual

VanEck recognizes transaction fees, including the base and tip fees, as revenue lines for Ethereum. Additionally, Miner Extractable Value (MEV) is considered a revenue item for ETH, as a portion of MEV accrues to ETH stakers through validators. 

The firm also introduces a novel revenue item called “Security as a Service” (SaaS), highlighting Ethereum’s potential as a store-of-value asset for state actors seeking to maximize human capital.

VanEck’s projections are based on the market capture of Ethereum as a smart contract platform. The firm identifies three main business categories – Finance, Banking, and Payments (FBP), Metaverse, Social and Gaming (MSG), and Infrastructure (I). 

By assuming a certain percentage of economic activity in each category will move on-chain, VanEck estimates Ethereum’s take rate of the business economic activity derived from blockchain deployment. This take rate varies depending on the end market, with Ethereum’s share falling between 3% and 10% across different business categories.

Notably, at its current price of $1,866, ETH would need to increase by 532% in 7 years to hit a goal of $11,800 by 2030. This goal is also 141% higher than ETH’s all-time high of $4,891 which it attained in November 2021.#Ethereum #Binance #ETH

Dogecoin gains 14% after token's symbol replaces blue bird as Twitter logo

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Sui’s highly anticipated Permanent Testnet has finally arrived!! This instance of the Sui network serves as Sui’s long-running, decentralized, and permissionless Testnet. Unlike past Testnet Waves 1 and 2, this new Testnet will continue running even after Mainnet launch.

With this network we bring a number of significant feature updates to the community. 

Core Network

Dynamic validator set: Validator candidates that meet sufficient stake requirements can join the network at epoch boundaries, and active validators can leave the network at epoch boundaries. This validator access model proves what it means to be permissionless.

Protocol software and Sui framework upgrade support: Unlike Devnet, Testnet will not be wiped on each software update (unless there are extenuating circumstances). The community will be notified appropriately ahead of any planned software updates or data wipes on Testnet. 

Full node restore from database snapshot: Instead of waiting for a Full node to sync, node operators can leverage a checkpoint to quickly bring up a Full node.   

Addresses and signature updates: Account addresses, object IDs, and transaction IDs have been upgraded from 20 bytes to 32 bytes to prevent hash collisions. Additionally, Sui’s default hash function is now Blake2b rather than SHA3, as it is far more performant. And in order to support a wide range of transaction sizes, signatures are now applied over hash digests instead of serialized BCS data. This enables Sui compatibility with hardware wallets, whose signer APIs typically allow limited size inputs.

Developer Experience

In keeping with our aspirations for Sui to be a best-in-breed developer platform, we view this milestone as the earliest incarnation of what we call Sui DevX 1.0, where a number of core developer primitives and semantics are brought together:

the culmination of developer and builder feedback throughout the Sui journey thus far

foundation elements upon which Sui’s developer ergonomics and developer efficiency will continue to be refined

designed with intent to enable a Sui ecosystem that is decentralized but not fragmented

These primitives are:

Programmable Transaction Blocks: This powerful construct enables chaining together a series of transactions–splitCoin, mergeCoins, transferObjects, moveCall, makeMoveVec, publish–to create a custom, atomic transaction block uniquely suited to your application needs. Since moveCall can specify any existing on-chain functionality, Programmable Transaction Blocks essentially provide ad-hoc transaction composition, significantly enhancing the versatility of the Sui Move programming model.  Programmable Transaction Blocks also simplify gas coin management, as an application can pass in a vector of gas coin objects and perform coin split/merge within a Programmable Transaction Block, rather than having to perform coin selection before submission.  

Sponsored Transactions and gas station: While support for sponsored transactions has been in place since release 0.27, we are pleased to announce Shinami’s gas station (guide, API), which is now available for use with Sui’s Permanent Testnet! 

Object Display Standard: This standardizes off-chain display of objects of the same type using a set of named templates. Sui Explorer and Sui Wallet both support the Object Display Standard now. Sui APIs and Typescript/Rust SDKs also support the Object Display Standard. This was a collaborative effort with lots of ideas and brainstorming from the Sui Community–we would especially like to thank Capsules and OriginByte and for their input to this standard.

Kiosk Standard: Kiosk, a powerful new primitive, supports listing an object for sale and enforcing creator-defined royalty policies when the object is sold. The combination of Object Display and Kiosk fill two key gaps for folks building collectibles and trading platforms on Sui. We encourage ecosystem wallets, explorers, and marketplaces to explore both the Object Display Standard and the Kiosk Standard for seamless compatibility across the ecosystem. 

RPC Revamp: There are now more aggregation-based RPC get* methods: getEpoch, getNetworkMetrics, getMoveCallMetrics, queryObjects. JSON RPC batched requests were deprecated in favor of MultiGet* methods. System events were deprecated in favor of dedicated fields in the transaction response. And lastly, a number of legacy RPC methods (marked with unsafe_*) were deprecated in favor of Programmable Transaction Blocks.

Zero Knowledge Proofs: There is now Move API support for verifying Groth16 ZKP using both BN254 elliptic curve and BLS12-381 (two of the most widely-used curves). This provides for computation proofs in Sui smart contracts and enables privacy-preserving applications.

Two Granularity of Timestamps: A fine-grained Clock module that supports 2-3 second granularity for near real-time applications, and a coarse-grained Epoch Timestamps.  

Move Package Upgrade: This is an essential functionality for developers to update their Move contract and to pull in upgrades of dependent packages. Move Package Upgrade will be available on Testnet with the next software update (tentatively planned for first week of April)! Stay tuned!

In addition to using Devnet and Testnet, we also encourage builders to use the local environment for initial development and faster iterations. The sui-test-validator binary has been improved to aid with local development flow.

Sui Devnet versus Testnet

The following table describes the differing network characteristics between Devnet and the Permanent Testnet as of the date of this publication.

AttributeDevnetPermanent Testnet Validator setFour Mysten Labs-operated validators93 validators + 2 Mysten Labs-operated validatorsFull nodeMysten Labs-operated plus community operated nodesMysten Labs-operated plus community operated nodesValidator locationUS-EastGeo-distributedDurationPermanentPermanent AccessPublicPublicJSON API URL . Discord Faucet Discord channelDiscord channel Faucet Unit1 SUI per request1 SUI per requestEpoch Duration24 hours24 hours Reference Gas Price1 MIST Starting epoch 0 at 1,000 MIST. Afterwards, the reference gas price will update as validators participate in the gas price survey throughout each epoch.Storage Gas Price1 MIST76 MISTSW Version as of March 29, 2023v0.29.1v0.29.1Release CadenceWeekly release plus more frequent hot-fixes as necessaryOnly updated as necessary for the immediate future. A regular release schedule will be announced once it has been established. Data DurabilityData wiped as part of regularly scheduled software updatesNo data wipe as part of software updates. Until a regular wipe schedule is established, any data wipe will be announced ahead of time. Incident SupportMysten Labs oncalls and Mysten Labs incident management protocolMysten Labs oncalls plus necessary coordination with validators

Join the Action

As you can see, there are many powerful and new capabilities that are now possible on a decentralized and permissionless network. If you are an interested validator or full node operator, we welcome you to join the network. If you are an app builder, we would love to see your creativity on Sui DevX 1.0 (especially for Programmable Transaction Blocks and Sponsored Transactions)!

Thank you for being part of the Sui community, we highly appreciate each of your unique contributions towards shaping the soon-to-be Sui Mainnet!