Yesterday in Crypto - Issue #18

Read time: ~7 minutes

Microsoft has entered into a partnership with Aptos Labs, a layer-1 blockchain company, to delve deeper into the realms of artificial intelligence (AI) and web3. This collaboration aims to train Microsoft's AI models using verified blockchain data from Aptos. In addition, Aptos will utilize Microsoft's Azure cloud to run validator nodes for its blockchain, aiming to enhance the reliability and security of its services.

The partnership underscores the need for verifiable and credible information to train AI models effectively. Aptos Labs' blockchain boasts impressive capabilities, supporting up to 160,000 transactions per second, with aspirations to handle even more by year-end. For reference, Visa does about 1700 transactions per second. Its rapid transaction speeds and affordability make it a compelling choice for tech giants like Microsoft, looking to innovate in AI and blockchain spaces.

The collaboration between Microsoft and Aptos Labs not only signifies a significant step forward in the convergence of AI and blockchain but also hints at the broader acceptance and integration of web3 technologies in mainstream tech. As the tech world continues to evolve, partnerships like these pave the way for a more interconnected and transparent digital future.

The U.S. Federal Reserve has initiated a new program to closely monitor banks' activities related to cryptocurrencies. This move doesn't introduce new regulations but rather clarifies how the central bank plans to oversee its existing rules. Specifically, the program, termed the "novel activities supervision program," will involve specialized digital asset experts from the Fed working alongside regular bank supervisors.

The Federal Reserve has also provided a more detailed explanation regarding banks' interactions with stablecoins. Before banks can engage with these digital assets, they must first obtain approval. To get this approval, banks must demonstrate their ability to manage the risks associated with such activities effectively. This includes ensuring measures against vulnerabilities like money laundering, potential customer runs, and cyber threats.

This recent announcement by the Federal Reserve is a reinforcement of the crypto guidelines it set out earlier in the year. It's worth noting that this move by the Fed follows closely after PayPal's announcement of launching its own stablecoin.

Did you miss PayPal’s announcement? We covered it in previous issues. Read those HERE and HERE

Kraken, a prominent cryptocurrency exchange, recently announced the listing of two Reddit community tokens: Moon (MOON) and Brick (BRICK). These tokens were introduced as part of Reddit's Community Points (RCP) initiative, which began in 2020 and officially launched in 2021. The initiative aims to reward users for their contributions to the platform.

MOON is specifically designed for the r/CryptoCurrency subreddit and is awarded to users for their posts and comments. Beyond this, MOON can be traded for emojis, badges within the subreddit, and even grants holders voting rights in community polls. On the other hand, BRICK is tailored for the r/FortNiteBR subreddit, a community centered around the popular Battle Royale Game. Users receive bricks based on their Karma (a measure of their reputation) every four weeks. These bricks can be exchanged for exclusive memberships and other features within the r/FortNiteBR community.

Reddit has over 400 million monthly users - its no surprise that their coins are gaining popularity.

Here’s the recent price performance for MOON:

If you bought MOON 30 days ago, you’d be up 4.6x on your purchase. 7 days ago? Money doubled.

Now lets look at BRICK:

BRICK’s price performance is even more impressive. Purchase BRICK 30 days ago? You would be up 24.31x on your purchase! That means that if you bought $100 worth of Brick tokens, you would now have ~$2,431 in your wallet.

Staying on top of the next big thing in crypto is difficult, but it can be life-changing.

That’s all for today. We’ll see you tomorrow.

"The computer can be used as a tool to liberate and protect people, rather than to control them.”

- Hal Finney (Early Bitcoin Developer)