Month: March 2023

FTX Dreams of Reboot Fade Amid Technical Woes

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• The Wall Street Journal reported in January that FTX was thinking of rebooting the exchange, sparking excitement within the industry.
• However, interviews with former customers of FTX raise questions about whether there is anything worth bringing back.
• Woefully high latency, bugs in the API traders use to interface with FTX and coding mishaps plagued the exchange since its inception and have complicated potential revival plans.

Dreams of Rebooting FTX Face Reality

When John J. Ray III told The Wall Street Journal in January that he was thinking of rebooting cryptocurrency exchange FTX, it made a splash in the industry. Despite financial woes ultimately leading to its collapse in November 2022, there seemed to be something worth bringing back – exciting both creditors and former customers alike.

Technical Problems Challenged Revival Plans

However, interviews with people at major trading firms who did business at FTX reveal that technical issues may be complicating any potential revival plans. Woefully high latency, bugs in the API traders used to interface with FTX and coding mishaps were all present since its inception, making it difficult for Ray to make progress on his reboot plans after two months.

FTX Technology Was Not Well-Regarded

The technical side of FTX was not well-regarded by former clients who spoke to CoinDesk about their experiences using the exchange’s technology. Latency issues caused slowdowns which could lead to missed opportunities when trading or entering trades too late due to delays or errors in communicating between users’ computers and those of other users on the platform. Additionally, bugs found in APIs used by traders made it difficult for them to rely on data from sources hosted by FTX and coding mishaps led many traders away from using their services altogether.

Anthony Scaramucci’s Involvement

Anthony Scaramucci has been involved with this project as well as a part of “FTX: What Happened” which aims to uncover more information about why exactly this platform failed so quickly after its launch into the market. He will be joined by Brett Harrison (Founder & CEO) and Architect Don (President of U.S arm) during this event held online where they will provide crucial insight into what went wrong with FTX’s short-lived success story.

Conclusion

Based on interviews with former customers and other experts within the industry it appears that while dreams of reviving this short lived success story remain alive; realities show that technical problems have played a huge role in keeping these plans from coming into fruition so far. With Anthony Scaramucci joining forces with Brett Harrison & Architect Don during “FTX: What Happened” we can gain further insight into why exactly this platform failed so quickly after its launch into the market but until then speculation remains rife regarding whether or not a successful reboot is even possible at this point given how much damage has already been done due to poor technical design choices made during its creation process..

Minting NFTs at the Ends of the Earth: FOTO’s John Knopf

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• John Knopf is an Emmy Award-nominated landscape photographer who works for National Geographic, and was an early adopter of NFTs.
• Together with seven other prominent photographers, Knopf helped found FOTO, a collective geared at training artists to work in Web3.
• Time magazine partnered with FOTO on its own NFT drops and Knopf’s work has also been featured in other notable galleries.

Photography and Web3: A Perfect Match

Good photography often requires both technical skill and artistic sensibility – making it ideal for experimentation in the world of Web3. However, many non-fungible token (NFT) creators and collectors have noted that it took a while for “photography NFTs” to take off.

John Knopf and the Founding of FOTO

Emmy Award-nominated photographer John Knopf was an early adopter of crypto technology, entering the space during the bull market era of NFTs in hopes of making a quick buck. But instead he became enthralled with what distributed networks could do for digital art – leading him to found FOTO alongside seven other prominent photographers: Alejandro Cartagena, Ben Strauss, Cath Simard, Dave Krugman, Isaac “Drift” Wright, J.N Silva and Ravi Vora.

FOTO’s Goals

The goal behind FOTO is to train artists to work within Web3 as well as elevate digital art through sponsored galleries exhibitions and events – all without profiting from any artist sales or purchases. In 2021 alone Time Magazine partnered with FOTO on their own NFT drops while John’s work has been featured in other notable galleries such as one from cryptocurrency exchange Coinbase earlier this year.

Why Photography?

