Mon April 02

Good Morning. Our Referral program is live. Please see the bottom of the letter for more details 😀 . US Govt dumps bitcoin that was stolen from silk road, UNICEF tests DAOs and there is new research that says that the US should use bitcoin to stay a superpower.

💥 Polytrade Bags Funding To Integrate DeFi With Traditional Finance: Polytrade, a Web3 protocol, has successfully raised $3.8 million in a seed funding round. The funds will be used to expand the company's product offerings, ramp up marketing efforts, and enter new markets in Latin America and Europe. Over the next six months, Polytrade plans to focus on launching a fully integrated trading platform. In total, the company has raised $5 million, including $1.2 million from its initial coin offering. Polytrade, founded in 2021 by Piyush Gupta, provides capital to SMEs and manufacturers based on their blue-chip receivables. Its initial modules include a financial arm that offers working capital financing to SMEs against their invoices and provides lenders with secure and insured invoices that generate strong yields. Polytrade has already raised over $11 million from decentralized finance (DeFi) liquidity and traditional credit facilities.

🤑 US Government Dumps Bitcoin Stolen From Silk Road: According to a court filing, the government has obtained final orders of forfeiture for around 51,680.32 BTC from the Zhong investigation, which is worth more than $3.4 billion at the time of seizure. On March 14, the government sold approximately 9,861.2 BTC at a price of around $21,800 per token. However, on the same day, bitcoin's value was between a high of around $26,500 and a low of around $24,000 on most exchanges, as per Blockworks Research. The government incurred transaction fees of more than $215,000 for the sale. The officials plan to sell the remaining 41,500 BTC, worth $1.2 billion, in four batches this year, but they have not disclosed the sales method.

🧪 UNICEF Tests Prototype DAO For Digital Public Goods: UNICEF, is expanding its involvement in the world of cryptocurrency by developing a prototype for a decentralized autonomous organization (DAO). The aim of this DAO is to fairly distribute power and communication for a globally distributed digital public good. Digital public goods (DPGs) are open-source software, models, and standards that organizations can use to operationalize their digital public infrastructure. UNICEF's pilot project, being developed on top of the Layer 2 solution Polygon, is designed to facilitate improved communication between DPG stakeholders during their discussions of potential new features to a project. This project could use the functionalities offered by DAOs to allow stakeholders to fund new features after the involved community votes to implement them. Overall, the goal is to create a closed DAO for each DPG to bring all stakeholders on board.

🇺🇸 US’s Pentagon Should Mine Bitcoin To Stay A Super Power: A new thesis written by Major Jason Lowery from the US Space Force, as part of his MIT masters degree, argues that Bitcoin is not just a digital currency but a potential weapon that can be used by the Pentagon in modern warfare. Lowery claims that Bitcoin's proof-of-work consensus mechanism presents a significant shift in the way world powers can wage war, suggesting that nations could compete for Bitcoin block rewards instead of relying on traditional methods like boots on the ground or nuclear weapons. He warns US policymakers that adopting Bitcoin is crucial for the country to maintain its status as a global superpower. The thesis concludes that the US should support and adopt Bitcoin as soon as possible, or risk losing its lead as a global superpower in the 21st century.

What Is Cryptography in Blockchain: Cryptography is a method of securing data from unauthorized access. In the blockchain, cryptography is used to secure transactions taking place between two nodes in a blockchain network.