Gate.io Podcast | “Ethereum To Fail” As Declared By Jack Dorsey, Crypto Influencer Shilling Payment List Leaked, Tesla To Fund BTC Mining Facility

2022-04-22, 07:42

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This episode is brought to you by [Gate.io](https://www.gate.io/http:// "Gate.io") and Linear Finance ([Airdrop](https://www.gate.io/article/26270?ch=lina26270twi#giveawayhttp:// "Airdrop")). Jack Dorsey criticises Ethereum, declaring that the project has many reasons to fail; a list full of crypto influencer shilling payments has been published on Twitter, unleashing the astonishment of the community; Algorand took over Time Square celebrating the Earth Day manifestation. Followed by a Deep Dive into how tech companies are dealing with the web3 transition and how their new products are shaping a new type of community interaction between people and AR.

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### In today’s Headlines:

Argentina To Mine BTC To Fight Inflation | [1](https://en.cryptonomist.ch/2022/04/19/argentina-considering-[Bitcoin](https://www.gate.io/trade/BTC_USDT) |
Algorand Takes Control Over NY’s Time Square | [1](https://www.prnewswire.com/news-releases/algorand-to-take-over-times-square-in-new-york-city-this-earth-day-to-advocate-for-a-greener-future-301526807.htmlhttp:// "1") |
“Ethereum Has Many Single Points Failure” Says Jack Dorsey, Twitter’s Co-Founder | [1](https://news.[Bitcoin](https://www.gate.io/trade/BTC_USDT) | [2](https://decrypt.co/98160/jack-dorsey-ethereum-many-single-points-failurehttp:// "2") |
Influencers Crypto Shilling Payment List Leaked | [1](https://en.ethereumworldnews.com/how-much-twitter-influencers-get-paid-to-shill-crypto-projects/http:// "1") |    
Tesla To Invest in BTC Mining Facility | [1](https://www.independent.co.uk/tech/tesla-[Bitcoin](https://www.gate.io/trade/BTC_USDT)  |

Sponsor: Linear Finance ([Airdrop](https://www.gate.io/article/26270?ch=lina26270twi#giveawayhttp:// "Airdrop"))
Deep Dive: Which Products Are Tech Companies Developing For The Web3 Revolution?  | [1](https://www.gate.io/blog_detail/814/Snapchat-And-Metaversehttp:// "1") | [2](https://www.gate.io/blog_detail/832/Adobe-s-Plans-For-the-Metaversehttp:// "2") | [3](https://www.gate.io/blog_detail/824/Amazon-hits-the-Metaverse-with-a-3D-gamehttp:// "3") | [4](https://www.gate.io/blog_detail/852/How-Most-Web2-Companies-Are-Adopting-The-Web3-Technologyhttp:// "4") |
Listen: https://www.buzzsprout.com/1825729/10482340

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### Introduction:

Welcome back to the Altcoin News Podcasts. I’m Peter, this is the show to get a neutral perspective on some of the latest headlines in DeFi, Metaverse, NFTs, and Big Tech. Brought to you by Gate.io, a centralized exchange with a neutral stance on current events and uphold privacy & security.

The information presented in this podcast is to help you stay up-to-date on the latest happening in the crypto space, and nothing presented hereby is financial advice. The news that I cover in this podcast will have the original source at your discretion. Stick by this podcast as I show you how to stay vigilant and learn to do your own research.

Now, without further ado.

### Argentina To Mine BTC To Fight Inflation  | [1](https://en.cryptonomist.ch/2022/04/19/argentina-considering-[Bitcoin](https://www.gate.io/trade/BTC_USDT) |

Many South-American countries are hit by high inflation, especially nations like Venezuela or, as in this case, Argentina. One of the first solution, in order to fight the inflation rate, was to adopt cryptocurrencies; that’s why cities like Rio De Janeiro has recently announced that its economy is going to embrace a new strategy focused on the adoption of [Bitcoin](https://www.gate.io/trade/BTC_USDT), allowing its citizens to pay taxes and make other payments via virtual currencies.

Last summer, Argentina seemed to have shape a new direction towards the acceptance of cryptocurrencies that shortly stopped due to eventual IMF restrictions.

In July 2021, the Argentinian MP, José Luiz Ramon, proposed a bill to introduce salaries paid in [Bitcoin](https://www.gate.io/trade/BTC_USDT) and in other cryptocurrencies. Moreover, the country’s President Alberto Fernandez announced that a serious strategy was being planned with the goal to encourage the use of cryptocurrencies and that the Central Bank was thinking of creating a digital state currency.

