🦮 How much does Web3 Need web2 to thrive?

Will we have a web3 without a web2?

September 11, 2022

Contents (4 min read):

  • 🦮 How much does Web3 Need web2 to thrive?

  • 👨‍👩‍👧‍👧 Startupy - Community-curated search engine

  • 📈 Top 5 performers of the week

  • 😟 Will Ethereum Miners go broke

  • 🏖️ IRAs, tax-sheltered accounts

  • 🏠 Home Inventory numbers indicate a Recession

  • 🛍️ Consumer Price Index Reaches Highs Not Seen Since The 1980s

  • 📰 Top Reads

  • 🙏🏻 Grateful for…

🦮 How much does Web3 Need web2 to thrive?

As Axie Infinity creator Sky Mavis works to further decentralize its Ronin network—a custom Ethereum sidechain designed for NFT-powered games—the Web3 startup has tapped one of the largest Web2 tech giants to help its cause.

Today, Sky Mavis announced that it has reached an agreement with Google Cloud that will see the cloud computing division of the international tech juggernaut run a validator node on Ronin. That means that Google Cloud will help secure the sidechain network and process transactions.

A Sky Mavis representative declined to share the specific terms of the deal. According to a press release, Google Cloud had already been the startup’s “strategic cloud partner” since 2020, but this is a new wrinkle in their relationship. Cloud solutions firm Searce will aid in the collaboration.

Other web3 and blockchain companies are relying on web2 juggernauts to secure their networks and provide cloud solutions and expertise. This leads us to realize how immature web3 technology is and how much it needs to rely on strong mature tech to make these new companies’ roots are well-planted and safe to navigate the world of hackers ready to take their lunch.

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📈 Top Crypto movers of the week

😟 Will Ethereum Miners go broke

Miners will be "broke" after Ethereum makes the switch to a Proof-of-Stake blockchain — with a multibillion-dollar industry vanishing overnight.

That's according to Chandler Guo, a miner who is leading efforts to keep the network's current Proof-of-Work consensus mechanism alive. Ethereum will complete its transition to Proof-of-Stake next week and many miners who have been profiting from their ETH mining efforts will need options.

Since it launched in 2015, Ethereum has been based on PoW like Bitcoin, with miners responsible for verifying transactions and adding them to the blockchain.

But Proof-of-Work has been criticized for the vast amounts of energy it uses, amid fears such networks could end up contributing to climate change.

Proof-of-Stake will mean that validators — who need to lock up 32 ETH to run a node — will become responsible for verifying transactions. And this means they'll be the ones who are rewarded with shiny, new ETH in the future... not miners. According to the Ethereum Foundation, this approach will slash its blockchain's energy use by 99.95% — a move that could make this technology more palatable to environmentally conscious businesses.

Guo told the CoinMarketRecap podcast that his opposition to PoS isn't about money — and instead, he's worried this consensus mechanism will affect Ethereum's censorship resistance and the privacy afforded to users.

Cryptocurrency is one of those things that everyone is talking about these days. There are all kinds of different exchanges to trade crypto on, but many people don’t realize how much they’re losing in taxes and fees.

iTrustCapital allows its clients to invest in crypto through an individual retirement account or an IRA without having to worry about taxes or fees.

IRAs are tax-sheltered accounts, meaning all your crypto trading is tax-free and can grow tax-free over time.

🏠 Home Inventory numbers indicate a Recession

The supply of new homes relative to new home sales has spiked to levels not seen since the 2008 housing crisis. While the Fed stands between a rock and a hard place, negative real GDP growth, and falling commodity prices could temper its hawkish stance.

🛍️ Consumer Price Index Reaches Highs Not Seen Since The 1980s

On a year-over-year (YoY) basis, inflation as measured by the Consumer Price Index (CPI) has accelerated to 8.5%. As risk-on investors scan for signs of a pivot, the Fed's hawkish stance, exemplified by Chairman Powell's Jackson Hole statement, suggests a longer-than-expected wait

📰 Top Reads

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