Research Summary
The report covers significant updates in the blockchain and cryptocurrency industry. It discusses the dissolution of the ETHW core team, Worldcoin’s discontinuation of its Orb verification service in several countries, Friend Tech’s plan to release version 2 in 2024, and other notable developments in the sector.
Key Takeaways
ETHW Core Team Dissolution
- ETHW’s Transition: The Ethereum fork network, ETHW, has announced the dissolution of its core team. The decision was based on a majority consensus, aiming for complete autonomy and a commitment to Proof of Work as the fundamental consensus mechanism. The existing servers will temporarily transition to OneDao for maintenance until a long-term ecosystem partner is confirmed.
Worldcoin’s Service Discontinuation
- Worldcoin’s Regulatory Compliance: Worldcoin will no longer offer its Orb verification services in India, Brazil, and France. The foundation Tools for Humanity, which manages the fund developed by Worldcoin, remains committed to collaborating with global partners to ensure compliance with regulatory requirements.
Friend Tech’s Upcoming Release
- Friend Tech’s v2 Launch: Friend Tech plans to launch version 2 in the spring of 2024, which will include NFT-related features. However, the company’s daily transaction volume has recently reached new lows, with transactions on December 17th falling below 2400, a reduction of 99.5% compared to the peak transaction volume of 539,000 on September 13th.
OP Labs’ Decentralization Plan
- OP Labs’ Roadmap: OP Labs has published an article outlining the decentralized roadmap for the Optimism ecosystem. The ultimate goal is to reach the second stage where no single organization can alter the status root of the code. In 2024, a Security Council will be established to manage the upgrade keys of the ecosystem independently of the Optimism Foundation.
NFT Trader Exchange Hack
- NFT Trader’s Security Breach: The P2P trading platform NFT Trader was attacked, resulting in a significant transfer of high-value NFT assets. The hacker stole NFTs totaling 1,080 ETH (approximately $2.4 million). Users are advised to revoke authorization for this platform. The attack was due to a reentrancy vulnerability.
Actionable Insights
- Monitor ETHW’s Transition: Stakeholders should closely watch the transition of ETHW’s servers to OneDao for maintenance, as it could impact the network’s stability and performance.
- Assess Worldcoin’s Compliance Efforts: Investors and partners should evaluate Worldcoin’s commitment to regulatory compliance, as the discontinuation of its Orb verification service in several countries could affect its global operations.
- Consider Friend Tech’s Performance: The significant drop in Friend Tech’s daily transaction volume may indicate potential issues that need to be addressed before the launch of version 2.
- Understand OP Labs’ Decentralization Plan: Stakeholders should familiarize themselves with OP Labs’ decentralized roadmap for the Optimism ecosystem to understand its future direction and potential impact on the ecosystem.
- Review NFT Trader’s Security Measures: The recent attack on NFT Trader highlights the importance of robust security measures in protecting high-value NFT assets. Users should consider additional security measures such as using a cold wallet and avoiding interactions with any smart contracts.
