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📷 30/12/2022 222,187,500 $1INCH
Are you ready to catch the bottom, everyone?📷
Happy new month, devs! Here’s a roundup of all the latest announcements, tutorials, and events to keep on your radar. Some of our latest posts include:
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Stay tuned here and on our Twitter for more updates and announcements
(telegra . ph/file/4d74e369ca709569ce385.jpg)
Who are Anton Zhuchkov and Vladimir Sergeev?
On March 6 of this year, Zhuchkov and Sergeyev went to the anti-war demonstration, which was announced that day in Moscow. However, the police detained them on their way to Pushkin Square. Molotov cocktails were found in Sergeyev's backpack, and the police decided to immediately take them to the police station. However, halfway through, the police had to change the route...
During the detention, Anton and Vladimir managed to take lethal doses of methadone, as they planned to commit political suicide that day. And instead of the station, the police had to take friends to the hospital. At the Sklifosofsky Research Institute Zhuchkov and Sergeev were resuscitated. A week later, when they came to their senses, they were sent to a pre-trial detention center.
At first, a criminal case was opened on “attempted hooliganism with the use of weapons” (part 1 of article 30, part 2 of article 213 of the Criminal Code of the Russian Federation), but later the charge was reclassified as “preparation of a terrorist attack” (part 1 of article 30, paragraph "a" part 2 article 205 of the Criminal Code of the Russian Federation). Now Anton and Vladimir face up to 10 years in prison.
In his testimony, Anton Zhuchkov stated that he did not intend to harm anyone, but only wanted to commit suicide: “I took [methadone] so as not to see what was happening in the world: the war in Ukraine, the events in the Donbass, I was also afraid of a nuclear war . Therefore, I wanted to take my own life so as not to see what would happen next, including worrying that young people would live in poverty”, he said during interrogation.
Vladimir Sergeev initially admitted that before committing suicide, he wanted to set fire to empty police van in protest against the war. Sergeev's lawyer Svetlana Zavodtsova reports that these statements were given under pressure and without a lawyer. Currently, Vladimir does not give any testimonies.
The "Solidarity Zone" provides Zhuchkov with comprehensive support, including paying for a lawyer and sending parcels. The "Solidarity Zone" helps Sergeev and his relatives with consulting and information.
You can also support Vladimir Sergeev and Anton Zhuchkov.
💰 Collecting help for Anton Zhuchkov:
4279 3806 5189 1279 (Sberbank card, Evgenia Alekseevna Sh.)
💰 Collecting help for Vladimir Sergeev:
5536 9141 5380 7247 (Tinkoff card, Anna Aleksandrovna A.)
You can also transfer funds to support Zhuchkov and Sergeev to PayPal and the “Solidarity Zone” crypto wallets with the obligatory indication of the purpose of the payment:
🪙 PayPal: solidarity_zone @ riseup . net
🥷 Cryptocurrency (write to us at solidarity_zone @ riseup . net if you transfer cryptocurrency to support Sergeyev or Zhuchkov)
bitcoin: bc1qfzhfkd27ckz76dqf67t0jwm4gvrcug49e7fhry
monero: 86565hecMGW7n2T1ap7wdo4wQ7kefaqXVPS8h2k2wQVhDHyYbADmDWZTuxpUMZPjZhSLpLp2SZZ8cLKdJkRchVWJBppbgBK
ethereum: 0xD89Cf5e0B04b1a546e869500Fe96463E9986ADA3
other altcoins:
nowpayments . io/donation/solidarityzone
✉️📦 Address for letters and parcels:
127055, Moscow, Novoslobodskaya st., 45, SIZO-2,
Zhuchkov Anton Alexandrovich, born in 1983
Sergeev Vladimir Andreevich, born in 1985
(It is possible to send letters through the service "FSIN-letter" (fsin-pismo . ru/client/app/letter/create), as well as the volunteer resource "RosUznik" (rosuznik . org/).)
In the photo, Sergeev is on the left, Zhuchkov is on the right.
