dependency

Ethereum founder Vitalik reiterated the purpose of Ethereum, stating, "The creation of Ethereum is not to make finance more efficient or applications more convenient, but to give people freedom." This is an important and controversial statement from the "Unpermissioned Manifesto" that deserves our re-examination and a better understanding of its meaning. Words like "efficient" and "convenient" imply improving the average situation in an already quite good context. Efficiency refers to allowing the world's best engineers to pour their souls into reducing latency from 473 milliseconds to 368 milliseconds, or increasing the yield from 4.5% APY to 5.3% APY.Convenience means enabling people to register in 20 seconds instead of 1 minute with just one click instead of three. These things may be well done. But we must understand that we can never outplay the corporate players in Silicon Valley in this game.Therefore, the main underlying game that Ethereum must play must be a different game. This game is resilience. Resilience is not about 4.5% APY versus 5.3% APY, but about minimizing your risk of suffering -100% APY. Resilience means that if you become politically unpopular and get banned, or your application developers go bankrupt or disappear, or Cloudflare goes down, or a cyberwar breaks out, your 2000 milliseconds of latency still remains at 2000 milliseconds. Resilience is that anyone, anywhere in the world can access the network and become a top-tier participant.Resilience is sovereignty, in the sense of "digital sovereignty" or "food sovereignty"—actively reducing vulnerability to external dependencies that can be arbitrarily stripped away at any time. This is the game that Ethereum is suited to win. Ethereum must first and foremost be a decentralized, permissionless, and resilient block space—then make it rich.

According to official news, Tether has released an open-source password manager PearPass, which uses end-to-end encryption and peer-to-peer device synchronization, allowing recovery with user keys. All credentials are stored locally, without going through the cloud or servers.The official statement claims that it has passed an independent security audit by Secfault Security and supports free cross-platform use.

ChainCatcher news, according to Caixin reports, various institutions have been asked to scale back their cryptocurrency business in Hong Kong. Internet platforms, Chinese-funded brokerages, and Chinese banks in Hong Kong have all been requested to suspend various activities related to cryptocurrency assets, including investment, trading, issuance of RWA, stablecoins, and more.Among them, brokerages that have obtained the qualification to "provide virtual asset trading services" have become key focus areas, as clients can directly trade Bitcoin, Ethereum, Tether, and other cryptocurrencies in their accounts. From the perspective of asset substance, Hong Kong categorizes virtual assets into securities-type virtual assets and non-securities-type virtual assets. For Chinese enterprises engaged in virtual currency-related businesses, such as investing in virtual currencies, issuing RWA from domestic assets to overseas, providing virtual currency trading services, and issuing stablecoins, there are varying degrees of restrictions.It is understood that the fundamental reason for restricting different types of institutions from investing in and trading virtual currencies is to avoid systemic risks and dependency risks that may arise after domestic enterprises are bound to dollar-pegged stablecoins and unanchored virtual currency systems.It is reported that the "financial warehouse company" model will be restricted. In this wave of cryptocurrency innovation, the model of leveraging investments in cryptocurrency assets through the "financial warehouse company" model has been rapidly replicated. Many Chinese enterprises listed on Hong Kong and U.S. stock markets have announced purchases of Bitcoin, Ethereum, and other cryptocurrency assets, hoping to profit from both stock prices and cryptocurrency prices. Now, this model is likely to be restricted.

ChainCatcher news, the decentralized cross-chain trading protocol THORChain tweeted that a dependency is suspected to have a potential vulnerability that may affect THORChain. As a precaution, trading has been suspended and an investigation is underway. (Source link)