Hi, it's Colton from Hedgehog, the crypto investment platform that keeps your portfolio diversified and balanced exactly how you like it. Download the app for iOS or Android to start automating your allocations.
We've been doing a lot of educational topics around here lately. Today let's switch it up and talk about the news. As ever, there's a lot going on!
dApp's Delight
Ethereum developers are proposing an upgrade that would let popular dApps earn a share of the transaction fees they generate on Layer 2.
EIP-6968 proposes a new type of token providing "contract secured revenue" (CSR), allowing developers to claim a percentage of the transaction fees generated by users interacting with their smart contracts.
From the beginning the promise of Ethereum has been programmable money — money with bells and whistles, so to speak. That's such an exciting concept because of possibilities like this proposal. And many more possibilities, some of which have been tried, some yet to be discovered.
Over the course of its existence, Ethereum has attracted unprecedented developer interest and project experimentation because the idea of "money plus" is extraordinarily fruitful. Hedgehog offers a Stack called ETH Network that contains 87 assets from the Ethereum universe, and there are thousands more less-established tokens that also rely on Ethereum.
Orbmode, Engage
A brief refresher on Worldcoin, previously discussed in this newsletter:
Step 1: Scan people's eyeballs using a device called the Orb. The purpose is to prove unique personhood (AKA sybil resistance) based on each individual's one-of-a-kind iris.
Step 2: Every proven eyeball owner gets some Worldcoin, "the first token to be globally and freely distributed to people, for both utility and future governance, just for being a unique individual."
Step 3: Profit??
We've reached Step 2, but there are some pitfalls, namely that Worldcoin and its Orb ambitions continue to creep people out. Reuters reports, "Kenya's interior ministry said on Wednesday that it had suspended the local activities of cryptocurrency project Worldcoin while government agencies assess potential risks to public safety."
"Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities," interior minister Kithure Kindiki said in a statement.
A preliminary review of Worldcoin's operations has raised concerns, Communications Authority of Kenya and the Office of the Data Protection Commissioner said, among them being that obtaining consumer consent in return for a monetary award bordered on inducement.
It's no wonder that government officials are aware of the venture: "Local media have reported that more than 350,000 Kenyans had signed up for Worldcoin as of Tuesday, in exchange for free cryptocurrency tokens worth around 7,000 Kenyan shillings ($49)."
On the one hand, creepy Orb. On the other hand, $49 is $49. Meanwhile, in the United States people are signing up for nothing.
Quick Hits
- Seven Major Asset Managers File Ethereum ETF Applications
- a16z crypto, Snoop Dogg join $20 million Series A funding round for web3 music firm Sound
- How I discovered the underground world of credit card network exploitation
If you missed it last week: Hedgehog is partnering with CoinDesk Indices to give you another option for building your crypto portfolio. Give it a whirl and let us know what you think.
Interested in some sweet Hedgehog swag? Answer this question for a chance to win: Is Worldcoin creepy, clever, or both? Reply to this email to let me know what you think.
Keep hedging,
Colton
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