Daily Digest 12/16

Insight on the biggest stories of the day.

Universities including Berkeley, MIT, Harvard, Oxford to form EduDAO to promote Web 3.0 innovations, financed by BitDAO treasury

Decentralized Autonomous Organizations (DAO) are quickly becoming popular in crypto as a way to form charities and investment funds in a decentralized manner. We have seen them pop up for a variety of causes such as buying an NBA team with Kraus House or for the purpose of collecting NFTs with Flamingo DAO. BitDAO is one of the biggest currently with a total of $2.5 billion in assets under management. Today BitDAO partner, Mirana ventures announced they are creating EduDAO with some of the top universities in the world including UC Berkeley, MIT, Harvard, and Oxford University.

“UC Berkeley is honored to partner with EducationDAO and further build on our new Berkeley RDI Center’s efforts to act as a hub and platform for collaborations globally with other organizations & researchers, as exemplified in leading the first DeFi MOOC with thousands of students enrolled from 30+ countries and our non-dilutive Berkeley Blockchain Xcelerator open to teams around the world.”

This project will be funded by the BitDAO treasury in the form of $33 million in total for project grants, research, and standalone product development. All of this funding will go a long way towards the research and development of blockchain and Web 3.

DAOs do not have a CEO; however, they give anyone who is holding the governance token the ability to vote and make proposals for any changes made to the network. One of the best uses for DAOs currently is for charity. Instead of sending money to a centralized GoFundMe that charges fees for your donation through a DAO, such as Endaoment, which is designed to negate human error and the manipulation of investor funds.

ConsenSys Has Built an Ethereum Scaling Solution With Mastercard

A big issue holding Ethereum back from its full potential is that the gas fees are not stable and at times can be very expensive. This is not ideal for making everyday transactions with crypto especially when a lot of the main Altcoins are built off Ethereum. Since they are built off of ETH their transactions get processed on the Ethereum main-net.

Mastercard and Visa are both payment giants and have been getting involved heavily with the integration of blockchain and crypto payments. Mastercard has now partnered with a major Ethereum software company ConsenSys. This partnership will aim to bring “scalability and privacy capabilities” by leveraging ZK-rollups. The ConsenSys rollup solution will be able to process 10,000 transactions per second on a private chain. Currently using the ETH main-net you can only do 300 TPS on a private chain and 15 TPS on the main-net.

“ConsenSys Rollups enables vastly more scalability in addition to strong privacy protections to both enhance solutions for existing use-cases and enable new use-cases. This innovative solution will help accelerate the building of the future of finance.”

Ethereum has grown so much in recent years that they do not have the ability to keep their tech advanced enough to handle the massive amounts of transactions they see per day. Since the network is so backed up with transactions it causes the gas fees to be out of control. Until ETH 2.0 launches many companies will be looking to leverage scaling solutions like Mastercard is doing.

The crypto fear and greed index is a good tool that is used to get a sense for the current market sentiment. When the market is in extreme fear and a lot of people are selling that could be a good time to buy and when its extreme greed it may be time to sell.

We are currently in a state of fear as there is a lot of uncertainty with Covid, “bans”, and lack of governmental guidance. The good news is that this is not the first time we have seen this high of a state of fear.

Both times previously the market has bounced back even if it did take some time. This is just an indication of the momentum of the market so it is never a guarantee just another tool to utilize in your trades.

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Ethereum is Attempting to Hold Support

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Michael Jordan Partners with Solana for HEIR