Wed 15/11

Good Morning. FTX fiasco = industry overhaul. Many crypto exchanges are gearing up to show proof of reserves, India's economy will see a significant injection of crypto money in the next decade, CZ shows his charitable side, and more in today's letter.

• Giottus Says It Will Provide Proof of Reserves: In the wake of the FTX fiasco, one of India's prominent crypto exchanges, Giottus said that they would provide proof of reserve to maintain trust and transparency. “We are working on it. As a matter of fact, it's high time, we all did,” Vikram Subburaj, Giottus' co-founder and CEO, said. “We should have something within the next three months. This is also an ideal point for regulators to start looking at providing proof of reserves from exchanges as part of their filings.” The Merkle tree proof of reserves, named after its inventor Ralph Merkle, is a cryptographic tool at the heart of all blockchain technology. It’s a cryptographic data structure that maintains privacy, but allows users to verify the stability of their holdings on exchanges, thereby creating trust.

• Polygon Connect event in Bangalore is here: L​​ayer 2 blockchain Polygon announced the Web3: Made in India Tour, a month-long project in partnership with Animoca Brands, Sino Global Capital, and Push Protocol. It will cover eight events across India this month, culminating on 1 December 2022, with the Polygon Connect event in Bangalore. According to the announcement, the Web3 roadshow educates, inspires, and supports India’s Web3 ecosystem.

• Web3 to inject $1.1T in India’s GDP by 2032: The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 years.” Moreover, the study highlighted that investments in Indian Web3 startups mimicked crypto adoption by racking up a 37x growth over the last two years. The explosive Web3 growth in the country is further supported by an increasing talent pool, which makes India’s demand-supply gap the lowest when compared to the United States, China, and the United Kingdom. In addition, India ranks first when it comes to reskilling in newer technologies, which is considered paramount in emerging technologies such as Web3 and blockchain

• Solana Discloses Losses From FTX Collapse: The Solana Foundation, a non-profit organization based in Switzerland that supports the Solana blockchain, revealed that it had approximately $1M in cash or cash equivalents in FTX before the exchange paused withdrawals. According to the foundation, this represents a negligible amount of its holdings. The foundation also holds 3.24M common shares in FTX Trading Ltd, along with 3.43M FTT tokens and roughly 135M SRM tokens. All these assets are stuck on the FTX exchange. In total, the Solana Foundation and Solana Labs sold 58.08M SOL tokens to Alameda Research and FTX Trading, representing nearly 11% of Solana’s total supply.

• Binance Proposes ‘Industry Recovery Fund’: “Given the events that transpired in the last week or so, there will be quite a number of good projects — they basically really didn’t do much wrong, they were building their products, they may have their funds on an exchange that went down,” Zhao said on a live Twitter broadcast Monday morning. “The best way to help them is by giving them money or investments. We actually think that this is a pretty good time to do it because most of those projects’ valuations are much more reasonable than they were a year ago.” Crypto markets rallied early Monday after his proposal.

• Steve Jobs' Birkenstock sandals' NFT: Birkenstock sandals worn by Apple co-founder Steve Jobs in the 1970s sell at auction with accompanying NFT. The sandals worn by Apple co-founder Steve Jobs while pacing the California home where he created the company have sold for nearly $327,000 at auction.

Blockchain Content Writer- Vegavid Technology

Non-Fungible Tokens (NFTs) Explained: Non-fungible tokens, often referred to as NFTs, are blockchain-based tokens that each represent a unique asset like a piece of art, digital content, or media. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical. Non-fungible tokens (NFTs) are designed to be i) cryptographically verifiable, ii) unique or scarce and iii) easily transferable.

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