LayerZero Denies Allegations of Secret ‚Backdoor‘: Uniswap Vote Looms

• LayerZero, a cross-chain bridging service, was accused of having a “backdoor” vulnerability in its code.
• The co-founder of LayerZero denied the allegations, claiming that all applications have the ability to set their own security parameters.
• Uniswap is voting on whether to partner with LayerZero, which could be the motivation behind the allegations.

Allegations Against LayerZero

James Prestwich, founder of the cross-chain bridging service Nomad, alleged in a blog post on Monday that LayerZero can bypass security controls in order to pass data between blockchains without anyone’s permission. He claimed that LayerZero has an undisclosed capability of a trusted party, which can compromise the function of the system.

LayerZero Denial

Bryan Pellegrino, a co-founder of LayerZero, said the project does have backdoor-like capabilities but denied the platform has ever tried to hide them. He said all applications have the ability to set their own security parameters and there is nothing anybody can do unless they configure it themselves.

Uniswap Vote

Pellegrino suggested Prestwich’s motives may be tied to an upcoming Uniswap governance vote to pick a bridge provider. Uniswap is considering partnering with LayerZero which could be behind these allegations from its competitor Nomad.

Motives Behind Allegations

Pellegrino suggested Prestwich’s motives may be tied to an upcoming Uniswap governance vote to pick a bridge provider. By making these accusations he may be hoping it will influence people’s opinion when voting for who should become Uniswap’s bridge provider.

Conclusion

It remains unclear why Prestwich chose now as his time for making these accusations against LayzerZero or if they are true or false. Until further evidence arises it appears that this is yet another battle between two competing companies trying to win over Uniswap as its bridge provider partner.

Secure Your Investments with Web3’s Dry Code Policy Protocols

• Web3 offers an alternative to the traditional legal approach to policy enforcement by using “dry code”, or computer code, to protect investors and users.
• Regulations are important because they can promote orderly and efficient markets and protect investors from those who may take advantage of them.
• The best tool for designing effective DeFi policies is Web3 itself, which relies on incentives and the transparency of the technology itself.

Web3, the decentralized application platform, has gained significant traction in recent years, thanks to its promise of permissionless, self-custodial protocols and its ability to facilitate trustless financial transactions. While the platform has enabled a range of financial services, there has been a need to protect users and investors from the potential risks associated with decentralized finance (DeFi) protocols. Traditional legal approaches have thus far failed to provide a comprehensive solution to this issue, prompting many to consider the potential of “dry code”, or computer code, to protect users and investors.

The benefits of using computer code to enforce policy are clear; it is verifiable, permissionless, and self-custodial, and it can be used to automate processes, freeing up resources and eliminating human error. However, the challenge of designing effective DeFi policies has been a difficult one to overcome. It requires a deep understanding of the technology, its potential impacts, and the incentives that drive its use.

The best tool for designing effective DeFi policies is Web3 itself. By leveraging the incentives and transparency of the platform, it is possible to create protocols that are robust, secure, and reliable. Web3’s native smart contract language makes it easy to encode rules into the code, allowing for automated enforcement of policy. Furthermore, the open-source nature of Web3 allows for the creation of a range of different policies, each tailored to its specific use case.

The use of computer code to enforce policy also enables the creation of a variety of incentive structures to ensure compliance. For example, a protocol could be designed to reward users for providing accurate information, or to penalize those who attempt to exploit the system. By creating transparent and verifiable rules, it is possible to create a more secure and reliable system.

Ultimately, Web3 provides an effective tool for designing effective DeFi policies. By utilizing its native smart contract language, it is possible to create robust protocols that are secure, reliable, and incentivize compliance. Furthermore, the platform’s open-source nature allows for the creation of a range of different policies, each tailored to its specific use case. As the industry continues to evolve, Web3’s ability to create effective policy protocols will make it an invaluable tool for the DeFi space.

