Gavin Wood has unveiled a novel digital identity technique called Proof-of-Ink, leveraging tattoos as verification of digital citizenship. Meanwhile, Justin Sun, the founder of Tron, has addressed concerns following the extraction of 12,000 Bitcoins from USDD reserves. In parallel, Grayscale has initiated a new investment fund for Avalanche‘s native token AVAX.
What is Proof-of-Ink?
Parity Technologies is set to release Proof-of-Ink, a system aimed at ensuring digital individuality in the Web3 domain. This innovative method employs unique tattoos to confirm digital citizenship while safeguarding user privacy. According to Wood, a co-founder of Ethereum, Polkadot, and Kusama, the rollout is expected in the fourth quarter of 2024. During his keynote at the Web3 Summit in Berlin, Wood expressed optimism about launching the application within this year, with additional mechanisms to follow in the next.
Although Wood hinted at further digital identity solutions, he refrained from disclosing specific details about their development stages.
Why Did Justin Sun Address Bitcoin Removal?
Tron’s Justin Sun has clarified issues surrounding the removal of 12,000 Bitcoins, previously used as collateral for the stablecoin Decentralized USD (USDD). Blockchain explorer Blockchair revealed that these Bitcoins, valued over $729 million, were withdrawn from a specified address on August 19. While some have speculated Sun’s involvement, others raised concerns about the absence of a vote for this removal from the TRON DAO Reserve. On August 22, Sun compared USDD’s mechanism to MakerDAO’s DAI, emphasizing that collateral withdrawals are permissible without approval if they exceed a specified amount.
Why is Grayscale Investing in AVAX?
Grayscale Investments has launched a new fund dedicated to Avalanche’s cryptocurrency, offering exposure to a smart contract platform designed to enhance scalability, security, and decentralization. Announced on August 22, the Grayscale Avalanche Trust will also provide investors with opportunities in RWA tokenization. Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, highlighted the trust’s potential to support Avalanche’s advancements.
Grayscale, managing over $25 billion in assets, recently introduced a trust for MakerDAO’s Maker token and operates the Grayscale Bitcoin Trust and Grayscale Ethereum Trust.
Actionable Insights for Investors
– Proof-of-Ink offers a groundbreaking approach to digital identity verification using tattoos.
– The details of additional digital identity solutions from Parity Technologies remain undisclosed.
– Clarifications from Justin Sun suggest a mechanism for USDD similar to MakerDAO’s DAI.
– Grayscale’s new investment in Avalanche indicates a significant interest in scalable blockchain solutions.
These developments highlight the dynamic nature of the cryptocurrency space, offering various opportunities and addressing prevalent concerns within the community.