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Welcome to the new edition of The Protocol newsletter! The crypto market is experiencing a sudden wave of optimism, with widespread anticipation that U.S. regulators may finally approve a spot bitcoin ETF, potentially leading to an influx of $100 billion in capital. The big question is, do these investors truly understand how Bitcoin works?
In today’s Network News, we discuss a recent proposal by a prominent Bitcoin developer that aimed to restrict a key area of blockchain activity. We also take a closer look at Fox Corp.’s new “Verify” tool, designed to detect deepfakes in partnership with Polygon, the Ethereum scaling project, in this week’s feature article.
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Network news
GITHUB REJECTION! While there was speculation over the approval of a spot bitcoin ETF, a battle over the soul of the Bitcoin blockchain occurred on GitHub. The proposal by Bitcoin developer Luke Dashjr to impose strict limits on transaction data sparked fierce debate, culminating in an abrupt closure of the PR by Ava Chow, a maintainer of the Bitcoin Core software. Although this chapter may have ended, Dashjr hinted that spam filtering might not be over yet.
ICYMI: We recently read a report by Galaxy Research’s Christine Kim on why ETH might underperform in the near term. Find out more: