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Ethereum
Bitcoin and Crypto Market News Friday, July 29, 2022 - 18:47

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Building an expansive world of Web3, Solana is launching a permanent physical retail space dedicated to all things tied to its cryptocurrency. However, you will need to travel all the way to New York to experience it. From Tech Mahindra disclosing on building a culture of innovation and new service offerings through metaverse to Ethereum moving one step closer to its merger into the proof of stake method and more… Read on.

Ethereum’s mainnet tenth shadow fork goes live

Ethereum has taken a small but critical step closer to the merger, the blockchain’s much-discussed and frequently delayed transition from using the energy-intensive proof-of-work protocol to the proof-of-stake method. 

Ethereum has been undergoing a series of tests, or shadow forks, which copy data from the main network (mainnet) to a test environment network (testnet). Its core developers announced that they intended to deploy the merge on September 19. 

Shadow forks are a focused trial run of aspects of the merge; they practice making one or two specific changes to the blockchain that will occur down the road. 

Ethereum, the second-largest cryptocurrency by market capitalization after Bitcoin, and the network that powers around 64% of all decentralized finance (DeFi) activity will switch from a proof-of-work methodology to a proof-of-stake model as a result of the merger.

Ethereum core developers will continue  to deploy shadow forks up until the merge.

Tech Mahindra to work on 60 metaverse projects

IT services provider Tech Mahindra announced that it is presently working on 60 metaverse projects for clients worldwide. 

Of these, 25 projects are involved in ed-tech, while the remaining are in retail, automotive dealer management, repair and maintenance of cars, and other industries. 

The company had announced the launch of TechMVerse at the beginning of 2022, its metaverse practice that would provide consumers with interactive and immersive experiences in the metaverse with an aim to transform customer experience and deliver real business outcomes.

Tech Mahindra Chief CP Gurnani stated that the company is taking bold steps in developing some new capabilities, including 5G, metaverse, and the Makers Lab, that they successfully set up at 8 locations.

Solana set to open IRL retail store in New York

Ethereum’s Layer-1 competitor Solana is all set to open its first IRL retail store, called Solana Space in New York City. Solana’s first physical store will be at Hudson Yards in Manhattan and aims at acquainting more people about Web3.

The store is said to be like a cultural center for Solana, which is currently the ninth most valuable cryptocurrency in the world by market cap. Inside the store, people can learn about the Web3 sector and how the SOL blockchain works.

Solana is not the first to venture into IRL products and businesses. Brands like Bored Ape Yacht Club and the Ethereum-based NFT collection announced a Bored Ape-themed restaurant in Los Angeles.

The Solana Spaces physical store is yet to open to the public, but it has already created a major buzz in the market.

Brazil’s Nubank onboards 1M crypto customers in one month

Just a month after its official launch, Nubank, the largest digital bank in Brazil by market value has attracted one million users on its cryptocurrency trading platform.

According to Nu Bank’s latest earnings report, the company had 59.6 million customers, indicating that a small percentage of its customer base has signed up for the service. However, at this pace, the bank may be well on its way to becoming one of the largest platforms to buy cryptocurrencies in Brazil.

The platform allows users to buy and sell Bitcoin and Ethereum through a crypto-trading and custody service provided by Paxos’ blockchain infrastructure.

Brazil has been a global leader in crypto adoption. According to reports, the nation has finalized its guidelines for regulating cryptocurrencies, where crypto legislation would be the responsibility of the executive branch of the government.

Mercedes Benz taps Polygon for a data-sharing platform

Daimler South East Asia, part of the Mercedes Benz Group announced that it shall build its blockchain-based data sharing platform on Polygon, an Ethereum Layer-2 scaling solution.

The new data sharing platform will be called Acentrik and will enable enterprises to buy and sell data in a decentralized environment. Polygon is set to help execute transactions.

The blockchain platform will also be used to trade data from a wide range of industries including insurance data, clinical trials, and many others.

Although users have the option of using a stablecoin, transactions will be carried out on the public blockchains Polygon or the Ethereum Rinkeby test network.

Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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