🚓 Prosecutors Ask for 3 Years in CZ Case

🚓 Prosecutors Ask for 3 Years in CZ Case

In this edition, we explore CZ’s trial, ETFs in Hong Kong, Chainlink’s Interoperability Protocol and more.

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into Toncoin ($TON).

Key Terms

  • Blockchain: Toncoin operates on The Open Network (TON), a decentralized layer-1 smart contract network.
  • Consensus Mechanism: Proof of Stake (PoS) with sharding for scalability.
  • Utility: Used for transaction fees, staking, and network governance.

What is it? Toncoin is the native cryptocurrency of The Open Network (TON), originally initiated by Telegram. It serves as both a utility and governance token within the network.

What does it do? Toncoin facilitates transactions and governance on TON, supports network security through staking and pays for transaction fees.

What does it mean? Toncoin represents an attempt to leverage Telegram’s vast user base to foster a blockchain ecosystem that can support high transaction volumes and multi-chain operations.

What does it represent to larger crypto sectors? Toncoin exemplifies the trend of integrating blockchain technology with existing large-scale digital platforms like Telegram, aiming to drive mainstream adoption of cryptocurrencies.

Why is it interesting? The project’s initial controversy and subsequent evolution into a community-driven blockchain highlight the resilient and dynamic nature of crypto initiatives. Its unique approach to scalability and integration with Telegram makes it a noteworthy development in the blockchain space.

Who is its competitor? Toncoin competes with other smart contract platforms like Ethereum, Solana, and Cardano, particularly in areas of decentralized applications (DApps) and digital finance.

How to get involved? The ticker is $TON.

Check out Shoal Research’s Substack and Telegram channel.

Crypto News Recap

CZ Apologises, Prosecutors Ask for 3 Years 

Changpeng Zhao (CZ), former CEO of Binance, is facing time in jail after allegedly laundering money. Last Tuesday, CZ apologized for not “implementing compliance changes at Binance from the get-go” and took “full responsibility for his actions”. Still, the prosecution is asking for 3 years of prison time. CZ’s trial stands in stark contrast to Sam Bankman-Fried, as the court has received many letters pleading for a lessened sentencing, speaking to CZ’s genuine belief in decentralization. 

Chloe Collyer/Bloomberg via Getty Images

ETFs Coming to Hong Kong 

Hong Kong has set a release date for their newly approved crypto ETFs. China Asset Management, Bosera Capital, HashKey Capita and Harvest Global have all reportedly received approval for their ETFs. The spot Bitcoin and Ethereum ETFs will be open to trading on April 30th, according to a Bloomberg report.

Chainlink’s Cross-Chain Interoperability Protocol

Chainlink released a new protocol, the Cross-Chain Interoperability Protocol (CCIP). Blockchains are like train companies who make their tracks all different sizes. They do not work or interoperate on each other's tracks. Projects like Chainlink aim to fix this digital railway problem. The protocol allows developers to conduct cross-chain activities such as token transfers, application creation, messaging and more. The protocol essentially functions to help support connections between different blockchains.

Australia Reaches BTC ATM Milestone 

According to Coin ATM Radar, Australia has recently reached the milestone of 1000 Bitcoin ATMs. Currently, America has the most Bitcoin ATMs, sitting at 31,000. Canada comes in second, sitting at 2,900. Australia comes in third, with 1008. Bitcoin ATMs are used to purchase and sell Bitcoin with cash or debit cards and ultimately offer an alternative way of interacting with Bitcoin.

Source: https://coinatmradar.com/charts/geo-distribution/

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

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