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Brian Brooks – CEO of the crypto mining firm Bitfury Group – believes the value of a certain digital asset is driven by the development of its network. As such, he predicted that bitcoin will jump from its current $20,000 price tag as an increasing number of people have started employing it.
$20K Is Not Where BTC Should be
Bitcoin’s USD valuation is traditionally one of the main topics in the cryptocurrency space, and logically, its recent drastic price fluctuations have made the headlines. At the moment of writing these lines, the primary digital asset trades at approximately $20,000, which is a significant drawback, considering the all-time high of almost $70K registered seven months ago.
Nonetheless, Brian Brooks – former US Acting Comptroller of the Currency who now serves as the CEO of Bitfury – thinks BTC’s value will soon head north as millions of people around the globe use it for transactions. He added that the prices of digital assets are fueled by the adoption rate of their underlying network:
“That is why bitcoin isn’t going to stay at $20,000 because more and more people use it. Same with a lot of other things. The value of the network is what drives the value of the token.”
On another note, he argued that cryptocurrencies, including Bitcoin, Ethereum, and Ripple, do not have a chance to steal the dominance of the American dollar. In his view, those coins should be viewed not like currencies but like Internet stocks:
“It’s more like you bet on Google if you think there’s going to be high internet traffic; if you short it, it’s that people are going to go back to the post office, right? But it’s not that Ethereum or Ripple or anything else is trying to replace the US dollar, it’s trying to replace the system of transmitting value.”
Subsequently, Brooks touched upon stablecoins which turned into another controversial topic after Terra’s UST collapsed to zero last month. The exec expects these tokens to emerge as products similar to “bank deposits that don’t have a minimum balance fee, don’t have a monthly maintenance fee, and don’t have a transaction fee.”
Brian Brooks, Source: Bloomberg
Brooks’ Statements Throughout the Years
The American stepped in as the company’s new CEO last November, replacing Valery Vavilov. Upon his arrival, he vowed to establish Bitfury as a leader in the European digital asset ecosystem.
Back then, he praised the organization for its “sustained research and best-in-class proprietary technologies” that it provides. Bitfury’s innovative nature increases its chances for success in the long-term, he added.
In 2020, while serving as the interim head at the Office of the Comptroller of the Currency (OCC) in the Trump administration, Brooks presented himself as a keen advocate of bitcoin and blockchain technology:
“Blockchain has the potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.”


Bitcoin's valuation depends on the adoption rate of its underlying network, and as such, its price should soar in the future, Brian Brooks maintained.

cryptopotato.com

Bitfury’s CEO Explains Why Bitcoin Is Proned for Upcoming Gains

Polkadot creator Gavin Wood unveiled the next generation of governance for the DOT ecosystem – Gov2. Only after the v2 is tested on Kusama, a proposal will be made for the Polkadot network to vote on.
New Polkadot Governance v2
According to the press release shared with CryptoPotato, the new governance system does not intend to break from the original tenet, where 50% of the total stake in the system should be able ultimately to direct the system’s future. It also does not detach from the “Conviction Voting” introduced in Polkadot that aims to give greater weight to users willing to lock their tokens into the system for longer.
“Where it differs most is how it manages the practical means of day-to-day decision-making, making the repercussions of referenda better scoped and agile in order to dramatically increase the number of collective decisions the system is able to take. Let’s look a little deeper into how it works.”
Focus on Simplifying
The governance system is still in the development phase and focuses on lowering the barriers by removing additional bodies that serve as “first-class citizens,” such as the Council and Technical Committee – no alternating timetable of proposals, and no public proposal queue. The new system will have only one first-class decision-making mechanism: the referendum.
All users may start a number of referenda at any time, and anyone can vote on these. There are no limitations; however, to make it less cumbersome, Gov 2 presents some features to the referendum process. A referendum must satisfy several criteria before they proceed to the “Deciding” stage, until which it will remain “undecided.”
Only after reaching the “Deciding” stage the referendum becomes eligible to be approved. The voting period is 28 days. Proposals that are not approved during this time period will be marked rejected by default.
Gov2 also has provisions for proposal which are probably already being voted on but contains a problem, and canceling it, is the only way to go. As such, the special operation for intervening is called “Cancellation,” which will immediately dismiss an ongoing referendum regardless of its status. In order to executive this governance operation, the network will have to vote on it.
Polkadot has also retained and enhanced a feature called Vote Delegation in Gov2 by enabling a user to delegate their voting power to another voter in the system.


The Polkadot network will launch the Gov2 on Kusama right after a final professional audit of its code.

Polkadot Unveils Proposal for Next Generation of Governance

Creditcoin Founder Tae Oh said the partnership brings them closer to their goal of giving the unbanked a fairer shot. 

cointelegraph.com

Lending network enables transparent credit history in Africa via blockchain partnership

The first decentralized exchange tapping the Cardano blockchain has announced the launch date of its testnet. The project had previously released an NFT marketplace shortly after raising over $2 million in a funding round participated by Gal Gadot.
AdaSwap’s DEX Testnet Arrives
The press release shared with CryptoPotato informed that the project’s testnet is scheduled to arrive today – June 29. This will help AdaSwap to become one of the first protocols to launch on the Milkomeda Network and tap into the capabilities of the Ethereum Virtual Machine (EVM).
Milkomeda is a layer-2 solution with over $35 million in Total Value Locked (TVL), which is why developers have shown a growing interest in exploring it.
“Deploying on Milkomeda has allowed Adaswap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can’t wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We’re also looking forward to the blockchain interoperability benefits that Milkomeda will offer.” – commented AdaSwap’s CEO, Itai Levi.
The PR also touched upon Cardano’s network activity and market dominance, stating that Charles Hoskinson’s brainchild has massive room for growth.
AdaSwap’s Previous Endeavors
CryptoPotato reported at the start of March AdaSwap’s first funding round worth $2.6 million. Led by iAngels (a female-led venture capital firm), the event also saw the participation of Shima Capital, Pluto Digital, Coti, and the Hollywood actress – Gal Gadot.
Less than a month later, the project launched its first product – its own NFT marketplace. It did so after indicating that the team wanted to bring more users to the AdaSwap ecosystem, and tapping the growing non-fungible token space was the way to do it.


The Gal Gadot-backed decentralized exchange based on the Cardano network has set the launch date of its testnet. 

Gal Gadot-Backed AdaSwap Launches Public Testnet

The latest software release, named lnd 0.15 beta (v0.15-beta), aims to empower developers to create solutions for more use cases by leveraging the Bitcoin network’s capabilities.

REI Network price	$0.034117
Low - High 24H	$0.033287 - $0.03667
Market cap	$32.59M
Volume 24H	$11.57M
All time high	$0.169346 -79.80% May 4th 2022
All time low	$0.020649 65.70% May 12th 2022
Genesis date	N/A

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