The Weekly Wrap 05

Solana plans to launch a crypto smartphone, while El Salvador mines Bitcoin through the power of volcanoes.

The lowdown this week...

  • El Salvador takes a green turn to mine Bitcoins with the help of volcanoes
  • Singapore's central bank is relentlessly hard on the cryptocurrency industry
  • Solana will release a Web3 developer kit and crypto smartphone by next year
  • Ripple opened a crypto hub for programmers in Canada

What's Brewing?

El Salvador uses volcanoes to mine Bitcoin post crypto legalization

The president of El Salvador, Nayib Bukele - recently announced that the country's state-run geothermal energy utility will draw power from volcanoes for mining Bitcoin. The land of volcanoes is ready to access its geothermal energy in an affordable and renewable manner - with zero emissions.

El Salvador Bitcoin cryptocurrency crypto
El Salvador goes green for Bitcoin. 

Bukele is transparent with planning and voices his developments on Twitter. He even shares the breakdown of the mining rewards on his account, and in recent news - mentioned that new mining equipment is being installed. As part of the rollout, the Salvadorean government purchased $21 million dollars in Bitcoin, and was the first country to make it legal tender. The Salvadorian government hopes that the Bitcoin boost will increase financial inclusion in the country, paired with the benefits of their renewable sources.

Order in the Court!

Singapore begins to clamp down on negative behavior on crypto

Sopnendu Mohanty, the chief fintech officer of Singapore - pledged to be "brutal and unrelentingly hard" on any "bad behavior" stemming from the crypto industry. During his interview, he stated that any negative actions would equate in an equally punishing consequence. Mohanty's words echo his belief that the world has lost its private currency, and this is the reason for the wider market commotion. Additionally, he mentioned the "extremely draconian" due diligence process for granting licenses to crypto businesses.

In 2020, Singapore brought licensing requirements to light for crypto firms - adopting a strict stance on license approvals. Early this year, crypto providers were banned from marketing their services in public areas - including social media, broadcast, and print. The opening of the COE (certificate of entitlement) is just the beginning, and Mohanty believes that a state-backed alternative to crypto can be launched in three years.

Talk of The Town

Programmers are welcome to join Ripple's crypto hub in Canada

Ripple's new engineering hub in Toronto, Canada - will pioneer crypto education for programmers. The announcement targets professionals in the blockchain, machine learning, data science, and product fields. Brad Garlinghouse, CEO of Ripple - expressed his excitement for the new hub, and stated that it's a wonderful opportunity to tackle challenges and provide solutions that will impact the value of movement in the world. Ripple even has a University Blockchain Research Initiative (UBRI) that exists in Canada, and they're planning to team up with colleges and universities, too. This is their first hub and will not be their last, as they plan to expand to Europe in the near future.

Crypto Rising

Solana is assembling a Web3 developer kit and crypto smartphone

The creators of the Solana blockchain are zoning in on mobile-focused growth, featuring a Web3 decentralized app. The app will integrate Solana Pay to facilitate QR code-based on-chain payments, a mobile adapter, and a "seed vault" for storing private keys on a smart mobile device.

“Developers can now bring the power of Solana to the computers in our pockets,” so this new phone could potentially revolutionize the mobile industry.  

Raj Gokal, Co-founder of Solana

Anatoly Yakovenko, the CEO of Solana Labs - stated that the smartphone would cost $1000, and will be available for purchase next year. Solana Labs is also accepting $100 deposits from people who want to be part of the pre-sale. Interested users will receive an NFT pass via email when it's ready, and Solana developers will have first dibs.

Solana Labs cryptocurrency crypto Solana
Solana fans, are you ready?

Food for thought:

  • Would you use a separate phone solely for crypto?
  • Which countries do you think will adopt cryptocurrencies next?
  • Do you think other programs should be featured in Ripple's crypto hub?
  • Should there be college classes highlighting crypto education?
  • What other forms of renewable energy can be used for crypto mining?

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a high-yield cryptocurrency savings platform where you can buy and earn up to 90% APY on your digital assets.

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