Layer-2 scaling, wallet security and privacy-preserving features are all necessary to secure Ethereum’s future, according to Ethereum co-founder Vitalik Buterin.
Buterin said these are three crucial technical “transitions” that must occur practically simultaneously for Ethereum to succeed. Buterin wrote in a post on his personal blog on June 9, 2023 that the Ethereum Blockchain “fails” outright in the absence of adequate scaling infrastructure to lower transaction costs.
“Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and every product aiming for the mass market inevitably forgets about the chain and adopts centralised workarounds for everything,” he said.
ALGO and FLOW recover from record lows, while others reject the SEC's securities label
The United States Securities and Exchange Commission’s (SEC’s) tagging of certain cryptocurrencies as securities has greatly affected the crypto market, causing Algorand and Flow to hit historic lows on June 10, 2023.
In a recent litigation, the SEC designated several cryptocurrencies as securities, including Algorand ALGO and Flow (FLOW), which had record-low prices because of the designation.
According to data from CoinGecko, both ALGO and FLOW experienced historic lows on June 10 of $0.098 and $0.46, respectively, after experiencing a 30 per cent decline over the previous seven days.
Since June 10, ALGO has increased by more than 12.5 per cent, and FLOW has increased by more than 10.5 per cent.
The SEC filed a lawsuit against Coinbase and Binance last week. Sixteen new cryptocurrencies, including FLOW and Internet Computer, were classified as securities by the government during this procedure.
A16z opens London crypto office with predictable environment Venture capital company Andreessen Horowitz (a16z) will establish its first office outside of the United States this year, adding to the trend of American businesses looking for better opportunities elsewhere.
A16z’s managing partner and crypto creator Chris Dixon cited a “predictable business environment” as one of the primary drivers behind the company’s decision to grow.
The action comes in the wake of numerous regulatory steps taken in recent months against crypto companies in the US.
The expansion came following a “productive dialogue” with the UK’s prime minister and “months of constructive conversations” with UK policymakers, a16z’s general partner said.
Dixon claimed that the choice was made following “months of helpful conversations” with HM Treasury, British officials, and the Financial Conduct Authority in addition to a "productive dialogue" with the British prime minister.
“We’re thrilled to open our first international office in a jurisdiction that welcomes Blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace Web 3.0 and protect consumers,” Dixon added.