With a Bitcoin ETF resolution on the horizon, an Ethernet Cancun upgrade set to be activated, and a halving of Bitcoin's quadrennial block incentive looming, the Web3 industry will be kicked off in 2024 by these three events.
The approval of the Bitcoin ETF will provide new safeguards for the liquidity and investment convenience of Bitcoin, thereby attracting more investors to the Bitcoin market. The upgrade of EtherCancun will significantly increase EtherCancun's scaling capacity, thus providing a stronger underlying infrastructure for the development of Web3 applications. The halving of Bitcoin will result in a reduction in the supply of Bitcoin, which will theoretically drive up its price.
The industry predicts that these three events will be the key nodes for the crypto asset market to turn from bear to bull.
On December 29, 2023, Reuters dropped the bombshell news that the U.S. Securities and Exchange Commission (SEC) may tell applicants on January 2 or January 3 (U.S. time) whether or not they are permitted to launch a spot Bitcoin ETF (Bitcoin exchange-traded fund), which would give the applicants time to prepare for the January 10 launch.
To date, 13 issuers have filed with the SEC for spot Bitcoin ETFs, including Grayscale, BlackRock, Fidelity, VanEck, ARK+21Shares and Bitwise, which intend to offer spot Bitcoin ETFs on exchanges such as the NASDAQ, the Chicago Board Options Exchange BZX and the New York Stock Exchange Arca.
On December 29, several companies filed amendments; and on December 21, several applicants participated in a rare joint conference call with the SEC.
On January 10th at the most, the SEC will have to respond to an application for a spot Bitcoin ETF. The industry generally believes that the ETF is very likely to be approved.
Investment research firm Fundstrat predicts that the price of Bitcoin will jump more than five-fold from current levels to more than US$150,000 and as high as US$180,000 once the Bitcoin Spot ETF is approved. More than $2.4 billion is expected to flow into the newly approved U.S.-based Bitcoin spot ETF market in the first quarter of 2024.
For a long time, in the fierce competition with other blockchains, Ether has not been in a dominant position. Its design is relatively complex, and upgrades require long lead times. It lacks an asset-based advantage over Bitcoin, and its network is prone to congestion due to unexpected hotspot applications, resulting in transaction delays and high costs, while its scalability is limited compared to competitor chains.
However, the Cancun upgrade, predicted for the first quarter of this year, will bring a huge performance boost to the Ethernet network. By introducing sharding, the Cancun upgrade will enable the Ethernet network to process multiple shards simultaneously, which will dramatically increase transaction throughput. This will enable the Ethernet network to meet growing user demand while supporting more decentralized applications and transactions. In addition, the Cancun upgrade will reduce transaction fees on the Ethernet network.
Ether co-founder Vitalik Buterin recently shared an updated roadmap that demonstrates a commitment to continuous improvement and innovation.
One of the key updates includes the implementation of Single-Slot Finality (SSF) in the post-merger Proof of Stake (PoS) improvements, which is expected to address many of the shortcomings of Ethernet's current PoS design, enabling faster and more secure transactions.
Developers have also made significant progress in other areas such as Surge, including EIP-4844 and rollups. These improvements enhance the scalability and efficiency of Ethernet, which is critical to its long-term success.
Buterin's roadmap also addresses the challenge of economic centralization in PoS through initiatives such as Scourge. The redesign focuses on resolving the maximum extractable value (MEV) and general pooling of interests, which are critical to maintaining the integrity and decentralization of the network.
Analysts are optimistic about the future of ethereum, with some predicting that the price of ethereum is expected to reach $5,000 or more after the Cancun upgrade, and that Layer 2 will dominate the ethereum ecosystem, with decentralized applications on every chain receiving significant progress in the underlying layers.
April 2024 is expected to mark the halving of Bitcoin block incentives, a cycle that will further reduce the supply of Bitcoin and theoretically drive up its price.
The Bitcoin Halving is an established event where the reward for blocks where new Bitcoins are mined is halved. Initially (2012) the reward was 50 BTC, in 2016 it was reduced to 25 BTC, and in 2020 it was reduced to 12.5 BTC. the next halving is expected to occur in April 2024, when the reward for digging will be reduced to 6.25 BTC per block.
This year, the Ordinals protocol has led to a new trend in the Bitcoin ecosystem, which is gradually changing the face of Bitcoin. In particular, the new Bitcoin motto experiments based on the Ordinals protocol are beginning to introduce some new variables to the Bitcoin, which has been developing towards the attribute of "payment currency" for more than a decade, and is even beginning to show the first beginnings of an ethereum-like ecosystem.
The Bitcoin network has not only seen the emergence of NFTs, but also the ability to issue homogenized token assets through protocols. At the same time, however, controversy over "innovations" such as BRC20 continues to generate heated debate. In the wake of this, the emergence and development of the Bitcoin Layer2 network has the potential to alleviate the pressure on the main Bitcoin network caused by the issuance of new types of assets.
