China’s blockchain satellite satellite makes maiden voyage
A Chinese satellite becomes the first in the world to put a blockchain imaging and screening system into orbit.
According to the local news media Red Star News reported on July 22, Taian Star Times 16 was successfully held roll out Into orbit from the Jiuquan Satellite Launch Center in China. Developed by Nationstar Aerospace Technology Co., Ltd., the satellite has a visual blockchain on-orbit certificate storage system developed internally by Nationstar, called “ADAChain” (no relation to Cardano). The researchers wrote:
“(ADAChain) can realize functions such as on-orbit visual blockchain multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation.”
The purpose of the satellite navigation is to “acquire rich spectral information on the surface of the target area” for use in “precision agriculture, water resource management, mineral resource investigation, environmental monitoring and emergency safety” and other fields. Blockchain technology will also help achieve the goal of “high spatial resolution, high spectral resolution and high temporal resolution” of such satellite imaging.
Digital Yuan CBDC Expands to Hong Kong
The Hong Kong branch of the Bank of China has allowed individuals in the Special Administrative Region (SAR) to use the digital yuan central bank digital currency (e-CNY CBDC) for retail purchases.
According to a report on July 20, more than 200 merchants including shopping malls, pharmacies, convenience stores, and electronic stores have closed their doors. accepted E-RMB CBDC as payment method for shoppers from mainland China. Hong Kong users are currently unable to use the e-renminbi CBDC.
As a special administrative region, Hong Kong maintains separate political, economic and social institutions from mainland China. Proponents have previously called on the Hong Kong government to issue its own Hong Kong dollar CBDC to compete with the likes of Tether (USDT) and USD Coin (USDC). Likewise, Chinese President Xi Jinping has emphasized the importance of CBDCs as a means of settling international trade in local currencies.
Terraform Labs struggles to regain its footing
“Every time we made a little bit of progress, someone would point fingers or derail us.” explain Terraform Labs interim CEO Chris Amani in the Twitter space on July 20.
Amani said the arrest in Montenegro of the entity’s co-founder and former CEO Do Kwon essentially smashed any momentum the struggling network was trying to rebuild. In May 2022, the $40 billion Terra Luna (LUNC) ecosystem collapsed due to the collapse of its algorithmic stablecoin, TerraUSD (USTC). Soon after, Kwon created the Terra 2.0 (LUNA) ecosystem. The three tokens have a combined market capitalization of $1.3 billion as of this writing.
In the next phase, nine projects based on the Terra Luna ecosystem are scheduled to launch in the coming months, Amani said. None of the projects will reportedly issue their own tokens. Additionally, Amani warned that these projects face stiff competition from other layer-one projects due to the lack of financial backing from Luna Foundation guards or protocol treasuries.
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South Korean Cryptocurrency Lender Shut Down Amid Criminal Proceedings
Delio, a South Korean cryptocurrency lending company, said that all assets of its company and clients were seized in a July 18 raid by prosecutors.
In a July 22 announcement, Delio announced that it would immediately suspend all interest payments to users after the asset seizure prevented the company from continuing normal operations. In June, the crypto lender suspended all withdrawals and deposits on its platform, citing risks with counterparties and South Korean crypto lender Haru Invest, which in turn suspended all transfers due to problems with “consignment operator” B&S Holdings.
Haru Invest is currently in bankruptcy proceedings. Meanwhile, Delio is one of the largest cryptocurrency lenders in South Korea, with about $1.5 billion in customer deposits in bitcoin (BTC), ether (ETH), and altcoins. The company has been under investigation by the country’s Financial Services Commission since June 30, accusing it of fraud, embezzlement and breach of trust.
The company previously said it would allow withdrawals of users’ assets, but did not specify a specific time frame. However, similar to Multichain Legends, the company is unlikely to do so when a client’s assets are seized as part of a criminal proceeding.
Hugo Lee, CEO of Haru Invest, in a blog post on July 23 wrote Assets of B&S Holdings have also been seized by authorities and the company is now working to recover the funds. All operations of the company have been suspended and the company plans to liquidate the remaining assets in stages. Haru Invest currently has over 80,000 users.
Indonesian National Cryptocurrency Exchange Goes Live
A national cryptocurrency exchange run by the Indonesian government will be the only legal place to trade crypto assets in the Southeast Asian country.
on July 20 statement According to the country’s commodity futures trading regulator, also known as Bappebti, the exchange is currently open for spot trading and plans to expand its offerings to cryptocurrency futures and derivatives in the future. All cryptocurrency exchanges registered in the country can join the National Exchange, which acts as a clearing house to ensure that transactions comply with relevant regulations.
Islamic groups in Indonesia have previously considered the use of cryptocurrencies by Muslim users illegal or prohibited, despite official backing. Nonetheless, Islamic scholars have not yet reached a consensus on the matter.
On the occasion of the 40th anniversary of the launch of Chicken McNuggets, McDonald’s Hong Kong cooperate The occasion is celebrated with the launch of the virtual universe of the same name in partnership with The Sandbox.
Dubbed “McLeroy,” the virtual universe will allow users to interact with McLelo-themed game characters and avatars. Randy Lai, CEO of McDonald’s Hong Kong commented:
McDonald’s has been rooted in Hong Kong for 48 years and has been committed to providing innovative experiences and happy moments. To celebrate Chicken McNuggets’ 40th anniversary, we’re excited to partner with The Sandbox to deliver a fun-filled Web3 Metaverse gaming experience. “
A reward pool of 100,000 SAND tokens and 10,000 McNugget vouchers will be distributed to participants. Since entering what was then British Hong Kong in 1975, the franchise now operates 250 restaurants across the city, serving more than one million customers every day.
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