Autor Cointelegraph By Zhiyuan Sun

Google launches blockchain node engine for Web3 developers

According to an Oct. 27 announcement, tech-giant Google is launching an in-house Blockchain Node Engine (BNE) based on Google Cloud. As a node-hosting service, BNE enables Web3 companies to relay transactions, deploy smart contracts, and read or write blockchain data directly on Google Cloud. Ethereum will be the first blockchain supported by BNE. As told by Google: “Today, manually deploying a node is a time-intensive process that involves provisioning a compute instance, installing an Ethereum client, and waiting for the node to sync with the network. […] Google Cloud’s BNE can make this process faster and easier by allowing developers to deploy a new node with a single operation and specify the desired region and network.”The service intends to place nodes behind a virtual private cloud firewall, allowing only trusted machines and users to communicate with endpoints. Additionally, services such as Google Cloud Armor would help protect the nodes from distributed denial-of-service attacks. Being a fully managed solution, BNE will also have its own developer team on-call to monitor for potential outages.Google has been active in the Web3 sector regarding business development. Previously, Google partnered with Near Protocol to provide technical support for the latter’s grant recipients. Two weeks prior, the tech giant teamed up with Coinbase to bring crypto payments to its cloud services.A number of prominent Web3 companies — such as Solana, Hedera and Dapper Labs — are currently onboarded with Google Cloud. Layer-1 blockchain company Aptos has also said that its node deployment times have been reduced to less than 15 minutes through its Google Cloud integration. 

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Report: Vast majority of blockchain energy studies 'lack scientific rigor'

According to a new preprint conducted by researchers at the Open Universiteit, University of California Berkley, and Radboud University, the vast majority of literature on blockchain energy use from both academic and everyday sources “lacks the scientific rigor expected from a mature scientific field.” The report analyzed 128 scientific and open-source studies related to carbon emissions of blockchains such as Bitcoin.Researchers then found that an astonishing 34% of studies did not even possess an explicit research design. Meanwhile, 43% of studies did not share data, while 67% did not share source code. Finally, 79% of studies had no discussions about the reliability of external data.Several notable fallacies across studies were discovered by researchers in their analysis. First off, blockchain energy studies typically cite data and derive their conclusions from the Cambridge Bitcoin Electricity Consumption Index. However, the source explicitly states that it only captures about 32% to 37% of all computing power in the network. Several notable fallacies across studies were discovered by researchers in their analysis. First off, blockchain energy studies typically cite data and derive their conclusions from the Cambridge Bitcoin Electricity Consumption Index. However, the source explicitly states that it only captures about 32% to 37% of all computing power in the network. Secondly, the validity of electricity costs used in such studies is called into question. Researchers found that a significant portion of studies had “no clear” assumptions for cost of electricity use in cryptocurrency mining. Furthermore, there is considerable opacity within studies regarding their choice of power usage effectiveness.Finally, researchers flagged the validity of blockchain carbon emission claims. In several studies, they found that the earlier investigators simply extrapolated carbon emissions data, with no empirical evidence, from 2014 and applied to 2014, from 2019 to 2021, from 2015 to all the way up to 2020, and so on.The report called for discussions into the reliability of models assessing the environmental impacts of blockchains. The crypto community remains heavily divided when it comes to assessing the carbon footprint of blockchains. Some, such as Miami mayor Francis Suarez, say that 90% of energy from Bitcoin mining comes from dirty energy. Others claim that the network accounts for less than 0.08% of the world’s carbon dioxide production. 

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CashApp adds support for Bitcoin Lightning Network