The idea of setting up an alliance of Hong Kong youth innovation and entrepreneurship bases in the Greater Bay Area was proposed as early as in the 2019 Policy Address. The Secretary for Home and Youth Affairs, Ms Alice Mak, said in August last year that the Bureau would kick off the preparatory work for the alliance later.
Hong Kong's start-up company has launched an online bus platform "Hitchhiking Bird" to pick up people returning home at night. The Hong Kong Non-Franchised Bus Association and the platform are working together to conduct a trial run at Lan Kwai Fong in Central tonight (22nd) Three coaches parked at Wellington Street waiting for passengers to get on the buses were driven away by the police several times. The founder of the platform, Yuen Lok-tso, said that he will strengthen the coordination with the police and the Transport Department, and identify more suitable places for picking up and dropping off passengers.
Web 3.0, the third generation of the Internet, has recently become the latest concept in future technology. What is the difference between this change, which is mainly advocated by the blockchain and cryptocurrency community, and the Web 1.0 era of the past, the Web 2.0 we are now living in, and even the Web 3. 0 that was predicted more than a decade ago? What changes do these promoters hope to bring about, and how will it work?
This year's Computer Fair has set up an Elderly Technology Pavilion for the first time. Legislative Councilor Chan Hoi-yan officiated at the opening ceremony today (25), and invited the Secretary for Innovation, Technology and Industry, Mr. Sun Tung, to try out the rehabilitation equipment.
Cybersecurity platform Falcon Feedsio posted on social media that Cyberport was hacked. The hackers were in possession of the Cyberport startup's staff's identification documents, company documents, photos, etc., amounting to more than 400GB of data. The relevant information is now priced at US$300,000, equivalent to HK$2.35 million.
Chief Executive Lee Ka-chau said that the government attaches great importance to the development of financial technology and Web 3.0. The government also pays close attention to international developments to ensure that Hong Kong's regulatory requirements are sound and to facilitate market development.
Apple issued an official invitation earlier today (August 30), announcing that it will hold a press conference on September 12, US time (that is, the early morning of the 13th in Hong Kong time) If there is no accident, it will be the much-anticipated iPhone 15 A new series. iPhone 15 Pro Max expected to account for 35-40% of the sales of the entire series.
Recently, 42-year-old artist Zhang Yanbo opened a Japanese restaurant in Zhuhai and joined the trend of entrepreneurship in the north. His restaurant officially opened earlier this month and invited "East Touch+" host Chen Yide to come and taste the food. They sampled the signature dishes of Sukiyaki and Japanese charcoal-grilled meat, expressing their hopes to invite some TVB executives to dine at the restaurant in the future.
Being prepared ahead of time is never too early. A pension plan is a financial solution for saving and investing, providing a stable income for the future. Manulife's "Prosperity-driven Pension Plan" offers various flexible options to meet different individuals' needs. Young "Slashers" can invest in the plan to provide a steady cash flow for future entrepreneurship or property ownership. Middle-aged office workers can use the pension plan to obtain passive income during retirement. The plan also offers protection options, including double benefits for cognitive impairment, death compensation, and accidental death compensation.
The 10-year-old son of Liu Luangong, former chairman of China Trust (0127), and his wife Chen Kaiyun recently launched a self-created tabletop game called "Arctic Party". In addition to entrepreneurship, they also hope to raise people's awareness of environmental protection. The couple strongly supports their children's entrepreneurial ideas, but they must also be mindful of limited cost investment. Gan Bi acknowledges that in the business world, one has to make trade-offs between ideals and practicality. She also generously shares her parenting experience, stating that she is not afraid of her children's failures; what she fears most is that they won't dare to try. She believes that while success is important, failure is not a big deal. What matters is having the courage to try and not being afraid to grow through experimentation.
The 13th Inter-school Debate Competition for Primary Schools in Hong Kong, as well as the award ceremony, was successfully held at the Hong Kong Science Park on a recent occasion. Students from Po Leung Kuk Chan Sui Ki (Tsuen Wan) Primary School and Po Leung Kuk Tang Yuk Tien College engaged in an exciting debate on the topic "The use of ChatGPT as a learning tool is not suitable for primary school students." The debate covered aspects such as the accuracy of content and the needs of primary school education. Po Leung Kuk Tang Yuk Tien College emerged as the overall champion, winning the awards for "My Favorite Debater" and "Best Debater." Po Leung Kuk Chan Sui Ki (Tsuen Wan) Primary School secured the first runner-up position, while Po Leung Kuk Luk Hing Too Primary School was awarded third place.
The Chinese University of Hong Kong (CUHK) Robotics Institute and Science Park jointly organized an Open Day for Robotics and Innovation, showcasing over 30 research achievements in the field of robotics. One of the highlights was the "Automated Building Structure Inspection and Management Platform" developed by Prof. Benmei Chen's team. This platform combines unmanned drones with artificial intelligence technology to inspect the conditions of buildings, assisting in property management and maintenance. Chen Xi, a member of the research team, stated that the platform can reduce inspection costs by approximately one-third.