Clearing the Air: Upcoming Blockchain-Related Innovations

  • TwelveFold goes under the hammer
  • Former ADA’s Hoskinson responds to centralization allegations
  • Is Ripple working on Private XRP Ledger for CBDC implementation?

TwelveFold Goes Under the Hammer

The Yuga Labs TwelveFold NFT series auction starts on March 7 at 2 a.m. EAT and runs for approximately 24 hours. Yuga Labs will sell 288 of the 300 NFTs, and the organization will save 12 for supporters, gifts, and charitable endeavors—the creation of NFTs utilizes several methods, including 3D modeling technologies.

Before March 7 at 2 a.m. EAT, the firm will use the latest finished Bitcoin block to determine the auction’s outcomes. Even if bidders submitted a bid before the deadline, it wouldn’t receive consideration because it needed to be confirmed. When the event concludes, the highest bidder will establish the winning bid; there is no minimum or maximum cost.

Known for its well-liked ETH NFT collections CryptoPunks and Bored Ape Yacht Club, Yuga Labs is now making its first foray into the Bitcoin NFT market. The minor units of Bitcoin, known as satoshis, are imprinted with digital artifacts, such as artwork like those in TwelveFold, to produce Bitcoin NFTs.

The generation of ordinals is made possible by the Ordinal Theory protocol, which facilitates this process. The popularity of ordinals is rising due to the Bitcoin blockchain’s update, which has made data storage in a single trade more affordable.

Former ADA’s Hoskinson Responds to Centralization Allegations

Cardano’s founder, Charles Hoskinson, has debunked claims that the governing system of cryptocurrency is centralized. However, a Twitter-based Web3 consultant, Vanessa Harris, asserted that IOG, the organization in charge of Cardano’s development, would continue to have authority over the system under the existing configuration.

Harris cited Cardano Improvement Proposal 1694 (CIP-1694) as proof that IOG and other organizations would have considerable control over the network, barring the direst scenario.

Hoskinson, nevertheless, rejected these assertions as “unequivocally incorrect” and charged Harris with sowing doubt, apprehension, and fear (FUD). Hoskinson agreed that administration is “a complicated procedure” in a Twitter Space discussion.

The authority of the regulatory commission, which Harris argues practically goes to IOG, and the notion that ordinary ADA clients cannot engage in administration without serving as delegate members got challengers in her contentious discussion.

The group’s response to her Twitter post regarding Cardano’s suggested management steps suggests variations on CIP-1694 and Voltaire. Although some consumers are receptive, some are contemptuous or dubious. By criticizing Harris for promoting FUD and fabricating misleading claims, several readers gave a lift to Hoskinson.

Does Ripple Work on Private XRP Ledger for CBDC Implementation?

The firm is developing confidential editions of the XRP Ledger protocol for Central Bank Digital Currencies (CBDCs), often referred to as “government crypto,” according to Matt Hamilton, a former head of developer partnerships at Ripple.

Nevertheless, due to the ongoing development of the CBDC legal regime, these editions still need to be made available. Hamilton points out that Ripple is getting ready for the eventual deployment of CBDCs by ensuring its system is suitable for central banks’ requirements.

According to the latest claims made by Matt Hamilton, Ripple’s administration accusations of using private links to store a type of private XRP, which results in different values for the cryptocurrency on both private and public networks.

Hamilton points out that there is a private version of the XRP Ledger, but this could apply to any centralized exchange where XRP exchanges occur. Nevertheless, since XRP solely operates on the effective collective blockchain XRPL, people have yet to create secret crypto versions.

According to the creator, the network must be completely closed for a secret XRP. Therefore, any price discrepancies will settle once the platform is made public.