Yesterday in Crypto - Issue #29

Read time: ~7 minutes

Shopify, a leading e-commerce platform, has taken a significant leap into the crypto realm by integrating Solana Pay, opening doors for millions of merchants to accept cryptocurrency transactions.

🚀 What's happening?

Shopify has incorporated Solana Pay into its payment solutions, initially enabling transactions using the USD Coin (USDC) stablecoin. This move not only showcases Shopify's progressive approach towards digital currencies but also hints at the broader acceptance of crypto in the e-commerce sector.💡 Quick Refresher on Solana:

• What is Solana? Solana is a digital platform (think of it like a super-fast, secure computer system) where people can build and use various online applications, especially those involving cryptocurrencies. Yes, this is the same category as Ethereum. They’re called “Layer-1” blockchains.

• Speed and Affordability: One of Solana's standout features is its ability to handle a large number of transactions quickly and at a low cost. This makes it attractive for businesses and developers.

• Growing Popularity: Solana is becoming increasingly popular because it offers a wide range of uses, from online financial tools to digital art trading (known as NFTs).

🛍️ Why Solana Pay?

Solana Pay, launched in early 2022, is a peer-to-peer payment infrastructure that empowers merchants to accept and settle payments across various digital assets. It's a joint venture involving Solana Labs, Checkout.com, Circle, and Citcon, with wallet integrations from Phantom. One of its standout features is the incredibly low transaction cost, averaging $0.00025 per transaction, a stark contrast to traditional credit card processing fees that range between 1.5% to 3.5%.

📈 Shopify's Crypto Journey

Shopify, which handles approximately 10% of all U.S. e-commerce transactions, has been progressively integrating Web3 solutions. This includes a suite of blockchain commerce tools tailored for Web3-centric stores and features to connect crypto wallets. With its vast volume, Shopify's integration will serve as a significant test for the Solana blockchain's capabilities.

🔍 Looking Ahead

While the initial focus is on USDC transactions, Solana plans to expand its offerings by adding other cryptocurrencies, including its native SOL coin.

One of the leading crypto investment firms, Pantera Capital, has made headlines with its audacious Bitcoin price forecast.

🚀 The Big PredictionPantera Capital's CEO, Dan Morehead, believes that Bitcoin's price could soar to a staggering $148,000 by July 2025. This projection is based on historical trends observed around Bitcoin's halving events, which occur approximately every four years.

🔍 What's a Halving?

For those new to the term, a Bitcoin halving is a pre-programmed event in the Bitcoin network where the reward for mining new blocks is halved, effectively reducing the new supply of Bitcoin entering the market. Historically, these halving events have been precursors to significant price surges.You may have to zoom in - but look at the MASSIVE price increases (green boxes) that have happened after bitcoins previous halvings (blue lines)

📉 Current Market Scenario

Despite the recent market downturn that saw Bitcoin's price dip to around $26,000, Morehead remains optimistic. Drawing parallel from past market cycles, he suggests that such price corrections are not unusual and that Bitcoin can't stay down for much longer.

📈 Historical Trends & Future Gains 

Pantera's analysis indicates that if Bitcoin follows its post-halving trajectory similar to previous cycles, we could witness a 322% surge in its price post the 2024 halving. This aligns with their $148k prediction for 2025

🤔 Why Should We Listen?

Pantera Capital is no stranger to the crypto world. Their insights are backed by years of experience and a deep understanding of market dynamics. While predictions are always fraught with uncertainties, they provide an interesting perspective on potential market movements.

Dive into the world of Akash Network, a groundbreaking project reshaping the landscape of cloud computing.

🚀 What is Akash Network?

Akash Network is often dubbed the "Airbnb for cloud compute." Just as Airbnb allows homeowners to rent out unused rooms, Akash lets data centers rent out their unused computing power. This creates a decentralized cloud computing marketplace, aiming to offer a more efficient and cost-effective solution than traditional cloud providers.

🖥️ How Does It Work?

• Decentralized Marketplace: Instead of relying on a few big players like AWS or Google Cloud, Akash's platform connects users directly with providers. This peer-to-peer system ensures competitive pricing.

• Underutilized Resources: Many data centers have spare computing power. Akash allows these centers to "rent out" that excess capacity to those who need it, ensuring resources don't go to waste.

• Secure & Private: Akash uses blockchain technology to ensure all transactions are secure. Plus, it employs a container-native approach, meaning each application runs in its isolated environment, ensuring data privacy

🧠 Akash's Vision for AI

The network is gearing up to be the 'Supercloud' for AI. As AI models become more complex, they require vast computational resources. Akash's decentralized approach aims to provide these resources at a fraction of the current costs.

💰 The Role of AKT Token

The AKT token is the lifeblood of the Akash ecosystem. Users pay with AKT to access computing resources, and providers earn in AKT for offering their services. Additionally, by staking AKT, participants can earn rewards and play a role in governing the network's direction.

🔍 Why It's a Game-Changer

In a digital world where cloud computing is essential, Akash offers an alternative to the monopolized sector dominated by a few giants. By decentralizing the process, Akash ensures more competitive pricing, better resource utilization, and a platform tailored for the future needs of AI and other compute-intensive tasks.

📌 In a Nutshell

Akash Network is democratizing cloud computing. By creating a decentralized marketplace, it's ensuring that everyone, from individual developers to large corporations, has access to affordable and efficient cloud resources. As we move towards a more digital future, platforms like Akash are setting the stage for a more inclusive and efficient digital ecosystem.

Disclaimer - I own AKT in my portfolio.

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

“You’re going to start seeing open-source, self-executing contracts gradually improve over time. What the Internet did to publishing, blockchain will do to about 160 different industries.”

– Patrick M Byrne - Founder, Overstock