Autor Cointelegraph By Arijit Sarkar

Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC

Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion. Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com.Bitcoin network difficulty. Source: Blockchain.comSupporting the spike in the network difficulty, Bitcoin’s hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11 EH/s on Feb. 13.Bitcoin hash rate over the past three years. Source: Blockchain.comA higher hash rate ensures resilience against double-spending attacks, which is the process of reversing BTC transactions over the blockchain by contributing to at least 51% of the Bitcoin hash rate. Back on Mar. 4, roughly a month before reaching an all-time high, the BTC network difficulty experienced a slight decline from 27.96 trillion to 27.55 trillion, which eventually fell down to 27.45 trillion until Mar. 30. Prior to that, the resilient Bitcoin network grew consistently since July 2021.With just 2 million BTC left to mine as rewards and an influx of Bitcoin miners from across the world, the BTC network is expected to increasingly grow stronger as it supports the thriving community. Related: Terra smash-buys $139M Bitcoin, wallet reaches 31,000 BTCOn Mar. 30, a Terra wallet belonging to LFG (Luna Foundation Guard) amassed $139 million in BTC, bringing its total coffers up to 31,000 BTC or $1.47 billion.Just getting started pic.twitter.com/dJrkf6YfrR— TerraLunaaaa (@TerraLunaaaa) March 30, 2022Terra Bitcoin wallet amassing billions in BTC. Source: BitInfoChartsAs Cointelegraph reported, the wallet began amassing colossal amounts of BTC on Jan. 2021 and has not sold a single satoshi to date.

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Opera integrates Bitcoin, Solana, Polygon and five other blockchains

Opera, one of the major crypto-friendly internet browsers, announced the integration of eight blockchains in a continued effort to introduce Web3 to more than 380 million mobile and desktop users worldwide.In Jan. 2022, Opera launched the Crypto Browser project, a Web3-focused initiative for facilitating navigation across decentralized applications (DApp), games and metaverse platforms. As part of this initiative, the browser company added support for eight major blockchain ecosystems, including Bitcoin (BTC), Solana (SOL), Polygon (MATIC), StarkEx, Ronin, Celo, Nervos DAO and IXO.Opera said in the announcement that its users now have access to the Polygon and Solana DApp ecosystems, as well as “the benefits of Layer 2 DeFi via StarkWare-powered DiversiFi.”The latest integrations enable Opera users to access Polygon proof-of-stake (POS) blockchain and Ethereum L2 ecosystem via StarkEx.Opera’s Crypto Browser project. Source: OperaAccording to the company, the intention behind integrating multiple blockchains was to ensure chain agnosticism and Web3 involvement in an environment-friendly manner. Jorgen Arnesen, EVP Mobile at Opera stated:“Ultimately, Web3 is on its way to becoming a mainstream web technology and users won’t need to know they’re interacting with it. They need to get a superior user experience and a true benefit.”The announcement further highlighted the need for carbon-neutral solutions with low gas fees, which stands as one of the main reasons for choosing Polygon over the Ethereum blockchain.Related: Brave to integrate with Solana blockchain on its privacy-enabled browserBack in Nov. 2021, Opera competitor Brave browser integrated Solana blockchain to strengthen its DApps capability.We’ve partnered with @solana to integrate it into the browser and make it the default for DApp support. We will soon bring best-in-class wallet features for the Solana blockchain into our desktop & mobile browsers. #BreakpointLisbon https://t.co/tTB7NXKWjI— Brave Software (@brave) November 8, 2021Citing the partnership, Brendan Eich, CEO and co-founder of Brave said that:“With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens.”Brave is yet to announce the addition of multi-chain support to rival its growing competition.

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Indian state gov't uses Polygon to issue verifiable caste certificates

The Government of Maharashtra, one of India’s state governments, has started issuing caste certificates over the Polygon blockchain to citizens residing in Etapalli village, Gadchiroli district, as a part of the Digital India campaign. In partnership with LegitDoc, a blockchain-based application, the Maharashtra state government is in the process of rolling out 65,000 caste certificates to aid the process of delivering governmental schemes and benefits.Speaking to Cointelegraph, Indian Administrative Service (IAS) officer Shubham Gupta revealed that the Indian government is always on the lookout to implement disruptive technologies that can help democratize citizen services, adding:”Web3 takes the concept of democratization to a whole new level, whereby, data/information can not only made openly sharable but can be made openly unfalsifiable.”As cited by Gupta in an article co-authored by LegitDoc CEO Neil Martis, the caste certificate issuance via neutral web3 platforms aims to target 1.1 million economically challenged residents of the Gadchiroli district, with over 70% representing the tribal population.Caste certificate sample. Source: LegitDocFurthermore, the verifiable certificates aim to deter forgery efforts by bad actors to falsely claim government-provided benefits for the under privileged. The duo also spoke about the importance of Web3 protocols in protecting the general public against deplatformation — both financially and non-financially:“In Web3, anyone can be part of the public blockchain network, but no single entity can control the network, thereby reducing the deplatformation risk by both internal and external actors.”Caste certificate verification portal. Source: LegitDocAs a part of the initiative, the LegitDoc platform fetches selective data from the government-run MahaOnline portal and uploads it to the Polygon proof-of-stake (PoS) blockchain. The system then generates a QR code and certificates, which can be verifiable by various government departments. In addition, “Even printed form of blockchain certificates can be verified using this new system,” confirmed Gupta.Martis told Cointelegraph that various departments within the Maharashtra government including MahaIT, Social justice department, School Education Departments, Minorities Dept, NMMC-Mumbai are in the process of upgrading traditional systems to blockchain-based documents/ data storage.For the first time in 65000 caste certificates have been issued on @0xPolygon network by the Maharashrta government.A big thank you to @MartisNeil founder @LegitDocIndia for convincing and executing the project.Thank you to our Young dynamic IAS officer @ShubhamGupta_11 pic.twitter.com/t00BZgWlrD— Kashif Raza (@simplykashif) March 28, 2022The Maharashtra government has previously implemented an Ethereum-based credentialing system to provide tamper-proof diploma certificates as a measure to avert document forgery. Related: Axis Bank issues financial contract on state-backed blockchain platformEarlier this quarter, Indian finserv giant Axis Bank made use of a government-backed blockchain platform to issue a financial contract between two domestic businesses. As Cointelegraph reported, Secured Logistics Document Exchange (SLDE) was developed by India’s Ministry of Commerce and Industry to serve as a digital document exchange platform that uses blockchain-based security protocols for data security and authentication.The SLDE blockchain platform was used to a letter of credit, which guarantees payment upon conditions, between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd. Axis Bank president of wholesale banking products Vivek Gupta added:“This transaction reinforces Axis’ commitment to lead the digitization in Transaction banking space.”

