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The Protocol: How Winklevii Taught Dad BTC, Wild Flight to Singapore

This issue of The Protocol is packed with smart info (and interesting images). We're covering:

  • The new crypto project backed by former President Donald Trump (who in his spare time is campaigning as the Republican nominee in this year's U.S. presidential election).
  • How the Winklevoss twins got their father into bitcoin. (Ever wonder about their paternal phenotype?)
  • The tale of a wild chartered plane ride – Dancing! Chanting! Mingling! – of crypto execs and influencers on their way to Token2049 in Singapore from Doha.
  • Vitalik's silent treatment.
  • Ethereum's 'Pectra' upgrade getting too gangly to push all at once.
  • Top picks from the past week's Protocol Village column: Lumerin, Maelstrom, NEAR.AI, Hyperbolic, Threshold, Redacted.
  • $80M+ of blockchain project fundraisings.
  • Tokenized real-world assets climb past $12B.

This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.Network newsTyler and Cameron Winklevoss with their father, Howard (Winklevoss family)

OF COURSE THERE'S A TOKEN. Former President Donald Trump's much-anticipated announcement of a new crypto company, World Liberty Financial, did not disappoint. At least, it didn't disappoint traders on the Polymarket prediction-betting site who had wagered that the project would announce plans to launch a token. The project's team – the Republican candidate's sons Don Jr. and Eric spoke during the X Spaces discussion – was unequivocal that there would be a token, with the ticker WLFI. After a two-hour-plus session that included lots of yuks and crosstalk, however, it was less clear what the company will actually do. The most definitive account came from CoinDesk reporters including Sam Kessler got his hands on a draft white paper revealing that World Liberty Financial might closely reveal a DeFi project called Dough Finance that failed to gain traction and was hacked for $2 million. Both Zak Folkman and Chase Herro, who were responsible for Dough, confirmed their involvement in World Liberty Financial via their appearance on the X Spaces. The lead moderator of the session, Rug Radio's Farokh Sarmad, expressed astonishment that the elder Trump even showed up – given a schedule packed with rallies, debates, stump speeches, golf and an attempted assassination in Florida the previous day. Politico Morning Money called out the "risks Trump is taking by embracing a business venture his sons are launching less than 50 days before the election." Eric Trump said on the session that decentralized finance needed to be easier to use for regular people, noting the extreme difficulties he encountered when "looping Ethereum on Aave," the biggest DeFi lending platform. There wasn't much discussion of the risks of hacks, exploits and single points of failure that serve as the starting point for a lot of foundational conversations about blockchain-project architecture. Eithan Raviv, CEO of Israeli crypto-recovery firm Lionsgate Network, emailed The Protocol to say that "the major security concerns with this project include a lack of transparency, unclear asset protections and heightened cyber risks due to the high-profile individual involved."

SILENT TREATMENT? Ethereum co-founder Vitalik Buterin wrote on X that he will avoid any mentions of those projects that aren't decentralized enough. To merit any ink, they have to at least meet a decentralization threshold known as "Stage 1," under a hierarchy he laid out years ago in a blog post. “Starting next year, I plan to only publicly mention (in blogs, talks, etc) L2s that are stage 1+,” Buterin wrote. “It doesn't matter if I invested, or if you're my friend; stage 1 or bust.”

PIG BUTCHERING CRACKDOWN: The U.S. Securities and Exchange Commission (SEC) has filed suit against three individuals and five companies for allegedly operating pig butchering scams – a type of confidence-enabled investment scam in which fraudsters befriend victims over text-based social media apps, gain their trust and convince them to invest large amounts of money in fictitious crypto platforms before stealing their funds and disappearing. Separately, the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) announced sanctions against one of Cambodia’s wealthiest businessmen for allegedly playing a role in serious human rights abuses – including human trafficking and torture – tied to a pig butchering scam operation headquartered in the Southeast Asian country.

Bhutan, a Himalayan nation with fewer than 1 million people, has accumulated over $780 million in bitcoin, representing nearly a third of its GDP. "Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023," according to Arkham, a blockchain-analysis platform.Howard Winklevoss, father of the famous crypto twins, is donating $4 million in bitcoin {BTC} in a first-of-its-kind donation to Grove City College, where he developed an interest for sound money and the Austrian school of economics that also later influenced Satoshi. Winklevoss told CoinDesk that he first learned about the principle of sound money at Grove City College while studying under Hans Sennholz, a free-market, Austrian-School economist and professor who had studied under Ludwig von Mises.

