WEB3 DRAMA: PIZZA DELIVERY, REGULATIONS AND THE FUTURE OF BLOCKCHAIN

1ATH.Studio
4 min readMay 25

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It’s Thursday once more, in a week that has been full of activities. From the delivery of OG Blockchain Pizza’s to the demise of a prominent exchange market in Europe, we take a look at the major talking points in the crypto world this week.

Bitcoin Pizza Day

We started off the week by commemorating one of the most infamous moments in the history of cryptocurrency. May 22, 2010, marked the day when Bitcoin enthusiast Laszlo Hanyecz purchased two Papa John’s Pizzas with a staggering 10,000 Bitcoins. This is equivalent to approximately $270 million in today’s valuation.

Hotbit Shuts Down Operations

The popular cryptocurrency exchange, Hotbit, has announced the termination of its operations. The exchange has faced significant challenges throughout its five years of service, including frequent cyberattacks, prolonged maintenance periods, and lawsuits against team members. The core team has cited the difficulty in meeting the demands of being a centralized entity as the reason for this decision.

Huobi Exchange Ceases Operations in Malaysia

The Securities Commission of Malaysia has issued an order for Huobi Global to halt all cryptocurrency operations within the country. This decision is a result of Huobi’s failure to register as a digital asset company, which violates the local regulations in Malaysia. Additionally, the Chinese-originated cryptocurrency exchange has been instructed to cease advertising its products and services to Malaysian users through email and social media channels.

Bitcoin is Now the Second Most Popular Blockchain for NFTs

With the recent introduction of the BRC-20, the Bitcoin network has emerged as the second most popular blockchain for NFTs. Over the past 30 days, the BRC network has witnessed a remarkable $167 million in gross sales, just one step behind ERC-20’s impressive $397 million.

This notable achievement places Bitcoin NFTs ahead of Solana, the previous runner-up with $57 million in sales. Notably, these developments coincide with the warnings issued by Michael Saylor, the Microstrategy boss and Bitcoin maximalist, advocating for the positive utilization of the BRC-20 network.

Solana Integrates ChatGPT

The Solana Foundation has recently announced the integration of artificial intelligence into its blockchain, utilizing a ChatGPT plugin developed by Solana Labs. This plugin is now accessible to developers through GitHub and offers various assistance functions, including NFT purchasing, NFT and token search, token purchase and transfer, and more. In response to this exciting advancement, the foundation has also increased its funding for grants on projects that explore the intersection between blockchain scalability and AI.

International Security Watchdog Unveils First Set of Crypto Rules

The International Organization of Security Commissions (IOSCO) has recently unveiled its first set of rules aimed at regulating cryptocurrency activities. The 18 policy proposals submitted by this international security watchdog primarily focus on addressing security issues within the cryptocurrency space, including investor protection, market integrity, conflicts of interest, market manipulation, operational risks, and customer safety. This move by IOSCO is believed to have been primarily motivated by the collapses of stablecoin issuer Terra and crypto exchange FTX, which significantly impacted the crypto industry in 2022.

Chinese Central Television Airs Segment on crypto Adoption

China Central Television (CCTV), the Chinese state broadcasting corporation has aired a segment on the adoption of cryptocurrency in Hong Kong. According to the 98 Secs broadcast, Hong Kong regulators are ready to begin the trading of virtual assets and will now begin to consider applications from virtual assets trading platforms. The move by the Mainland’s largest state broadcaster has garnered positive feedbacks, with Binance CEO, Chanpeng Zhao, stating that it is a ‘Big deal’ for the CCTV to broadcast crypto.

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