Welcome to The Protocol
This weekly overview from CoinDesk covers the latest highlights in cryptocurrency technology.
Main Stories:
- What does Google’s quantum computing chip mean for Bitcoin?
- Dev's defection highlights Ethereum's challenges with Solana.
- OrdinalsBot produces the largest file on the Bitcoin blockchain.
- Polygon's new proving system, Plonky3, is touted for its speed.
- A look at the most influential tech leaders in crypto for the year.
Network News
Need for Speed
Polygon Labs asserts that Plonky3 is the most rapid proving system available. This follows a pattern in evolving technologies crucial for the security of decentralized finance protocols. Brendan Farmer, co-founder of Polygon, highlighted, "Improved speeds will lead to lower costs in transactions."
In Awe of the Size of This File
OrdinalsBot claims to have minted the largest file on Bitcoin blockchain, a testament to the growing trend of data visibility on the blockchain, adding significant value. Toby Lewis of OrdinalsBot stated, "Having the largest file means significant market value and recognition."
Jumping Ship
Max Resnick's shift from Ethereum’s ecosystem to Solana reflects growing frustrations with Ethereum’s pace for innovation. Resnick expressed a vital point: "Solana offers more potential energy compared to Ethereum's conventional pace."
Most Influential
Each year, CoinDesk compiles a list of the most impactful individuals in the crypto space, acknowledging their contributions and innovations.
What Does Google's Quantum Computing Chip Mean for Bitcoin?
Recently, Google introduced a quantum supercomputer called Willow. It can perform intricate tasks that would take classical supercomputers trillions of years. Despite its inherent threats, experts indicate that Bitcoin’s fundamental security remains intact, provided ongoing advancements are made in quantum-resistant algorithms.
Sundar Pichai, CEO of Google, emphasized the exponential potential of quantum computing, yet experts like Chris Osborn noted existing technological barriers preventing immediate threats to Bitcoin's encryption methods.
Until quantum computing reaches a more practical stage, cryptocurrency developers have adequate time to innovate and adapt their security measures.
Money Center
Recent discussions in the space focus on important partnerships and security issues surrounding crypto wallets, such as the collaboration between Binance and Circle.
Calendar
Upcoming events include:
- India Blockchain Week (Dec 4-5, Bangalore)
- AI Summit NYC (Dec 11-12)
- Consensus 2025 (May 14-16, Toronto)