Stablecoins are known as the "holy grail" of cryptocurrencies. They fill a need that cryptocurrencies have not been able to fulfill so far, a desire for price stability. But why is it so important and why is it so hard to do?
What are stablecoins and why are they needed?
The technology behind Bitcoin and Ethereum is revolutionary and has opened up many possible applications. However, several characteristics make them difficult to use every day as an alternative to fiat currency:
high volatility.
This feature is positive for traders, as it can allow for higher profit margins. This is a significant downside for investors looking for a currency to store value. This, along with high transaction fees, is also one of the main reasons why many businesses don't accept currencies like Bitcoin as a method of payment. When a currency fluctuates for several hours, it is not easy to use it as a means of payment. Stablecoins are supposed to provide a solution to this problem. Stablecoins should be the solution to profit from safe haven investments. These are cryptocurrencies that are less sensitive to price movements. The idea of a price stable cryptocurrency has been around since the beginning of 2014. However, the first such projects only started in 2017 with Basecoin, Carbon or Maker DAO. Three basic characteristics of a stable currency:
• Unit of account
• Medium of exchange
• Store values
How does the concept of stablecoins work?
Each stablecoin project has evolved its mechanics, but in general they can be reduced to three basic models:
1. Centralized IOU issuance — fiat-backed
This is the model used by Tether, for example. Here, a centralized entity holds assets and issues tokens in exchange. These tokens are then a kind of debt recognition. This gives the digital token a value, which represents a claim to an asset other than a particular subject.
What is an IOU in Finance?
An IOU is a written but largely informal acknowledgment that a debt exists between two parties and the amount that the borrower owes the lender. Signed by the borrower, it usually indicates the date the debt is paid off but often omits other details, such as the payment schedule or interest payable. It cannot be sold or transferred to another party and offers little legal recourse to the lender if it is not respected by the borrower. However, the problem with this approach is that it is centralized. In this model, some essential trust must be placed in the issuer that they own the relevant assets in order to be able to pay the tokens. This model leads to serious counterparty risk for token holders. The example of Tether illustrates this difficulty, the company's solvency and legitimacy have been publicly questioned many times in the past.
2. crypto-backed collateral
The second approach is to create stablecoins backed by other trusted assets on the blockchain. This model was originally developed by Bit Shares but is also used by other stable coins. Security is backed by decentralized cryptocurrencies like Terra Luna and UST (Decentralized Stablecoin). This approach has the advantage of being decentralized. Collateral is securely deposited in a smart contract, so users cannot rely on third parties. The problem with this approach, however, is that collateral stablecoins are meant to cover a volatile cryptocurrency itself. If the value of this cryptocurrency falls too quickly, the issued stablecoins may no longer be safe enough. The solution would be excessive collateral. However, this will lead to inefficient use of capital and larger amounts will have to be frozen as collateral compared to the first model.
3. Seignorage shares — no collateral stablecoin?
An unsecured stablecoin is a price-stable cryptocurrency that is not backed by collateral. Most implementations currently use an algorithm or system. Many stablecoins are issued or purchased on the open market depending on the current price of the coin. It's about doing the opposite correction to keep the price as stable as possible. The advantage of this system is that it is independent of other currencies. Furthermore, the system is decentralized as it is not under the control of a third party but is controlled exclusively by the algorithm.
However, the shared sovereignty model also has its disadvantages. The system needs constant growth to remain stable. It is also difficult to analyze and predict the extent to which the system can remain operational. Therefore, it is difficult to determine to what extent the system will collapse and to what extent it can be sustained.
The most serious downside, however, is that no security is sent in the event of a crash, as the stablecoin's value is not tied to any other asset in this case.
Conclusion about stablecoins
The idea of stablecoins is essential. While cryptocurrencies offer decentralization, their prices are volatile and therefore unsuitable for a store of value. However, there is still no optimal solution to the problem. The three models presented all have advantages and disadvantages.
The shared sovereignty model is the most promising, provided that a solution to the security risk can be found. Indeed, it is the only of the three models that do not claim any other currency and will therefore be independent and free from external controls.