However, everything failed in March, when Argentina signed an agreement with the IMF, which ended any possibility of crypto adoption within the country, in exchange for a financial aid of almost $45Bn.

High inflation keeps damaging the internal economy, that’s why the Argentinian small town of Serodino, has decided to go against its country's financial decision and to embrace the cryptocurrencies mining activity: purchasing six mining rigs on April 10.

Even if many concerns have been raised by the community due to the volatility of cryptocurrencies, the mayor has assured his citizens that the town is not going to purchase cryptos but instead the whole investment is going to fund mining activities which he considers a safe expenditure.

Despite the uncertainty of its value, [Bitcoin](https://www.gate.io/trade/BTC_USDT) seems to be considered as the solution for many countries in order to control and to slow down the volatility of their own national currency, a decision that may encourage even more cities and countries to adopt the same initiative and to fight the high inflation that it's currently damaging global economies.

### Algorand Takes Control Over NY’s Time Square | [1](https://www.prnewswire.com/news-releases/algorand-to-take-over-times-square-in-new-york-city-this-earth-day-to-advocate-for-a-greener-future-301526807.htmlhttp:// "1") |

Algorand took over Times Square yesterday, on the occasion of the Earth Day celebrations.

The peculiarity of their advertisement? All the billboards were turned off.
This approach showcases Algorand’s commitment to sustainability and energy efficiency, while also bringing a rare moment of calm in one of the busiest and most famous places in the world.
The take over lasted for one hour, from 8 am to 9 am, just as the celebrations around the globe kicked-off.

In an hour, Times Square consumes roughly 6500 kilowatt, which is the equivalent of finalizing 350 million transactions on the Algorand chain, or keeping the network online for approximately 2 weeks.
By comparison, the same amount of power is necessary to complete up to six transactions on the [Bitcoin](https://www.gate.io/trade/BTC_USDT) network, or sustain the network for just 1.5 seconds.

This impressive performance is one of the key aspects of Algorand, which was built from the start with the intention to achieve speed, scale and decentralization while having a minimal impact on the environment. 
Considered the world’s first pure proof-of-stake blockchain, Algorand has quickly become a leader in terms of environmentally friendly blockchain technology, with an output of up to 120 million times less CO2 emissions when compared to [Bitcoin](https://www.gate.io/trade/BTC_USDT).

According to Staci Warden, CEO of the Algorand Foundation, the goal of Algorand is to prove that blockchain technology can be energy efficient and powerful at the same time, without compromising on security. She also added that plans to further Algorand’s carbon-negative pledge are in the works.

So what do you think? Is this a publicity stunt, or is it what Algorand truly believes?
Transition—-------

Thanks again for tuning in. If you enjoy this podcast, make sure to subscribe, turn on that bell, and give us an honest rating on any platform you’re using to listen to our podcast. Help us spread this channel to help educate more people about crypto space. Thank you.

### “Ethereum Has Many Single Points Failure” says Jack Dorsey, Twitter’s co-founder | [1](https://news.[Bitcoin](https://www.gate.io/trade/BTC_USDT) | [2](https://decrypt.co/98160/jack-dorsey-ethereum-many-single-points-failurehttp:// "2") |

In the last couple of days, Dorsey has harshly tweeted against many users and companies: one of the latest being the replies exchanged between him and Vlad Tenev who suggested purchasing [Bitcoin](https://www.gate.io/trade/BTC_USDT) via Robinhood’s trading app.

Tenev wanted to promote his platform as the one offering cheaper fees: an offer to which Dorsey replied, suggesting that RobinHood’s CEO was looking only for increasing his revenues, accusing him to be “thirsty”. The conversation between the two ended with Dorsey refusing the offer and stating that he wasn’t using that service, indirectly making bad publicity for the famous stock app.
Moreover, Jack Dorsey has kept promptly expressing many concerns over the Ethereum blockchain, almost criticising the entire system. The discussion between him and Vitalik Buterin started after the former stated his opinion regarding the possibility of Elon Musk taking control over Twitter.

An opinion to which Dorsey agreed with by also adding that no social media should be ruled by individuals nor institutions but rather be an open and verifiable protocol.

Deso Protocol, a crypto-social media platform, also participated in the conversation with the goal to promote itself, with a lack of success.

Twitter’s co-founder replied that because Deso is based on the Ethereum protocol and this is the main reason why he’s not interested in the project, accusing Vitalik’s project to have many points of failure.

