Welcome to another edition of the BitOasis Weekly Wrap that brings you the best crypto stories of the week in less than 3 minutes. Let’s dig in…
Here’s what happened after McDonald’s responded to Elon Musk’s Dogecoin tweet
There was still room for humor amid a gloomy week for cryptocurrencies after centibillionaire Elon Musk asked the world’s largest restaurant chain, McDonald’s, to accept Dogecoin. In return, Musk promised to eat a Happy Meal on television. Backing away from the offer, McDonald’s responded saying they’d accept DOGE if Tesla accepts a made-up “Grimacecoin.”
This dissatisfied the Dogecoin community with some of them pointing to the fact that it took McDonald’s marketing team over 10 hours to come up with such an offer. But, right after Musk’s tweet, the price of Dogecoin increased as much as 8% to $0.1445.
Musk’s interaction comes a day after McDonald’s asked “how are you doing people who run crypto twitter accounts” amid a sharp drop in crypto prices on Monday. Surprisingly, another fast food giant, Burger King chimed in with a vague response to Elon Musk:
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Why Ethereum developers want you to stop saying Eth 1, Eth 2
Ethereum developers have urged crypto communities to drop names like Eth1 and Eth2 and instead use the new terms “execution layer” for Ethereum 1 and “consensus layer” for Ethereum 2. Oops. Did we just call them Eth 1 and 2 again? This is serious because the team behind the protocol development, called it “a critical shift” to rename ‘Eth1’ and ‘Eth2’ terminology.
For context; the Ethereum network is undergoing significant changes that aim to improve security and decentralization, especially after the network began to face congestion and high transaction fees to build decentralized apps. Developers say that a major problem with the Eth2 branding is that people think Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Since neither is true, the renaming will prevent future users from confusing the protocol’s model.
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How this crypto could save the planet
Decentralized autonomous organization called Klima is trying to save the planet. The crypto project aims to incentivize “carbon offsets” and disincentivize polluters. Examples of carbon offset projects are renewable energy, planting trees or anything that permanently removes CO2 from our atmosphere.
Companies or governments purchase carbon offsets to meet their emission reduction targets or to comply with sustainable laws. But in order to bring about “real” eco-friendly changes, Klima plans to remove carbon offsets entirely. Klima will reduce the supply and increase the price, making offsets expensive, which will force entities using them to switch to greener alternatives. The objective here is companies will cut emissions for real, instead of just offsetting.
Klima will convert real world carbon offsets into crypto tokens called Base Carbon Tonnes (BCTs), bringing carbon offsets to the blockchain. One BCT is the equivalent of one tonne of carbon offsets and the price of BCT will mirror prices of carbon offsets from the real world.
Not much is known about Kilma’s founders and the project hasn’t been officially audited. As always, do your own research before investing and spend an amount of money you’re prepared to lose.
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Did mining become more sustainable after the China exodus?
Some say Bitcoin mining generates 96 million tonnes of carbon emissions each year, giving crypto quite a reputation. But in its latest survey, the Bitcoin Mining Council found that the percentage of global Bitcoin mining industry running on renewable power increased by 1% to 58.5% in the fourth quarter of 2021.
CEO of MicroStrategy, Michael Saylor, who is a key member of the BMC said modern mining techniques, the rapid expansion of North American mining, and the China Exodus improved Bitcoin mining energy efficiency and sustainability. The survey information from miners accounting for more than 46% of the global Bitcoin network.
For the longest time, China was the hub of all mining activity. Bitcoin miners used hydropower, a cheap source of carbon-free energy, during China’s wet season. But when water dried up, miners moved to northern China, where coal was the main source of mining energy, adding more carbon emissions to the environment. After China’s crack down on miners, both of these sources of power for mining have been eliminated, potentially making Bitcoin mining greener than before.
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