Blur Delays Launch of BLUR Token to Feb 14, 2021 to Create Something Unique

• Blur, an NFT marketplace, has announced it will be delaying the launch of its native token BLUR to February 14, 2021.
• The delay is a result of Blur wanting to launch something never been done before.
• Until the launch of the BLUR token, Blur will continue its incentivized airdrop program.

Blur, an NFT marketplace, has announced that it will be delaying the launch of its native BLUR token from January to February 14, 2021. This delay is a result of Blur wanting to launch something that has never been done before. The delay, however, will not affect the incentivized airdrop program, which will continue until the launch of the BLUR token.

The BLUR token will be a governance token, meaning that it will be used by holders to vote on the direction of the platform. The token will also be used to reward traders for their activities on the platform, such as buying and selling NFTs.

Blur has been running an incentivized airdrop program since November 2020. The program is designed to reward holders who hold their tokens for a certain amount of time. The program has seen over 11,000 airdrops since its launch, proving to be popular among traders.

The delay of the launch of the BLUR token could be seen as a positive thing, as it gives the team more time to make sure everything is perfect before they launch. The delay also gives them more time to spread awareness about the token and its potential use cases.

The team has also stated that they are looking into more ways to reward traders, such as through the use of staking rewards. This could be seen as a way to encourage holders to hold on to the tokens for longer, rather than trading them on the open markets.

Overall, the delay of the launch of the BLUR token could be seen as a positive thing, as it gives the team more time to make sure everything is perfect before they launch. The delay also gives them more time to spread awareness about the token and its potential use cases. With the launch of the BLUR token, traders will be able to benefit from staking rewards, which could further increase the value of the token.

US CPI Slows, Bitcoin (BTC) Dips But Remains Resilient

Bulletpoints:
• Bitcoin (BTC) saw a dip in price after the news that annualized inflation slowed to 6.5% in December from 7.1% previously.
• The consumer price index (CPI) slipped 0.1% in December, roughly in line with expectations for a flat reading.
• Annualized core CPI was up 5.7%, also in line with forecasts and down from 6% in November.

The recent report of the US Consumer Price Index (CPI) has caused a slight dip in the price of Bitcoin (BTC). The CPI showed that inflation had slowed to 6.5% in December from 7.1% previously, in line with economist forecasts. This news caused a 0.1% slip in the consumer price index, with the core CPI – which strips out volatile items such as food and energy – being up 0.3% in December, in line with forecasts.

The slight dip in the CPI has caused a ripple effect in the crypto industry, with Bitcoin (BTC) seeing a dip in price of about $150. Despite this, the cryptocurrency still remains above $18,000. This shows the resilience of the digital asset, and its ability to remain stable despite the news of macroeconomic changes.

The news of the CPI has also caused an interesting discussion among cryptocurrency experts. Some have argued that the decrease in inflation is a positive sign for the crypto industry, as it means that there is less need for money printing which can negatively impact the value of digital assets. Meanwhile, some are of the opinion that this news could be a sign of deflation, which can be detrimental to the industry in the long-term.

Overall, it is clear that the news of the US CPI has had an impact on the crypto industry. Despite this, the digital asset is still performing well and showing its resilience. As more news is released in the coming weeks and months, it will be interesting to see how the industry reacts and what impact this has on the future of the crypto market.

Crypto Winter Forces Companies to Cut Staff and Restructure

Bullet Points:
• Digital Currency Group (DCG) has undergone restructuring resulting in 13% of its staff departing.
• BitMEX and Galaxy Digital have also announced staff cuts.
• The unrelenting crypto winter has continued to hit all corners of the industry, forcing some of the biggest companies in the sector to curb their growth.

Since April, the cryptocurrency industry has been going through a tough bear market, and with it, numerous companies in the space have been forced to make difficult decisions in order to stay afloat. The most recent of these decisions is Digital Currency Group (DCG), the parent company of CoinDesk, announcing a restructuring that has resulted in 13% of its staff departing.