Ethereum Devs Poised to Split Blockchain's Next Big Upgrade, 'Pectra,' in TwoThe latest Ethereum upgrade is partly named after Electra, one of the "seven sisters" in the star constellation known as Pleiades, shown in an artistic rendering here inside the ring of circles. (Wikipedia, modified by CoinDesk using PhotoMosh)

It's only been six months since Ethereum, the dominant smart-contract blockchain, had its last major upgrade. But there are so many developer priorities for what to tackle next that there's a growing realization they can't all happen at once.So now, Ethereum developers are considering dividing the highly anticipated Pectra upgrade into two parts.

Pectra was on track to be Ethereum’s biggest hard fork to date. (A hard fork, in this case, is the technical blockchain term for the software upgrade.), But some developers argue that the entire package of new features has become unwieldy, and they have expressed a desire to split it due to its complexities, and the risk of doing too much, too fast.During an All Core Developers call last week, Ethereum developers started to play with the idea that splitting the hard fork into two might be feasible.

EF DevOps Engineer Parithosh Jayanthi, who was one of the core developers pushing to split Pectra, told CoinDesk over Telegram that “we’re talking about splitting it into two forks, mainly to reduce the risk of a bug and to enable faster shipping of both forks.”Click here for the full article by Margaux NijkerkMoney CenterFundraisingsVanishree Rao, founder and CEO of Fermah (Fermah)

  • Fermah has announced its $5.2 million seed round, co-led by the a16z CSX fund and Lemniscap. According to the team, "Founded by seasoned cryptographer Vanishree Rao, who has dedicated the last 15 years to designing and building zero-knowledge proofs (ZKPs), Fermah is optimized for cheap, fast, and reliable ZKP generation, abstracting away the inherent complexity. Fermah generates proofs for any instance in which ZK is used – whether it's for ZK rollups, ZK bridges, ZK coprocessors, ZKML projects or ZKFHE projects. Fermah is neutral and architected to support all proof systems, including zkVMs, zkEVMs, Groth16 and all other proof systems."
  • Hemi Labs, the team co-founded by legendary Bitcoin developer Jeff Garzik, has raised $15 million in investment to develop and launch Hemi Network, a layer-2 blockchain that has been built on both Bitcoin and Ethereum, the company said on Wednesday.
  • Also (details in Protocol Village column): Fuse ($12M), Pipe ($10M) Gunzilla ($6M), Infinit ($6M), Cudis ($5M), Yellow ($10M), LogX ($4M), Wingbits ($3.5M), Titan ($3.5M), Limitless Labs ($3M), Universal Health Token ($1.2M)

Deals and grantsDAIS Chair Michael Casey moderating a panel at the DeAI Summit Singapore. (Amitoj Singh/CoinDesk)

Data and Tokens

Regulatory and Policy

Protocol VillageTop picks of the past week from our Protocol Village column, highlighting key blockchain tech upgrades and news.Screenshot from demo of Lumerin's AI image generator on Morpheus chat interface. In this case the user asked for an image of a red cat. (Lumerin)

