WhiteboardCrypto News - Jul 20

Welcome back to this week's edition of our WhiteboardCrypto Newsletter!

Cheating makes it difficult to buy Ordinals

The Bitcoin network is facing a problem called "mempool sniping," where traders front-run transactions to win bids on Ordinals and Runes, two Bitcoin-based NFTs, which makes it hard for regular users to successfully trade these tokens. Mempool sniping has become more common, with hundreds of incidents daily. Some solutions are being developed, such as private transaction channels that allow users to send their transactions directly to miners instead of broadcasting them publicly in the mempool. But there isn’t a perfect solution yet.

Learn more here.

MATIC will become POL

Polygon will release their 2.0 upgrade in September. Part of the upgrade will include switching from their current token, MATIC, to a new one called POL, beginning on Sept 4. This change is aimed at making the network more efficient and better suited for a wider range of decentralized applications. MATIC holders on the Polygon PoS chain won’t need to do anything for the upgrade; their tokens will automatically appear as POL. However, users with MATIC on Polygon’s zkEVM, CEXes, or the Ethereum blockchain (and other use-cases) will need to follow specific steps detailed in Polygon's blog post.

Learn more here.

Vitalik drops more wisdom

Ethereum's co-creator, Vitalik Buterin, advises not to support politicians just because they are "pro-crypto." He emphasizes looking beyond campaign slogans and considering their overall track record on freedom and privacy. Buterin points out that some politicians may flip-flop on crypto, and it's essential to ensure they support the right principles, not just the technology.

Learn more here.

Updates on US v. Tornado Cash

The legal case against Tornado Cash co-developer Roman Storm is focusing on whether his actions or the code itself are at fault. Storm is charged with money laundering and operating an unlicensed money transfer business. His defense argues that writing code isn’t a crime, while prosecutors say his involvement went beyond just coding. The main argument in his favor is that he had no control over the funds in the mixer. The trial date has been delayed so the judge can consider the implications of this and make sure they understand the situation.

Learn more here.

Thanks for reading and I hope you learned something!

- Theodore