• Trezor, the manufacturer of crypto hardware wallets, has announced that it will take control of its wallet chip production process by producing its own silicon chips.
• The new chip-making process enhances security significantly by eliminating third-party chipmakers and associated vulnerabilities, while also reducing lead times.
• The company is collaborating with Stmicroelectronics to produce a microcontroller and semiconductor technology called „TROPIC01“ for use in crypto hardware wallets.
Trezor Takes Control of Chip Production
Trezor, the manufacturer of cryptocurrency hardware wallets, has announced that it will take control of its wallet chip production process by producing its own silicon chips. This move will enhance device security and considerably shorten lead times for mass production.
Enhanced Security & Faster Production Time
The new chip-making process enhances security significantly by eliminating third-party chipmakers and associated vulnerabilities. It also reduces lead times by bypassing supply chain issues. Moreover, Trezor states that the newly designed „chip wrapper“ gives them more design freedom for future products.
Collaboration With Stmicroelectronics
Trezor is collaborating with Stmicroelectronics to produce a microcontroller and semiconductor technology called „TROPIC01“ for use in crypto hardware wallets. They are hoping this collaboration will make the manufacturing process as agile as possible so they can respond quickly to market changes or increasing competition in the crypto space.
Rise in Hardware Wallet Demand
Hardware wallets have experienced substantial demand since the collapse of FTX, as crypto enthusiasts have transferred billions of dollars worth of crypto assets from centralized trading platforms. In addition, several companies have unveiled new hardware wallet models such as Ledger Stax, 1inch Network’s hardware wallet and Coinkite’s Coldcard Q1 product. All these products utilize Trezors newly designed chipsets for enhanced security and faster production time capabilities.
In conclusion, Trezor is taking control over their own wallet chip production to enhance device security and reduce lead times for mass production. Furthermore, the company is collaborating with Stmicroelectronics on a microcontroller and semiconductor technology called „TROPIC01“. Finally, hardware wallets are experiencing rapidly increasing demand due to their enhanced security features compared to centralized trading platforms like FTX
• South African startup Momint has launched a blockchain-powered solution to ease the country’s power generation challenges.
• Investors can buy non-fungible tokens (NFTs) linked to solar cells which are then leased to public institutions like hospitals and schools.
• Blockchain technology is used by Momint to make the project transparent and reduce risks.
South African Startup Seeks to Improve Electricity Generation
South African startup Momint has recently launched Suncash, an initiative that seeks to improve electricity generation in the country using a blockchain-based solution. For a minimum price of $9, investors have the chance to acquire non-fungible tokens (NFTs) linked to solar cells that are then leased out for use at public institutions such as schools and hospitals. The project has already been piloted at Delmas High School in Mpumalanga province.
Suncash Initiative Aims To Ease Country’s Power Challenges
Momint CEO Ahren Posthumus explains that his company’s goal is not necessarily financial gain but rather alleviating some of South Africa’s power woes: „We are a technology company that’s trying to build for the next 15 years, but what we realised is we can’t build a technology company in a country that doesn’t have electricity.“ He further states that blockchain technology provides transparency within the project while also lowering risks for Momint. This is achieved by creating smart contracts on the blockchain which represent ownership of each individual cell and its associated revenues.
Benefits Of Using Blockchain Technology
The advantages of using blockchain technology include increased transparency, improved trust between stakeholders, and lowered risk levels due to smart contracts being immutable on the blockchain. Additionally, due to its decentralized nature, blockchain networks are more secure than traditional systems since data stored on them cannot be changed or corrupted without consensus from all participants in the network. This makes it ideal for projects such as Suncash where there is no single entity controlling all aspects of operation.
Project Set To Make Positive Impact On Society
At present, Suncash does not appear set up for major profits but rather Posthumus sees it as an opportunity for his company „to help South Africa overcome its power generation challenges“. As such, it could potentially provide much needed electricity access throughout various parts of the country while also providing additional employment opportunities through installation and maintenance work related to rooftop solar systems.
Overall, South African startup Momint’s Suncash initiative appears well placed in helping reduce energy worries across the nation thanks to its use of advanced technologies such as blockchain and NFTs with investors having an opportunity take part in this innovative project by purchasing low cost NFTs linked directly with solar cells their underlying asset generates revenue from sale of energy generated from them .
• Ukrainian authorities are accelerating the development of the electronic hryvnia.
• The pilot project is expected to be launched this year, according to the Ministry of Digital Transformation.
• The National Bank of Ukraine has developed a „draft e-hryvnia concept“ and testing has already been conducted on the Stellar network.
Ukraine Speeds Up Digital Hryvnia Project
Ukrainian authorities are speeding up the development of the electronic hryvnia, with plans to pilot it as early as this year. Minister Mykhailo Fedorov from the Ministry of Digital Transformation wants to finalize its development sooner than planned, with first blockchain transactions already conducted on the digital currency based on Stellar’s product.
Central Bank Develops Draft E-Hryvnia Concept
The National Bank of Ukraine (NBU) presented a „draft e-hryvnia concept“ to members of the crypto industry, banks and other financial institutions in November 2022. Tascombank also carried out tests with it on the Stellar network in January 2021. This plan for introducing CBDC is included in NBU’s Strategy 2025.
