🐝 ETH Fuel Usage: A Wake-Up Call?
Plus: 5 Bold Predictions for Beijing's Internet 3.0 🇨🇳
Hello, honeybees! It's time for another edition of Web3 Buzz, your weekly source for all things crypto. This week, we're excited to bring you the latest on:
Ethereum’s Fuel Usage
One-Click Solution to Crypto
Beijing’s Vision for Internet 3.0
Binance laid off 20% of its workforce
And a big welcome to new members who joined our hive this week. So sit back, relax, and let's get buzzing on this week's top crypto news and updates.
Today's edition is powered by Web3 Summary, the ultimate hub for demystifying crypto and web3.💡
ETHEREUM'S FUEL USAGE ⛽
Ethereum's fuel, known as "gas", is as crucial to it as my morning cup of coffee is to me. I'm already on my second mug.
Why do we need gas in Ethereum? The answer keeps changing with time.
Let's take a trip back in history, folks. This is how Ethereum's gas has been used over the years:
Two main points to remember:
1/ At its beginning, Ethereum wasn't very active. The early years were filled with basic actions like ETH transfers, creating smart contracts, and so on.
Though Ethereum was meant to be "money that could be programmed", it took some time to build the necessary framework.
2/ Once genuine applications started launching, gas usage shifted to what we are familiar with now: NFTs and token exchanges.
If we only consider the previous month, nearly half of all gas was used for creating and trading NFTs and tokens.
As Ethereum keeps growing, we can anticipate more diverse usage.
Predicting the future direction, though, could be a job for a crystal ball. Who could have foreseen that digital monkeys in royal and naval headgear would become a thing?
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BEIJING'S VISION FOR INTERNET 3.0 🇨🇳
Grab your translation app because Beijing dropped a bombshell called the "Internet 3.0 Innovation Development White Paper"! But hold up, let's clear some things up and dive in.
Beijing aims to be a global innovation hub for the digital economy. They're committed to investing 100 million yuan annually until 2025. News spread like wildfire, calling it the "Chinese Web3 report." Exciting, right? Not so fast.
Sure, the Bitcoin logo appeared on China Central Television, sparking hopes of a crypto renaissance. But the report isn't all about that. It's about "Internet 3.0" and the Metaverse.
Internet 3.0 combines virtual reality with the real world, boosting communication and economic efficiency. China believes it's the future.
The report covers tech like 6G, blockchain, VR, chips, AR, and AI, advancing industries like education, healthcare, and IoT.
But wait, it's not a crypto party. This report focuses on the Metaverse, not Bitcoin or Ethereum. Don't hold your breath for China to embrace crypto either. They might ban it faster than you can say "cryptocurrency."
That's my take. What do you think? Excited about Internet 3.0 and the Metaverse? Or were you hoping China would be the crypto capital?
THE BUZZ REPORT: TOP STORIES 📰
Congress passed a debt limit suspension bill
Goldman Sachs to cut more jobs, eyes sharp fall in markets revenue
Rocket Pool has been deployed on zkSync Era
Binance reportedly laid off 20% of its workforce.
Blockchain data company Nansen laid off 43 employees this week (about 30% of staff).
Crypto.com Receives Digital Token License in Singapore
unshETH's one of the private keys for the deployer contract was compromised.
LayerZero is now live on the Canto blockchain.
Ava Labs announced Ava Cloud.
Buzz-worthy Meme 🐝
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.