Verifying Trustworthiness on the Blockchain: Introducing On-Chain Attestations

Graeme Moore, the Head of Tokenization at the Polymesh Association, is looking to prove identity and reputation on the Web3 blockchain. Known in the financial industry as KYC (Know Your Customer), this trust in a real-life human offers important protection, but is not enough. Decentralized finance (DeFi) needs more than just proof of being human. Steve Dakh, an Ethereum founding member, is building the Ethereum Attestation Service (EAS) which is a primitive for any entity to make attestations on the ledger about anything at all. Attestations are claims about one identity, usually made by another identity, that can be independently verified. Attestations work by making reference to identifiers, such as a legal name, address, or social security number. Combined with zero-knowledge proofs, attestations enable entities to prove facets of identity information without revealing the entire contents. This flexibility enables participants to not only choose which entities they trust, but also how quantitative or qualitative they want this trust to be. On-chain attestations are an important step in Verifying Trustworthiness on the Blockchain and will enable decentralized finance to take off. #OnChainAttestations #DecentralizedFinance #KYC #TrustVerification

You can read more about this topic here: Decrypt: How On-Chain Attestations Unlock Blockchain’s Most Valuable Use Cases

The post Unlock Blockchain’s Most Valuable Use Cases with On-Chain Attestations – Decrypt first appeared on Byte Syze Crypto.

Roughly $3 billion in Bitcoin Options Contracts Set to Expire Today

At the time of writing, Bitcoin is trading hands for $26,921, according to CoinGecko. The asset has brought the rest of the market with it, with most digital coins and tokens in the green. But with Bitcoin options contracts set to expire, the price of cryptocurrency could dip or swing up even higher, right?

Data from CME Group shows that $9 billion worth of open interest—or unexpired options contracts. And of those, $3 billion will expire today. A Bitcoin options contract is a deal that lets buyers snap up Bitcoin at an agreed-upon price.

Experts believe that it’s unlikely the price of Bitcoin will budge that much. Anders Helseth, head of research at K33, said that “in general, options expiries in crypto don’t affect prices much.” BaroVirtual added that the current data “indicates no clear bullish or bearish sentiment.” He added that it “was likely” Bitcoin would continue to trade between $26,500 and $27,250 in October.

Although the price of Bitcoin has historically been volatile, that looks like it is changing. And it doesn’t look like $3 billion in options contracts will make much of a difference, either.

#Bitcoin #OptionsContracts #CMEGroup #Cryptocurrency #PriceVolatility

You can read more about this topic here: Decrypt: $3 Billion in Bitcoin Options Expire Today—What Will That Do to BTC’s Price?

The post Will the Expiration of $3 Billion in Bitcoin Options Impact BTC Price? first appeared on Byte Syze Crypto.

Su Zhu, the co-founder of the defunct crypto hedge fund Three Arrows Capital (3AC), has been arrested by authorities in Singapore after attempting to leave the country. Teneo, the joint liquidators of his fallen company, confirmed the news in a statement shared with Decrypt on Friday. Zhu will be held in prison for four months for refusing to follow a court order to account for his activities as 3AC’s founder and investment manager. 3AC fell apart due to overexposure to the algorithmic stablecoin protocol, Terra, which entered an inflationary death spiral in the previous month. Zhu and fellow co-founder Kyle Davies launched a new exchange—OPNX—for traders to exchange bankruptcy claims for other fallen crypto companies that year. Teneo said it plans to press Zhu for more information related to 3AC to assist with asset recovery and to ensure he complies with his court order during and after his imprisonment. This month, the Monetary Authority of Singapore barred both Zhu and Davies from engaging in regulated investment activity for nine years each.

This is bad news for Zhu and Davies as they will now be spending four months in prison. It is also bad news for traders, as one of the founders of the new exchange—OPNX—has been arrested, making their investments less secure. However, this news could be beneficial to those who had investments in 3AC or FTX, as the authorities will now be able to get more information about the companies from Zhu and Davies. This could lead to asset recovery and a safer trading environment for investors.

#ThreeArrowsCapital #SuZhu #KyleDavies #OPNX #CryptoInvestment

You can read more about this topic here: Decrypt: Three Arrows Capital Co-Founder Su Zhu Arrested in Singapore

The post Singapore Arrests Co-Founder Su Zhu of Three Arrows Capital: What You Need To Know first appeared on Byte Syze Crypto.