Ethereum underwent a few updates last year in its process to completely take the system to the proof-of-work mechanism and increase its scalability and efficiency. One such introduction was EIP-1559 which was done to make the asset deflationary by burning coins from its circulating supply. In the last week, Ethereum successfully burnt 110,000 ETH which was almost $400 million worth of Ethereum to make the asset deflationary. The issuance for this week remains negative.
Jack Dorsey’s step to quit Twitter and focus entirely on his digital payments platform Block has started to show impacts as the company officially announces a system to make Bitcoin mining easier. More in detail below.
On its first anniversary, Stacks blockchain (STX) becomes the number one Web3 project on Blockchain. It has achieved more than 350 million monthly API requests and has awarded more than 100 BTC to 11000 users using its PoX mechanism.
Quick Crypto News Roundup!
Daily Crypto News Jan 17, 2022
Ethereum sets a record by burning almost $400M worth of coins in a week
The Ethereum network has reached new heights of burning more than 110,000 ETH in a week as the NFT industry continues to grow. To make Ethereum a deflationary asset EIP-1559 was introduced in 2021. This was the most integral part of the fee-burning mechanism. To make this happen, the net issuance of the asset must stay below the number of coins being burnt periodically. The net issuance for this week remains negative.
In a one-week timeframe, the number of ETH exceeds the total number of issued coins which has resulted in negative issuance. At the time of writing the net issuance of Ethereum stays at 16000 coins which is equal to $54 million. The negative issuance points at the decrement of the number of coins circulating within the network and this is considered as a deflationary effect which has been highly anticipated by the majority of the Ethereum holders.
Read more in detail on how does burning of the ETH coins will affect the holdings of all Ethereum holders in detail.
Source: U Today
Additional Read: Bitcoin vs Ethereum
Twitter co-founder’s firm building system to make Bitcoin mining easier for everyone
On Thursday, January 13, Jack Dorsey announced that the digital payment firm Block is building a technology to make the entire process of mining Bitcoin easier for people. The Twitter co-founder’s company Block, earlier known as Square, is officially building an open Bitcoin mining system. It was in November that Jack Dorsey announced his departure from Twitter to completely focus on his digital payment firm as it slowly expands into cryptocurrency.
Read more in detail about Block and how it will make Bitcoin mining easier.
Source: The Straits Times
Stacks ecosystem becomes the #1 Web3 project on Bitcoin
On its first anniversary of the launch, Stacks blockchain (STX) that aims to make Bitcoin programmable has achieved more than 350 million monthly API requests, 40000 Hiro ( Stacks development tool to build applications on Bitcoin) wallet downloads, and 2500 Clarity smart contracts. According to one of the reports, these numbers indicate that Stacks is one of the largest projects on Bitcoin.
The unique proof-of-transfer or PoX consensus mechanism that Stacks work on helped more than 11,000 users earn more than 100 BTC as rewards every month. Miners just not bid BTC to verify their transactions but also mine new blocks, execute smart contracts on the blockchain and earn STX as rewards.
Read in detail about Stacks blockchain and how it is helping miners to earn more BTC rewards.
Source: Cointelegraph
Crypto Market Trend January 17, 2022
Here is a quick summary of the top crypto gainers and losers for the day.
Top 3 Crypto Gainers
| Cryptocurrency | Price (latest by January 17, 2022) | Change in % |
| Cardano (ADA) | ₹116.24 | 6.84% |
| Axie Infinity (AXS) | ₹6466.49 | 6.49% |
| Fantom (FTM) | ₹252.45 | 4.59% |
*Prices are latest by 11 AM, January 17, 2022.*
Top 3 Crypto Losers
| Cryptocurrency | Price (Latest by January 17, 2022) | Change in % |
| Loopring (LRC) | ₹101.25 | 7.46% |
| Curve (CRV) | ₹386.85 | 7.31% |
| Internet Computer (ICP) | ₹2403.65 | 6.32% |
*Prices are latest by 11 AM, January 17, 2022.*
