Hello and welcome to the first ever Trustless_Node newsletter. Here you will get a mix of everything that is happing in Crypto, the history of crypto to get you caught up, and an understanding of best practices and use cases for crypto.
I have been following Crypto since 2014. I originally got into crypto because I worked at a trading firm and crypto dominated much of the non-work related conversation. The crypto conversation was focused firstly around the price action of the tokens in question and secondly around the fundamentals of crypto and blockchain technology. The more I dove into the fundamentals and ethos of crypto the more interesting the subject became.
When I see crypto mentioned in the mainstream media, or read about it on twitter, or see it discussed anywhere really there is so much FUD (Fear, Uncertainty, and Doubt) and misunderstanding that I decided to start this newsletter to help the general public get a better understanding of this transformative technology.
Top News Stories
Tornado Cash developer out on bail
A Dutch court has ruled that Alexey Pertsev, a Tornado Cash developer arrested on allegations of facilitating money laundering, will be allowed to return home next week pending trial. Pertsev is expected to be released on April 26 without any financial security, but he will be required to have electronic monitoring devices installed at his residence. He was arrested in August 2022 by the Dutch Fiscal Information and Investigation Service (FIOD) for allegedly facilitating money laundering through Tornado Cash, a decentralized Ethereum mixing service. The Dutch public prosecutor had previously claimed that Pertsev was a flight risk and could tamper with evidence if released. A further investigation hearing in Pertsev's case is scheduled for May 24. It is important to note that he was held 9 months with out being officially charged with a crime.
With the Shapella upgrade complete what’s the state of staking
The Shapella upgrade for Ethereum has resulted in more Ether (ETH) being staked than withdrawn for the first time. As a part of the network's transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, the Shapella upgrade has enabled a more efficient and sustainable model, which has attracted investors. This milestone suggests that users are gaining confidence in the Ethereum network and its long-term growth prospects.
Due to regulatory uncertainty in the US many firms are looking abroad
Jeremy Ng, CEO of Gemini Asia-Pacific, discussed Gemini's plans to expand into India and adapt to the country's evolving crypto landscape in a recent interview. The company is looking to establish a local presence and partner with Indian banks to make crypto more accessible. Ng highlighted the importance of educating the public about digital currencies, as well as complying with local regulations to ensure a safe and secure experience for users. He also discussed Gemini's commitment to environmental sustainability, noting their carbon-neutral status and support for ESG-conscious projects.
Solana is now monitoring its carbon emissions in real time.
Blockchain network Solana has introduced real-time tracking of its carbon emissions data to demonstrate its commitment to environmental sustainability. Developed in collaboration with Project Canary, the network now features an emissions monitoring dashboard that allows users to observe Solana's carbon footprint in real-time. The move aims to increase transparency and facilitate more sustainable blockchain practices. Additionally, Solana plans to buy carbon offsets to neutralize the environmental impact of its operations, emphasizing the importance of addressing climate change in the blockchain industry.
Tools To Try Out
DefiLlama is a great tool to get a basic understanding of what is happening in DeFi
MetaMask is the go-to first self custody wallet. MetaMask is considered a hot wallet. We will get to hardware wallets a little later and how they differ from hot wallets.
Uniswap is the industry standard for a DEX (decentralized exchange). Its a good place to go when you are looking to purchase your tokens.
Coinbase is a highly reputable CEX (centralized exchange) that is known for its a adherence to the compliance laws and its open lines of communication with the US regulatory bodies.
Valuable Reads
Education, History or Fun Facts
Ethereum was launched on July 30th of 2015
On May 22nd of 2010 Laszlo Hanyecz paid Jeremy Sturdivant 10,000 Bitcoins for two pizzas
After World War II, it was illegal in the US to sell or distribute encryption technology overseas; in fact, encryption was designated as auxiliary military equipment and put on the United States Munitions List. Yes, encryption was on the same playing field as the atomic bomb.