Dorsey’s hostility regarding Ethereum isn’t new: last summer he declared that he wasn’t planning to invest into the decentralised blockchain at all, stirring up uncertainty and turmoil from the crypto community, a position that may change if Ethereum would manage to switch from the PoW to the PoS consensus mechansism which have been again delayed to this fall.

### Influencers Crypto Shilling Payment Leaked |[1](https://en.ethereumworldnews.com/how-much-twitter-influencers-get-paid-to-shill-crypto-projects/http:// "1") |

Zachxbt, a member of the crypto community on Twitter famous for his detective-like work of exposing scams, rug pulls and many other foul practices happening in the crypto world, has recently leaked a list of prices that some influencers charge to “shill” a project.

The list contains a total of 115 crypto influencers, with prices starting from the low hundreds and reaching even tens of thousands of dollars for just one tweet.

The term “shilling” refers to the undisclosed advertising of a project, with the goal of increasing its visibility and convincing the followers of the shiller to invest in it. The practice has become increasingly popular, considering that it is a fairly low-effort job but a highly profitiable one. And it is also remunerative for the projects, which most of the times are scams and rug pulls looking to attract liquidity, something they can find by relying on influencers with huge followings.

Although it is worth mentioning that not all projects that rely on unconventional means to advertise themselves have bad intentions: influencers are quickly becoming an essential part of marketing, not only in crypto but also in fashion, gaming, movies, and many other commercial sectors.

That is why it is always recommended to do your own research when it comes to investing, be it an advertised project from your favourite influencer, or a gem that you found by yourself!

### Tesla To Invest In BTC Mining Facility | [1](https://www.independent.co.uk/tech/tesla-[Bitcoin](https://www.gate.io/trade/BTC_USDT) |
One of the most popular concerns about cryptocurrencies is the amount of energy required for mining a new unit of [Bitcoin](https://www.gate.io/trade/BTC_USDT) or other virtual currencies which, accordingly to the Cambridge [Bitcoin](https://www.gate.io/trade/BTC_USDT) Electricity Consumption Index data it seems that Satoshi’s currency mining requires as much as energy as the amount used by Egypt in a year.

The mining activity is the main reason why many activists are promptly criticizing the developments and utility of cryptocurrency, accusing the projects to hardly damage the environment and that’s why many institutions are asking to find new solutions in order to decrease the energy required for the whole process.

The most popular solution is the one that would make projects like Ethereum, which are currently relying on PoW verification transactions, to switch to a more eco-friendly mining activity, called PoS. Even though the switch is requiring more time than previously expected, both from a point of view of technology and security concerns, the transition would ensure the mining activity a decrease of energy requirements.

Another solution that is currently being tested is the one focused on sustainable energies like wind, hydro or solar resources which has been already embraced by Tesla. The electric car maker is collaborating with Block and Blockstream on building a 3.8 megawatt facility that will start to operate later this year.

Tesla and Megapack have already sent solar panels and batteries to Texas in order to begin the entire project that aims to mine [Bitcoin](https://www.gate.io/trade/BTC_USDT) with 100% renewable energy. An initiative that may positively improve crypto awareness all over the world, improving the bad image that is currently mainly affecting the industry.

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### Sponsor | Linear Finance

Before I continue with today’s Deep Dive, I must tell you about today’s sponsor.

Linear Finance is a distributed protocol that is compatible with multiple chains and majors with synthetic assets. One of the ways the project achieves this is by enabling investors to save on transaction fees and reduce the time it takes to bring an investment position to life.

The project’s white paper stresses delta-one and synthetic assets. In derivatives, delta-one means that a change in the price of the underlying asset ignites the same change to the product. Synthetic, on the other hand, are assets that derive their value from other assets. Examples of synthetics include futures and options. In the crypto world, synthetic assets enable investors to interact with cryptocurrencies without necessarily holding them.

These assets are also known as liquids because they can easily be converted to cash. The Linear protocol supports liquids in cryptocurrencies, crude oil, coffee, market indices, e-sports, among others.

The project is led by Drey Ng and Kevin Tai. Drey has an MS in Computer Science from the University of Hong Kong, while Kevin has a Harvard Business School MBA; both founders have worked extensively in tech and finance, with Drey currently serving as CPO at Liquefy and Kevin whose past roles include being vice president of structured products at Credit Suisse.

Linear is governed by the LinearDAO. It’s responsible for handling essential platform designs, as well as system parameters like $LINA rewards and frequency, pledge ratio, the introduction of new functionality, technology roadmap, and split of transaction fees.