PROTOCOL VILLAGE EXCLUSIVE: Lumerin, an open-source Web3 data routing protocol, announced it’s added a new AI image generation feature to the chat interface of Morpheus, a decentralized AI network, by integrating with Prodia, the leading cloud platform for AI inference solutions. According to the team: "Morpheus chat users can now access a wide variety of AI models to quickly generate AI images at low cost. The news is another example of how the AI industry is using decentralized, Web3 solutions to lower AI compute costs and drive adoption for businesses and consumers."Maelstrom, an investment fund managed by the family office of Arthur Hayes, announced that Rkrux, an experienced software engineer who started reviewing Bitcoin Core pull requests in March 2024, is the first recipient of the Maelstrom BitcoinyellGrant Program, to continue his research and development work. According to a press release, Rkrux (ostensibly a pseudonym) completed the Chaincode Labs Bitcoin FOSS program earlier this year, and was recently featured on the Bitcoin Optech Newsletter #319 Recap Podcast.NEAR.AI’s product is plugging into Hyperbolic’s global GPU network to power their AI tools, according to a blog post: "By routing their AI tasks through our decentralized infrastructure, the AI Developer will be able to handle everything from simple queries to complex inference tasks with speed and reliability. Our Proof of Sampling ensures computations are accurate, while Proof of Response makes sure the results are fast and trustworthy."Threshold Network's tBTC, a decentralized wrapped bitcoin alternative, has become the first incentivized bitcoin asset on EigenLayer, a restaking protocol on Ethereum. According to the team: "This integration allows users to restake tBTC to earn rewards while contributing to the security of the BitcoinFi ecosystem. It marks a significant step in expanding Bitcoin’s role in the DeFi.""Entertainment Datasphere" Redacted hosted 320 Web3 professionals on what was described as a "once-in-a-lifetime sky networking event" from Dubai to Singapore on Sept. 15 to attend this year’s Token2049, according to the team: "Throughout the 10-hour flight via Doha, passengers were treated to non-stop entertainment, games, giveaways, networking and fun, with some of Web3’s top KOLs and influencers out of their seats mingling, chatting, dancing, jumping up and down, and chanting 'Redacted, Redacted, Redacted,' before touching down at Singapore Changi International airport. On the Qatar Airways flight chartered by the Redacted team were key figures and partners from Polygon, Animoca Brands and Aethir, along with notable influencers such as Mario Nawfal, NFT whale Grail, Professor Crypto, Andres Meneses and the Crypto Banter team."Photo of passengers boarding the plane, from Redacted press release (Redacted)

Tokenized Real-World Assets Climb Past $12B: Binance ResearchMarket value of on-chain RWAs. (Binance Research)The market value of on-chain real-world assets (RWAs), excluding stablecoins, continues to rise, representing continued investor interest in blockchain-based tokenization of traditional assets, CoinDesk's Omkar Godbole reports.

