Altcoins at a Glance – Important News on Uniswap, ADA, zkPass, Link and more

Welcome to September or should we say rektember? Historically speaking September has been one of the worst months for crypto investors.   The market would usually dip and test the tenacity of HODLers.   While most would see it as a doom and gloom scenario, some would consider it an opportunity to accumulate Bitcoin and altcoins.    Here are Altcoins at Glance, we strive to keep you updated during these uncertain times.

Case Against Altcoins Marketplace Uniswap Dismissed

  • Uniswap was sued by a group of plaintiffs who alleged that the DEFI platform helped facilitate scams.
  • Nessa Risley and five other plaintiffs accused individually bought tokens between December 2022 and March 2022.   They have suffered losses due to alleged scamming incidents that involved cryptocurrencies listed in Unsiwap.
  • The plaintiffs argued that Uniswap is like “a technology company that creates self-driving cars with flaws leading to harm or death” and is “liable for those injuries, …regardless of whether they were responsible for such flaws”.
  • However the court commented that the lawsuit is comparable, “suit attempting to hold an application like Venmo or Zelle liable for a drug deal that used the platform to facilitate a fund transfer”.
  • The case was dismissed on August 31, 2023.

Cardano Founder Does Not Own NFTs

  • Charles Hoskinson, the founder of Cardano (ADA), revealed that he does not own any NFT
  • This odd trivia came to light in a recently released video.
  • He explained that wants to keep a neutral stance on NFT.
  • He does not want investors to think that he is endorsing any NFT project.
  • A popular crypto personality can influence the market and it is not a good idea not to use this power to persuade people.  Charles, being the face of Cardano, needs to avoid being accused of shilling any project.
Charles Hoskinson

TON Beats Other Altcoins, Jumps to Top 15

  • Toncoin (TON) jumps into the Top 15 crypto ranking by gaining more than 30% in a single week.
  • Its market cap is currently at $6.4 billion.
  • It has already surpassed Polygon (MATIC), Litecoin (LTC), and even Shiba Inu (SHIB).
  • The question is if can maintain its position since established projects are on its tail.
  •  Toncoin is a layer 1 blockchain created in 2018 by Telegram, a popular messaging app.  It was abandoned and eventually taken over by the TON Foundation.   Its original name “Telegram  Open Network” was changed to  “The Open Network”.

 zkPass is Now Open for Public Testing

  • zkPass, a privacy-preserving protocol for data verification, announces that its pre-alpha testnet is now open to the public for testing.
  • It is built on the foundation of Multi-Party Computation (MPC) and Zero-Knowledge Proofs (ZKPs).
  • ZKP is a cryptographic technique that verifies the authenticity of a claim without revealing any data that substantiates the claim.
  • This solution can verify an identity without revealing sensitive information.
  • This type of trust-less identification is a good alternative to the traditional way of authentication. 

Swift and Chainlink Successfully Conduct Tokenization Experiment

  • SWIFT, the biggest financial messaging network, has successfully conducted a tokenization experiment using Chanlink’s Cross-Chain Interoperability Protocol (CCIP).
  • CCIP is a protocol that enables secure and reliable interaction between different blockchains.
  • The interoperability test was participated by financial institutions like Citi, BNP Paribas, and BNY Mellon.
  • The experiment demonstrated that Chainlink can provide a single point of access to multiple networks using existing infrastructures

Thank you for joining us for this week’s edition of Altcoins at Glance.  Remember Rektember or not, the CNB news crew will always be here to keep you updated. See you!