Minister Insists on Speeding Up Development
Deputy Prime Minister Fedorov has written a letter to NBU insisting that they speed up the development of electronic hryvnia so that it can be piloted this year instead of waiting until 2024 as prescribed by current Ukrainian legislation. He believes digitalization will be essential for rebuilding during these times and aims to make Ukraine into one of the best crypto jurisdictions in the world within two years‘ time.
Partner Chosen For Building Virtual Assets Ecosystem
In January 2021, The Ministry Of Digital Transformation chose Stellar Development Foundation as its partner in building virtual assets ecosystem including infrastructure for Ukrainian Central Bank Digital Currency (CBDC).
Plan To Pilot Digital Currency This Year
Ukraine is aiming to launch its e-Hyrvna pilot program this year instead of waiting till 2024 as initially planned, according to Mykhailo Fedorov from Ministry Of Digital Transformation who believes digitalization will be essential for rebuilding during these times .The first blockchain transactions have been conducted using digital currency based on Stellar’s product and Tascombank carried out tests with it on Stellar network earlier this year.
• Coinbase CEO Brian Armstrong expressed concern about rumors that the SEC may ban cryptocurrency staking for retail customers in the US.
• Armstrong said staking is not a security and allows users to participate directly in running open crypto networks.
• He argued that new technologies need to be fostered, not stifled, in the US and called for clear rules for financial services and Web3 industries for national security reasons.
Coinbase CEO Expresses Concern Over Rumors of SEC Ban on Crypto Staking
Brian Armstrong, CEO of Coinbase, recently expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States.
Armstrong: Staking is Not a Security
Armstrong insisted that “staking is not a security” and that it allows users to “participate directly in running open crypto networks” such as scalability, increased security, and reduced carbon footprints.
Coinbase CEO Vocalizes Worry Over US Stifling Crypto Staking & Innovation
The Coinbase CEO argued that new technologies need to be fostered, not stifled, in the US and that it is important for the country to have clear rules for financial services and Web3 industries – such as decentralized finance (DeFi) – for national security reasons. He believes regulation by enforcement does not work as it encourages companies to operate offshore which he believes happened with FTX.
Criticism of DeFi & Staking
Not everyone agreed with Armstrong’s views on DeFi or staking as some quickly criticized both concepts on Twitter thread when he shared his opinion on them . Some poked fun at SEC Chairman Gary Gensler with a quote saying: „Guess it’s time for more protection.“ Another individual tweeted,“Realistically, the Howey test is so broad that pretty much everything is a security.“
Armstrong Calls For Clear Rules & Sensible Solutions
Armstrong hopes that industry members will work together to establish clear rules and “sensible solutions” which protect consumers while also preserving innovation and national security interests in America.
• A former adviser to the People’s Bank of China has called on the Chinese government to reconsider its ban on cryptocurrencies.
• He cautioned that a permanent ban on crypto-related products could result in missed opportunities in technologies such as blockchain.
• Despite the ongoing crackdown by the Chinese government, a significant number of cryptocurrency investors are still active in China, and mining activities have increased.
Chinese Economist Urges Government to Reconsider Crypto Ban
A former adviser to the People’s Bank of China (PBOC) has called on the Chinese government to reevaluate its cryptocurrency ban, warning that banning crypto activities could result in missed opportunities that are „very valuable“ to regulated financial systems. Huang Yiping served as a member of the Monetary Policy Committee at the PBOC between 2015 and 2018.
Government Warned of Missed Opportunities Due To Crypto Ban
Huang Yiping cautioned that a permanent ban on crypto-related products could result in missed opportunities in technologies like blockchain, which are „very valuable“ to regulated financial systems. In September 2021, the Chinese government declared all crypto activities illegal, claiming that crypto disrupted the country’s economic and financial order while providing a breeding ground for criminal activity.
Crypto Adoption Persists Despite Ban
Despite the ongoing crackdown by the Chinese government, a significant number of cryptocurrency investors are still in China according to blockchain analytics firm Chainalysis. In addition, FTX’s bankruptcy filing in November last year shows that Mainland users accounted for 8% of its customer base; FTX had over 5 million active users before it imploded. Furthermore, cryptocurrency mining activities have increased in China according to data from Cambridge Centre for Alternative Finance (CCAF). Traffic from China accounted for approximately 20% of bitcoin’s total hash rate from September 2021 to January 2022.
China Promotes Blockchain While Cracking Down On Crypto
The Chinese authorities have supported blockchain technology even as they cracked down on cryptocurrencies and related activities. Last October, President Xi Jinping said that blockchain was an important breakthrough application with far-reaching implications for future technological innovation and applications such as digital currencies and digital finance. The country is also currently developing its own central bank digital currency (CBDC), dubbed DCEP or Digital Currency Electronic Payment (DC/EP).
It remains unclear how China will approach regulation toward cryptocurrencies going forward. However it may have positive effects if done correctly; while there may be risks associated with cryptocurrencies, they can also bring opportunities if used responsibly and properly regulated by governments around the world