According to a new page added to its support section on Oct. 25, Cash App — a mobile phone payment processing app created by Block Inc. — has added support for transactions via the Bitcoin Lightning Network. The new feature allows Cash App users to send and receive Bitcoin (BTC) on the faster, more efficient layer-2 protocol. Lightning is ideal for small transactions, with near-instant processing times, compared with the minutes to hours required on the Bitcoin blockchain. Cash App had already supported Bitcoin transactions on the Lightning Network in a limited capacity, with users limited to paying for invoices via scanning Lightning QR codes. Now, all Cash App transactions involving QR codes will default through Lightning unless otherwise specified. This new feature has a transaction limit of $999 every seven days and is only available to United States customers, excluding residents of New York state.Cash App first implemented BTC trading in 2018 and soon became immensely popular in the U.S. and United Kingdom for Bitcoin transactions. Last year, 81% of the app’s $12.3 billion in revenue came from Bitcoin. The app has more than 44 million monthly active users. Users can deposit $10,000 worth of Bitcoin every seven days and are provided a tax form for in-app accounting purposes. It is also possible to automatically invest a portion or all of one’s direct deposit into Bitcoin by using the “Paid in Bitcoin” feature with no fees. Otherwise, regular transaction fees are typically around 2%.As Cointelegraph previously reported, the Lightning Network currently has around 87,000 payment channels and 4,570 BTC locked in. However, adoption has been somewhat slow, with the number of coins on Lightning representing a tiny fraction of the 19 million BTC currently in circulation. This feature is currently available to Cash App customers in the United States, except residents of New York State.— Michael Rihani⚡️ (@MichaelRihani) October 25, 2022

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Reddit NFT trading volume hits all-time high as wallet holders near 3 million

According to data provided by Polygon and Dune Analytics, the trading volume of Reddit nonfungible token (NFT) avatars has eclipsed $1.5 million in the past 24 hours. The increase represents over one-third of the collection’s cumulative trading volume of $4.1 million since launch. At the same time, the daily sales volume of Reddit NFTs also witnessed a new all-time high of 3,780 digital collectibles changing hands.Reddit avatars are created by independent artists and are minted as NFTs on the Polygon blockchain. Users can purchase such collectibles on Vault, Reddit’s cryptocurrency wallet. They can then be worn and displayed as profile pictures when users create content on the popular social media platform.After being purchased purchase, the NFTs can be bought and sold on secondary markets such as OpenSea. While some collections witness little to no bids, others have floor prices above $2,000. The highest price for a Reddit NFT current stands at $24,149, or 18 Ether (ETH).Related: Reddit avatar NFTs are witnessing volatile price tagsSince their launch in July, more than 2.9 million collectible avatars have been minted. Correspondingly, the total number of wallets holding Reddit NFTs is currently at 2.8 million. However, the collection’s supply has not surged in proportion, with only around a few thousand NFTs minted per day compared with the record daily rate of around 200,000 NFTs minted in late August.Reddit originally designed the venture as a means of empowering artists to create NFT artwork and monetize their collectibles on NFT marketplaces. Thus far, data show that artists have earned more than $60,000 in royalties from secondary market sales of the NFTs. 

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Tesla’s Bitcoin losses rise to $170M in the first 9 months of 2022

According to Tesla’s latest Q3 earnings report filed with the United States Securities and Exchange Commission, the electric vehicle (EV) manufacturer disclosed that it has invested a total of $1.5 billion into Bitcoin (BTC) since early 2021. Of this amount, the firm is currently sitting at $170 million of unrealized loss from the change in the fair value of its investment. This is offset by a gain of $64 million from realized profits on Bitcoin at various points in the last two years, leading to a net loss of $106 million by the end of Q3. Tesla’s losses did not materially affect its core operations, the filing said. Year-over-year, the EV manufacturer’s profits grew 169% from $3.3 billion in the first nine months of 2021. However, Tesla says that it’s only holding roughly $218 million worth of Bitcoin on its balance sheet. Under accounting rules, digital assets are considered indefinite-lived intangible assets. As a result, any decrease in their fair values will require Tesla to recognize impairment charges, whereas the firm does not make upward revisions for any price increases until a sale. In such beneficial tax treatment, losses can be deducted against profits to reduce tax liabilities, while capital gains are not taxed until the time of sale.Related: Binance, Sequoia still backing Elon Musk’s bid for TwitterTesla’s CEO, Elon Musk, is well-known in the crypto space for his support of digital assets, an affinity for memecoins, such as Dogecoin (DOGE) and his $44-billion ambition to take over social media giant Twitter. Throughout the ongoing acquisition, the billionaire tech celebrity has pledged to “eliminate the spam and scam bots from the platform,” stating, “They make the product much worse. If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin.”

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