What Jack Dorsey’s Beef With ‘Web 3′ Is Really About

But in his Bitcoiner ferocity, Dorsey may have missed the subtler compromise position that is relatively common in the crypto industry. Everyone who’s really paying attention recognizes that Bitcoin is a rock-solid and transformative technology – but many also keep their minds open to the idea that less cosmically robust systems may have real applications and benefits, too. Do you really need an entirely censorship-resistant blockchain to manage profile pic NFTs or your multiverse robe and wizard hat? Do purpose-built blockchains like Flow really threaten Bitcoin?

The SEC Threatens to Sue Coinbase but Coinbase Is Fighting Back

Today on “The Breakdown,” NLW briefly covers yesterday’s bitcoin price crash and why it was driven by market structure more than news. The main topic focuses on revelations from Coinbase that after months of engagement around its upcoming Lend product, the SEC is now threatening to sue. NLW examines the controversy from five dimensions:

The argument for and against lending as a security The SEC’s pattern of regulation by litigation How the SEC is rewarding bad actors by punishing compliance The concerning surveillance implications of one of the SEC’s requests Why these strong-arm tactics are doomed Should Coinbase take the battle to court?

Coindesk & Kraken aggregate blockchain requests to minimize cost

According to Robert Materzanni, CEO of Lukka, Large institutions like Coindesk and Kraken do not make a blockchain request for every transcaction.  I infer that they also do not store individual blockchains for each customer.

LUKKA: SOLVING DATA CHALLENGES IN CRYPTO

Robert Materazzi, CEO of Lukka, joins Raoul Pal, Real Vision CEO, to discuss blockchain data, Lukka, and the problems it was built to solve. Materazzi explains that for most institutions it’s very difficult to coordinate data across multiple blockchains, especially when much of the data is privately held in exchanges. Lukka helps solve this with their own data solutions. Materazzi explains that as the ecosystem becomes more diverse, the more difficult it is to reconcile data, and that solving this problem should help make a smoother experience for institutions to interact with the crypto asset world. Filmed on January 11, 2021.

Key Learnings: In order to have widespread adoption from institutions, the back office frictions need to be smoothed out. Bridging the data between various chains and exchanges is necessary to increase adoption and acceptance of crypto among businesses. 99% of transaction data Lukka handles is non-blockchain data, showing that much of the data needed by businesses is actually private, not publicly available data as many believe.