Giants Unite To Forge A New Blockchain

GM Readers!📪 It's BitDegree Insider, and let's keep rowing that Web3 boat.

⭐️Today's selection:

• ⛓New Blockchain Incoming
• 🤺Crypto Exchanges Beefing
• 🧋Wednesday Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

GIANTS UNITE TO CREATE A NEW BLOCKCHAIN

The names behind this project are huge. The project itself is called The Canton Network. It's set to enter its testing phase this July.

Here's how it's being introduced to the public:

'the industry's first privacy-enabled interoperable blockchain network designed for institutional assets and built to responsibly unlock the potential of synchronized financial markets.'

Those are most certainly... words. Cool-sounding words. But who are the backers, what kind of financial and technology players are working on it?

Well, here's a short list:

3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, DRW, Eleox, EquiLend, FinClear, Gambyl, Goldman Sachs, IntellectEU, Liberty City Ventures, Microsoft, Moody's, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, Umbrage, Versana, VERT Capital, Xpansiv, and Zinnia.

The list is provided in the official Canton Network announcement, which was posted on May 9th.

As you can see, they do feel confident, since they don't even bother mentioning such companies as Microsoft first, they simply named them all in an alphabetic order.

Okay, that's something that we can expect to be huge.

Obviously, this new blockchain network emphasizes extensive privacy control and scalability capabilities as its key advantages.

Here's how they pitch the project's benefits to the public:

• The lack of privacy and control over data: other chains have shortcomings around privacy that prevent the use of the technology by multiple regulated participants on the same network. There are currently no other blockchains that can offer data protection or control at any layer of its network.
• Other blockchains have had to accept trade-offs between control and interoperability: other chains require operators to forfeit their full control of applications by using a shared pool of validators to gain interoperability.
• The inability to scale: with applications competing for global network resources and the inherent capacity limitations caused by how public blockchains operate, achieving the scale and performance financial institutions need remains challenging.

And that makes sense, since every company from that list is very much interested in this. Also, they didn't really have to diss every other chain out there... That's a bit mean.

"The tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe," -says the executive vice president of Cboe Global Markets, Cathy Clay.

Well, usually, new players = innovation, healthy competition, progress.

Let's hope this will be the case.

TL;DR: Major financial and technology giants unite their forces to create a new blockchain. It's called The Canton Network, and it's about to enter its testing phase this July.

OKX TEASES COINBASE

Here's what happened.

On March 8th, Coinbase, the centralized crypto exchange, launched a campaign. It was titled "It's Time To Update The System."

Here's how they elaborated on what their slogan means:

"American financial institutions are an essential part of the traditional finance system, but they rely on outdated technology invented before the internet that isn't serving them or their customers. Crypto can help."

The idea here is simple. Things are sorta OK, but they can be better, let's make them better.

Now, OKX, a Seychelles-based crypto and derivatives exchange, and a competitor, just launched a new global ad campaign.

The message in it?

"Rewrite The System."

In the 60-second video, we follow an outspoken figure who comments on how rigged the financial system is. 

"The system doesn't an update. It needs a rewrite." - proclaims the video's protagonist.

It's subtle... yet obvious. OKX saw the opportunity that Coinbase presented them with, and went for it. 

The message sounds way more dramatic, and OKX gets the opportunity to present itself as the more radical, more revolutionary exchange.

Well, at the end of the day... those are just words, and this whole thing is just two huge companies trying to get more street cred.

Well, what's your take?

TL;DR: Coinbase and OKX have both released global ad campaigns. One of them calls to "Update the system", while OKX's calls to "Rewrite the system."

WEDNESDAY BUBBLES

Let's do something different for this week's Wednesday Bubbles.

Let's consider the top 100 cryptos according to their weekly performance.

And, after having done that, one thing gets super obvious.

The market is in a humorous mood.

We're definitely in the meme season.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Coinbase Ex-Product Manager Sentenced to 24 Months in Prison for Insider Trading. After that, Ishan Wahi will be under supervised release for two years.
• During Q1, Financial Technology Firm's PayPal Crypto Asset Holdings Rose by 36%. Yeah, significant growth knocking at the door.
• Aragon Revokes Plans for ANT Token Holder Voting Rights After a 51% Attack. The majority agreed for a change.