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US Congress agency recommends 4 key policy options for blockchain

Per the request of the United States Congress, the U.S. Government Accountability Office (GAO), laid out four policy options to help policymakers implement blockchain technologies while enhancing benefits and mitigating challenges.The technology assessment shared by the GAO acknowledged the potential of blockchain technology in improving a variety of financial and non-financial applications despite raising concerns about introducing new challenges while trying to resolve issues related to traditional systems:“A blockchain might both increase the speed of a title registry system and lower the cost of title insurance by making title registration simpler and more trustworthy.”However, some of the challenges highlighted in the study include uncertain benefits, data reliability and legal compliance.Flowchart for determining whether blockchain may be useful. Source: GAOWith the above flowchart, GAO aims to help policymakers — including Congress, federal agencies, state and local governments, academic and research institutions, and industry — determine the requirement of blockchain implementation.Curious about blockchain and how it’s used? In our latest blog post, we dive into blockchain’s many uses and how to address emerging policy challenges. Find out more: https://t.co/ae21mF7IMg pic.twitter.com/F5puP4VIUJ— U.S. GAO (@USGAO) March 24, 2022The GAO assessment further highlighted various non-financial implementations of blockchain technology, as shown below.Examples of potential blockchain technology use cases. Source: GAOWhile policymakers have the right to maintain the status quo, the GAO recommended four policy options to ease the decision-making process that goes behind mainstream blockchain implementation — standards, oversight, educational materials and appropriate uses. With setting standards, GAO envisions tackling challenges around interoperability and data security. Some considerations include implementations of consensus mechanisms and establishing internationally recognized standards.According to GAO, an oversight policy can “help address challenges with legal and regulatory uncertainty and regulatory arbitrage.” In addition, the GAO recommends the issuance of educational materials for addressing challenges around limited understanding and undefined benefits and costs. The fourth policy option, appropriate uses, talks about mitigating challenges around risks to the financial systems and undefined benefits and costs. Highlighting the Commodity Futures Trading Commission’s (CFTC) lack of authority to collaborate with non-governmental entities, the assessment states:“Legal or regulatory uncertainty may hinder some potential users from benefitting from blockchain.”Related: US Virginia Senate allows state banks to offer crypto custody servicesOn March 5, the Senate of Virginia unanimously approved a bill amendment request that now allows traditional banks in the region to provide virtual currency custody services. As Cointelegraph reported, the bill was introduced by Delegate Christopher T. Head back in January 2022, stating:“A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.”The bill passed Senate with a sweeping 39-0 vote and is waiting to be signed into law by Governor of Virginia Glenn Youngkin.

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Rio de Janeiro to accept Bitcoin for real estate taxes from 2023

The Brazilian city of Rio de Janeiro will officially start accepting Bitcoin (BTC) payments for taxes related to urban real estate within their city limits, a.k.a. Imposto sobre a propriedade predial e territorial urbana (IPTU).As reported by Cointelegraph Brazil, the new pro-crypto tax laws will be implemented from 2023, which was announced by the Secretary of Economic Development, Innovation and Simplification, Chicão Bulhões.Work from anywhere = Rio! Welcome @binance… Rio on blockchain! @eduardopaes https://t.co/NJEArEvEXV— Chicão (@ChicaoBulhoes) March 26, 2022Supporting this cause led by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced to open a new office in the region stating that “He’s done his part. We are working on ours.”9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He’s done his part. We are working on ours. https://t.co/HPJONtBfQ8— CZ Binance (@cz_binance) March 26, 2022

The rollout of this initiative will place Rio de Janeiro as the first Brazilian city to mainstream BTC payments. According to the translated announcement:“To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.”Brazilian secretary Pedro Paulo further acknowledged that the city’s goal — with the acceptance of cryptocurrencies — is to develop a solid market of this new asset class in the city, adding:“We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the case of IPTU and, in the future, this can be expanded to services such as taxi races, for example.”The city also plans to involve nonfungible tokens (NFT)-based governance policies across various markets including arts, culture and tourism. Related: Meta goes to Brazil to trademark Bitcoin and crypto servicesEarlier this year on Jan. 29, Meta, the world’s biggest social media platform, filed a trademark registration with the Brazilian authorities to design, develop and provision hardware and software for various BTC and crypto-related services. Meta’s trademark filing with the Brazilian INMI. Source: INPIAs Cointelegraph reported, Meta’s trademark filing order was placed on Oct. 5, 2021, from Jamaica.

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