Calendar

Source

  • 07.09.23 16:24 CherryTeam

    Cherry Team atlyginimų skaičiavimo programa yra labai naudingas įrankis įmonėms, kai reikia efektyviai valdyti ir skaičiuoti darbuotojų atlyginimus. Ši programinė įranga, turinti išsamias funkcijas ir patogią naudotojo sąsają, suteikia daug privalumų, kurie padeda supaprastinti darbo užmokesčio skaičiavimo procesus ir pagerinti finansų valdymą. Štai keletas pagrindinių priežasčių, kodėl Cherry Team atlyginimų skaičiavimo programa yra naudinga įmonėms: Automatizuoti ir tikslūs skaičiavimai: Atlyginimų skaičiavimai rankiniu būdu gali būti klaidingi ir reikalauti daug laiko. Programinė įranga Cherry Team automatizuoja visą atlyginimų skaičiavimo procesą, todėl nebereikia atlikti skaičiavimų rankiniu būdu ir sumažėja klaidų rizika. Tiksliai apskaičiuodama atlyginimus, įskaitant tokius veiksnius, kaip pagrindinis atlyginimas, viršvalandžiai, premijos, išskaitos ir mokesčiai, programa užtikrina tikslius ir be klaidų darbo užmokesčio skaičiavimo rezultatus. Sutaupoma laiko ir išlaidų: Darbo užmokesčio valdymas gali būti daug darbo jėgos reikalaujanti užduotis, reikalaujanti daug laiko ir išteklių. Programa Cherry Team supaprastina ir pagreitina darbo užmokesčio skaičiavimo procesą, nes automatizuoja skaičiavimus, generuoja darbo užmokesčio žiniaraščius ir tvarko išskaičiuojamus mokesčius. Šis automatizavimas padeda įmonėms sutaupyti daug laiko ir pastangų, todėl žmogiškųjų išteklių ir finansų komandos gali sutelkti dėmesį į strategiškai svarbesnę veiklą. Be to, racionalizuodamos darbo užmokesčio operacijas, įmonės gali sumažinti administracines išlaidas, susijusias su rankiniu darbo užmokesčio tvarkymu. Mokesčių ir darbo teisės aktų laikymasis: Įmonėms labai svarbu laikytis mokesčių ir darbo teisės aktų, kad išvengtų baudų ir teisinių problemų. Programinė įranga Cherry Team seka besikeičiančius mokesčių įstatymus ir darbo reglamentus, užtikrindama tikslius skaičiavimus ir teisinių reikalavimų laikymąsi. Programa gali dirbti su sudėtingais mokesčių scenarijais, pavyzdžiui, keliomis mokesčių grupėmis ir įvairių rūšių atskaitymais, todėl užtikrina atitiktį reikalavimams ir kartu sumažina klaidų riziką. Ataskaitų rengimas ir analizė: Programa Cherry Team siūlo patikimas ataskaitų teikimo ir analizės galimybes, suteikiančias įmonėms vertingų įžvalgų apie darbo užmokesčio duomenis. Ji gali generuoti ataskaitas apie įvairius aspektus, pavyzdžiui, darbo užmokesčio paskirstymą, išskaičiuojamus mokesčius ir darbo sąnaudas. Šios ataskaitos leidžia įmonėms analizuoti darbo užmokesčio tendencijas, nustatyti tobulintinas sritis ir priimti pagrįstus finansinius sprendimus. Pasinaudodamos duomenimis pagrįstomis įžvalgomis, įmonės gali optimizuoti savo darbo užmokesčio strategijas ir veiksmingai kontroliuoti išlaidas. Integracija su kitomis sistemomis: Cherry Team programinė įranga dažnai sklandžiai integruojama su kitomis personalo ir apskaitos sistemomis. Tokia integracija leidžia automatiškai perkelti atitinkamus duomenis, pavyzdžiui, informaciją apie darbuotojus ir finansinius įrašus, todėl nebereikia dubliuoti duomenų. Supaprastintas duomenų srautas tarp sistemų padidina bendrą efektyvumą ir sumažina duomenų klaidų ar neatitikimų riziką. Cherry Team atlyginimų apskaičiavimo programa įmonėms teikia didelę naudą - automatiniai ir tikslūs skaičiavimai, laiko ir sąnaudų taupymas, atitiktis mokesčių ir darbo teisės aktų reikalavimams, ataskaitų teikimo ir analizės galimybės bei integracija su kitomis sistemomis. Naudodamos šią programinę įrangą įmonės gali supaprastinti darbo užmokesčio skaičiavimo procesus, užtikrinti tikslumą ir atitiktį reikalavimams, padidinti darbuotojų pasitenkinimą ir gauti vertingų įžvalgų apie savo finansinius duomenis. Programa Cherry Team pasirodo esanti nepakeičiamas įrankis įmonėms, siekiančioms efektyviai ir veiksmingai valdyti darbo užmokestį. https://cherryteam.lt/lt/

  • 08.10.23 01:30 davec8080

    The "Shibarium for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH. The Plot Thickens. Someone posted the actual transactions!!!! https://bscscan.com/tx/0xa846ea0367c89c3f0bbfcc221cceea4c90d8f56ead2eb479d4cee41c75e02c97 It seems the article is true!!!! And it's also FUD. Let me explain. Check this link: https://bscscan.com/token/0x5a752c9fe3520522ea88f37a41c3ddd97c022c2f So there really is a "Shibarium" token. And somebody did a rug pull with it. CONFIRMED. But the "Shibarium" token for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH.