DCG has also promoted Chief Operating Officer Mark Murphy to president of the company, in an effort to further streamline their operations and ensure the long-term sustainability of the business. Other companies in the industry, such as BitMEX and Galaxy Digital, have also been forced to lay off staff and cut costs in order to stay competitive in the current market.

The panel on “The Hash” discussed the latest hurdles facing companies in the crypto sector and the implications of the current bear market. With the industry in a prolonged downturn, many companies have been unable to sustain their operations, leading to layoffs and restructuring.

The crypto winter has hit every corner of the industry, from venture capital firms to exchanges, forcing the biggest companies to significantly reduce their workforce and rethink their strategies. Many companies have been unable to weather the storm and have been forced to cut costs and take on restructuring measures in order to stay competitive and survive.

With the market in a prolonged downtrend, companies have had to make difficult decisions in order to stay afloat, resulting in layoffs and restructuring. This has become a reality for many of the biggest players in the industry, as they have had to reduce their workforce and restructure their operations in order to stay competitive.

The bear market has taken its toll on the industry, forcing many of the biggest companies to take drastic measures in order to stay afloat. While some have managed to make it through this difficult period, others have not been so fortunate and have had to layoff staff and restructure operations in order to remain competitive.

The future of the industry remains uncertain, and the prolonged bear market has forced some of the biggest companies in the sector to make difficult decisions in order to survive. While the industry has shown resilience in the past, it remains to be seen how it will fare in the future. Only time will tell what the future holds for the crypto sector, and for the companies that have had to make tough decisions in order to survive.

Judge Rules Customers‘ Crypto Assets Part of Celsius Network Bankruptcy Estate

– A bankruptcy judge ruled that customers who had interest-bearing accounts on Celsius Network had turned over control of their assets to the crypto lender, meaning the deposits are part of its bankruptcy estate.
– U.S. Bankruptcy Judge Martin Glenn said in a court order Wednesday that Celsius‘ terms of service made it clear that it took possession of crypto assets deposited into its Earn product.
– The ruling dealt a blow to customers who were hoping to recoup their deposits, as Celsius held around $4.2 billion worth of crypto assets at the time of its bankruptcy filing.

On Wednesday, a bankruptcy judge ruled that customers who had interest-bearing accounts on Celsius Network had turned over control of their assets to the crypto lender, meaning the deposits are part of its bankruptcy estate. U.S. Bankruptcy Judge Martin Glenn made the ruling in a court order, noting that the terms of service of Celsius Network had made it clear that it took possession of crypto assets deposited into its Earn product. The ruling was a major setback for customers who had been hoping to recoup their deposits, as Celsius held around $4.2 billion worth of crypto assets at the time of its bankruptcy filing.

Although the ruling was disappointing for many customers, it was not unexpected. Over the past few weeks, there had been signs that the judge would side with the bankrupt crypto lender. In the weeks leading up to the ruling, the judge had taken into consideration a wide range of evidence, including documents, emails, and testimony from executives at Celsius. The evidence showed that the company had indeed taken possession of customers‘ assets, though it had not been clear whether those assets would be part of the bankruptcy estate.

The judge’s decision was a significant victory for Celsius, which had argued that its customers had voluntarily given up control of their assets when they deposited them into their accounts. This argument had been supported by the company’s terms of service, which stated that customers had relinquished control of their assets when they deposited them into their accounts. The judge agreed with the company’s argument, noting that the terms of service had been clearly laid out and accepted by the customers.

The ruling has far-reaching implications for the crypto industry as a whole. It serves as a warning to customers that they need to be aware of the terms of service of any crypto service they use, and that they should be careful when giving up control of their assets. It also serves as a reminder that crypto lenders should ensure that their terms of service are clear and easy to understand, so that customers can make informed decisions about their deposits.

Overall, the ruling is a win for Celsius, but it is a setback for customers who had been hoping to recoup their deposits. It is a reminder of the importance of being aware of the terms of service of any crypto service, and of the need to be cautious when giving up control of one’s assets.