Knopf explains that photography is especially well suited to be used within the world of Web 3 due to its need for both technical skill and artistic sensibility which can be combined together using modern technologies like blockchain or cryptocurrencies such as Ethereum or Bitcoin Cash. This allows photographers to create unique pieces that can be collected by enthusiasts around the world without having ever met them face-to-face or even knowing their exact location!

The Future of Photography NFTs

As more people become aware of crypto technology’s potential use cases like photography NFTs will only continue to grow in popularity over time – creating new opportunities for artists everywhere! With his experience working within the industry already it will be interesting to see what else John Knopf can bring us in terms of innovative applications between digital culture & blockchain technology going forward into 2023 & beyond…

Siren Collection Drops: Starbucks Odyssey Releases Limited-Edition NFTs

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• Starbucks Odyssey, the coffee company’s Web3 loyalty program, today released its first limited edition non-fungible tokens (NFTs).
• Members of the program were able to buy two stamps each starting at 12 p.m. ET and could pay by credit card or by connecting their MetaMask wallet.
• Despite some issues with the site being overwhelmed by traffic, the collection sold out in 18 minutes and secondary sales quickly soared, with the floor price for a Siren Stamp already passing $550.

Starbucks Odyssey Releases ‘The Siren Collection’

Starbucks Odyssey, the coffee company’s Web3 loyalty program, recently released its first limited edition non-fungible tokens (NFTs), titled “Stamps,” from an edition of 2,000 featuring its iconic siren.

Available For Purchase

Members of Starbucks Odyssey were able to purchase up to two “Stamps” starting at 12 p.m ET on March 9th 2021 and could pay by credit card or by connecting their MetaMask wallet.

Launch Issues

Unfortunately, the launch was not without issues as many members experienced problems accessing the site and error messages due to overwhelming traffic.

Sold Out Quickly

Despite these issues, within 18 minutes all Stamps had sold out and secondary sales quickly soared with the floor price for a Siren Stamp already passing $550 USD.

Conclusion

The release of this NFT was successful despite some technical issues encountered during launch due to heavy demand for these unique digital assets which are now trading significantly above initial sale prices.

Shapella: Ethereum Devs’ New Name for Upcoming Upgrade

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• Ethereum developers have started to refer to the upcoming hard fork as “Shapella.”
• This is a combination of the Shanghai upgrade (execution layer) and Capella (consensus layer).
• Both upgrades are expected to roll out sometime next month.

What is Shapella?

Ethereum developers have started to refer to the blockchain’s upcoming hard fork – in this case a key upgrade – as “Shapella.” This is a combination of the Shanghai upgrade (execution layer) and Capella (consensus layer), which are both expected to roll out sometime next month.

Understanding Ethereum Before The Merge

To understand what the two layers are, one needs to understand Ethereum prior to when it went through the last upgrade, the Merge. Ethereum’s old proof-of-work blockchain was also known as the execution (application) layer. When Ethereum began its proof-of-stake (PoS) chain, also known as the consensus layer, developers were originally going to transition over to just the PoS chain. But that seemed to be too complicated of a task for developers, so they decided to merge the two chains together – hence the “Merge.”

The Shanghai Upgrade

The reason this matters – in regards calling it Shapella – is that each layer has different names for their respective upgrades. The execution layer will undergo the Shanghai upgrade while on the consensus side it’s known as Capella. Therefore, merging both names into one – “Shapella” – creates an easy way for developers and other users of Ethereum’s network alike can reference both updates without confusion or difficulty.

The Impact Of Shapella On The Crypto Space

The imminent launch of Shapella will bring many changes within Etheruem’s network such as increased transaction speeds, lower gas fees and improved scalability overall. This could potentially allow more users access onto Ethereum’s platform due to its new capabilities allowing for faster and cheaper transactions than before Shapella’s launch.

Conclusion

In conclusion, Shapella is not just another update within Etheruem’s network but rather a combination of two separate upgrades occurring within different layers of Ethereum . By merging these two updates into one – “Shapellla” – brings ease and clarity when referencing this highly anticipated change coming soon.