Now to its tokenomics, the $LINA token is used on the network to back collateralized debts, as well as physical and digital assets. Holders of the token can access Linear USD (LUSD) which can be used to interact with Linear liquids on the Linear exchange. Additionally, token holders contribute to governance decisions such as which assets to be listed, and distribution models.

Be sure to check out the de_script_ion below because we’re giving away 59,000 $LINA tokens via airdrops between April 21st to the 28th. If you happen to win, the first thing you should do is to evaluate Linear’s staking mechanism. Of course, this isn’t financial advice and you’re free to do as you will.

But just to give you some ideas, $LINA stakers earn rewards on either pro-rata exchange fees or an inflationary reward basis. For the first option, the rewards are attained on a weekly basis, and the calculation is done while considering the stakers’ pledge ratio. Other ways stakers earn rewards are via yield farming, a positive variation of the pledge ratio, and providing liquidity on the Linear pool.

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### DD | Which Products Are Tech Companies Building For The Web3 Revolution? | [1](https://www.gate.io/blog_detail/814/Snapchat-And-Metaversehttp:// "1") | [2](https://www.gate.io/blog_detail/832/Adobe-s-Plans-For-the-Metaversehttp:// "2") | [3](https://www.gate.io/blog_detail/824/Amazon-hits-the-Metaverse-with-a-3D-gamehttp:// "3") | [4](https://www.gate.io/blog_detail/852/How-Most-Web2-Companies-Are-Adopting-The-Web3-Technologyhttp:// "4") |

The Rise of The Web3 Revolution
With Web3 rising in popularity many companies have started to join the new market hoping to improve their services, allowing their community to have access to new functionalities while also increasing brand revenues.

As the Internet keeps evolving, initially being used only as a source of information, now it represents the main tool for people to communicate with each other. Today’s economy and most of our daily interactions rely on virtual communication and that’s why social networks and many digital companies have started to grow in popularity.

However, like with all industries, competition is fierce, and companies are on a never-ending quest to find the latest, bleeding-edge technologies that allow them to expand their business and gain an advantage over competitors.

One of these technologies, in which companies have started to invest significant amounts of capital in recent years, is Web3.

More specifically what has caught the eye of big companies is the potential that Web3 is capable of offering, to create a fully-digital world which resembles the real one, in which goods and services can be sold to the people that have become virtual citizens.

Social network platforms, famous brands, big corps and business organisations are making different partnerships and collaborations to launch personal projects built on the blockchain technology.  
Web2 is being controlled by brands and tech companies that want to expand their authority even further, that’s why they have already planned different strategies regarding the next Internet revolution. Some are funding smaller branches within the companies, while others are investing into start-ups hoping to find the hidden gem.

Amazon’s Metaverse 3D Game
Amazon, one of the biggest e-commerce companies out there, has recently launched its own 3D game into the metaverse: it has an interactive, economic and sales approach aimed to educate students about cloud computing. The game, called AWS Cloud Question, gives the user the possibility to walk through a virtual city where they have to help residents solve cloud related IT issues. Besides the educational part, the platform encourages users to play the game by also allowing them to unlock different in-game assets, which is a pretty similar approach to the current video-game industry.

Snapchat Jumps Into The Web3: Bitmoji Service & AR Glasses
Snapchat has recently invested in the AR technology that should shape the Metaverse integration within the app. The plan is to offer the users the possibility to realise creations aimed to help the community to experience and to fully perceive the digital world. 
Since the launch of the project, approximately 300 of these AR effects have gained more than 1 billion views.

Still, Snapchat dreams even bigger, that’s why it has allowed people to create and personalise their own virtual humans though the Bitmoji service, marking a clear switch from a 2D character to a 3D one.

The company has also created the AR glasses that allow people to project digital objects into the real world, making people live a new life characterised by virtual tools within their own personal life.

Adobe’s Softwares Are Shaping Metaverse’s AR
Even Adobe, the tech giant, has announced in March that the company is focusing on creating a whitepaper about its plan to join the Metaverse reality. Its main goal is to deliver AR/VR services and 3D content creation which means that the company is looking at building some sort of creative assistance for other brands.

Substance 3D, one of Adobe’s services, allows people to design 3D art and bring it into real life via AR technology. On the other hand, Aero, another innovative software, offers users the possibility to create and share virtual objects quickly via smartphone or tablet.

Conclusion
There are countless other examples of big companies, some of which are not even involved in the tech industry, aiming to secure a new revenue stream by entering in the Web3 space. Whether these efforts will bear fruit or not only time will tell: with Web3 being a relatively new sector, radical innovations and changes are always around the corner, something that can only intensify the thirst for innovation and make the competition as intense as ever.

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