  • 24.06.24 04:31 tashandiarisha

    Web-site. https://trustgeekshackexpert.com/ Tele-Gram, trustgeekshackexpert During the pandemic, I ventured into the world of cryptocurrency trading. My father loaned me $10,000, which I used to purchase my first bitcoins. With diligent research and some luck, I managed to grow my investment to over $350,000 in just a couple of years. I was thrilled with my success, but my excitement was short-lived when I decided to switch brokers and inadvertently fell victim to a phishing attack. While creating a new account, I received what seemed like a legitimate email requesting verification. Without second-guessing, I provided my information, only to realize later that I had lost access to my email and cryptocurrency wallets. Panic set in as I watched my hard-earned assets disappear before my eyes. Desperate to recover my funds, I scoured the internet for solutions. That's when I stumbled upon the Trust Geeks Hack Expert on the Internet. The service claimed to specialize in recovering lost crypto assets, and I decided to take a chance. Upon contacting them, the team swung into action immediately. They guided me through the entire recovery process with professionalism and efficiency. The advantages of using the Trust Geeks Hack Expert Tool became apparent from the start. Their team was knowledgeable and empathetic, understanding the urgency and stress of my situation. They employed advanced security measures to ensure my information was handled safely and securely. One of the key benefits of the Trust Geeks Hack Expert Tool was its user-friendly interface, which made a complex process much more manageable for someone like me, who isn't particularly tech-savvy. They also offered 24/7 support, so I never felt alone during recovery. Their transparent communication and regular updates kept me informed and reassured throughout. The Trust Geeks Hack Expert Tool is the best solution for anyone facing similar issues. Their swift response, expertise, and customer-centric approach set them apart from other recovery services. Thanks to their efforts, I regained access to my accounts and my substantial crypto assets. The experience taught me a valuable lesson about online security and showed me the incredible potential of the Trust Geeks Hack Expert Tool. Email:: trustgeekshackexpert{@}fastservice{.}com WhatsApp  + 1.7.1.9.4.9.2.2.6.9.3

  • 26.06.24 18:46 Jacobethannn098

    LEGAL RECOUP FOR CRYPTO THEFT BY ADRIAN LAMO HACKER

  • 26.06.24 18:46 Jacobethannn098

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  • 04.07.24 04:49 ZionNaomi

    For over twenty years, I've dedicated myself to the dynamic world of marketing, constantly seeking innovative strategies to elevate brand visibility in an ever-evolving landscape. So when the meteoric rise of Bitcoin captured my attention as a potential avenue for investment diversification, I seized the opportunity, allocating $20,000 to the digital currency. Witnessing my investment burgeon to an impressive $70,000 over time instilled in me a sense of financial promise and stability.However, amidst the euphoria of financial growth, a sudden and unforeseen oversight brought me crashing back to reality during a critical business trip—I had misplaced my hardware wallet. The realization that I had lost access to the cornerstone of my financial security struck me with profound dismay. Desperate for a solution, I turned to the expertise of Daniel Meuli Web Recovery.Their response was swift . With meticulous precision, they embarked on the intricate process of retracing the elusive path of my lost funds. Through their unwavering dedication, they managed to recover a substantial portion of my investment, offering a glimmer of hope amidst the shadows of uncertainty. The support provided by Daniel Meuli Web Recovery extended beyond mere financial restitution. Recognizing the imperative of fortifying against future vulnerabilities, they generously shared invaluable insights on securing digital assets. Their guidance encompassed crucial aspects such as implementing hardware wallet backups and fortifying security protocols, equipping me with recovered funds and newfound knowledge to navigate the digital landscape securely.In retrospect, this experience served as a poignant reminder of the critical importance of diligence and preparedness in safeguarding one's assets. Thanks to the expertise and unwavering support extended by Daniel Meuli Web Recovery, I emerged from the ordeal with renewed resilience and vigilance. Empowered by their guidance and fortified by enhanced security measures, I now approach the future with unwavering confidence.The heights of financial promise to the depths of loss and back again has been a humbling one, underscoring the volatility and unpredictability inherent in the digital realm. Yet, through adversity, I have emerged stronger, armed with a newfound appreciation for the importance of diligence, preparedness, and the invaluable support of experts like Daniel Meuli Web Recovery.As I persist in traversing the digital landscape, I do so with a judicious blend of vigilance and fortitude, cognizant that with adequate safeguards and the backing of reliable confidants, I possess the fortitude to withstand any adversity that may arise. For this, I remain eternally appreciative. Email Danielmeuliweberecovery @ email . c om WhatsApp + 393 512 013 528

  • 13.07.24 21:13 michaelharrell825

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  • 17.07.24 02:26 thompsonrickey

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  • 27.08.24 12:50 James889900

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  • 02.09.24 20:24 [email protected]

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  • 06.09.24 01:35 Celinagarcia

    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 06.09.24 01:44 Celinagarcia

    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 16.09.24 00:10 marcusaustin

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  • 16.09.24 00:11 marcusaustin

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