Did you manage to keep your New Year's resolutions?
If one of them was to stay up to date on crypto and Shibarium, then you are doing good. And we will be providing news, deep-dive analyses, and thoughtful reviews that you can use to touch base with this always-evolving industry.
This week, we will talk about the recent Puppynet upgrade, how quantum tech & blockchain are related, and the final installment of the 2023 state of crypto review. But first, we will learn more about a Ukrainian success story in the fashion world.
Last week, we advertised Shibacals' new merch drop with a special "I'm Ryoshi" collection. You still can get your brand new gear here.
Which #Shibarium projects would you like to see next in The Shib? Tell us on Twitter using #TheShib hashtag or in a thread at @shibtoken.
If you have any stories, initiatives, and/or projects that you deem newsworthy for the whole community or if you have pieces of advice for us to make this magazine a worldwide reference, take advantage of this opportunity.
A compelling story of how this handmade accessories brand weaves Ukrainian magic into every stitch. Read more.
2) Puppynet Transition: From Goerli to Sepolia
A deep dive into the recent upgrade of Puppynet and what's to come for Shibarium's mainnet.Read more.
3) The State of Crypto (Pt. 3)
In this last installment of analyzing what crypto was like in 2023, @Risjo_xyz closes it out with what to look forward to in 2024. Read more
4) Quantum Computing: A New Algorithm to Crack Encryption
Regev and Shor, myths, and more – let’s find out if quantum computing is all it’s cracked up to be! Read More.
ETNOCODE: Beads, Threads, and Ukrainian Dreams
A compelling story of how this handmade accessories brand weaves Ukrainian magic into every stitch
Are diamonds truly a girl's best friend? Times are changing, sparklers, because there's a new trend and it's dripping with vibrant beads and allegorical secrets of Ukrainian heritage. This is the story of ETNOCODE, a brand that's imbuing a spell of Ukrainian pride with every bead it strings.
Forget the Bling, Embrace the Bead
Founded in 2020 by two Ukrainian besties, Anna Shakola (a highly-experienced fashion model and producer) and Valerie Karakuts (a serial fashion entrepreneur with a nose for the next big thing), ETNOCODE was born during their “COVID trips”, a time when wanderlust was at an all-time low and exploration bloomed closer to home.
While on a journey to the Carpathian Mountains, their team ventured into the enchanting city of Kosiv and the picturesque villages of Verhovina and Babyno. Along their journey, they came across well-preserved archives of authentic accessories. They discovered that the locals in these regions still upheld the tradition of crafting beaded accessories using age-old techniques. This was a light-bulb moment that eventually led to the intersection of culture and fashion at ETNOCODE.
Starting with just ten pieces, the brand quickly emerged as a phoenix rising from the ashes of limited travel and global uncertainty. It quickly became the talk of the town, or should we say, the talk of the villages.
Beyond Fashion: A Beaded Mission
In times of war, preserving cultural heritage becomes paramount. ETNOCODE's vision goes beyond just crafting accessories; it's about preserving Ukrainian traditions and making them a part of everyday life.
But what exactly can you expect from these stunning art pieces? Gone are the days of the "vyshvanky" (traditional embroidered shirts). This brand takes ancient Ukrainian necklaces like "sylyanka" and "kryvulka," throws in a dash of modern sass, and bam! You've got headbands that make you feel like a woodland nymph who raided a magpie's nest (in the best way possible), chokers that hug your neck like a warm hug from history, as well as tops, sleeves, and skirts that scream classy and elegant with a touch of panache.
The best part of all is that each piece is a one-of-a-kind masterpiece. No mass-produced monotony here. These are labors of love, hand-stitched by Ukrainian artisans who pour their souls into every bead. So, when you wear an ETNOCODE piece, you're not just adorning yourself – you're also becoming a part of a global beadniks' club, a tribe that celebrates fashion with a purpose and cultural revival.
You don't have to travel to the Carpathians to snag your piece of Ukrainian allure. Shipping worldwide from their Ukrainian base, each piece is a testament to the skilled craftsmen who dedicate two to three weeks to create a collar and up to five weeks to skilfully put together a top or skirt.
ETNOCODE in Photos, London Debut, and Couture Dreams
ETNOCODE recently flaunted its beaded brilliance in its first professional photo shoot, elevating the accessories from mere beads to works of art. The images, captured by the talented Michael Fedorak, are a visual feast for lovers of indie fashion.
The team has also set its sights on London, with plans to open a corner in the main department store of Ukraine in February 2024. A couture collection and a wedding capsule are in the works this year as beadwork is becoming more popular among celebrities and artists.
But there’s good news for those who cannot wait for that opening. The accessories are currently on display at Fam Beauty in London. You can visit the salon if you’re in the area, maybe get your hair and nails done, and then bring home a piece or two from the collection.
When Beads and Woofs Collide
It is no secret that Shib is bullish on projects and connections that tell stories the world needs to know about. Anna crossed paths with Marcie in Dubai in October 2023, leading to a serendipitous meeting with the Shib team. It's like the stars (or beads) aligned, creating a destiny that intertwines with the Shib community.
Beads Supremacy: Fashion, Culture, and Symbolism
As fashion aficionados turn to beadwork and embrace the vibrant, soulful world of sui generis brands like ETNOCODE, not only will this become a trend. It is an adventure, a celebration, and a whispered promise that your adornments will be the ultimate fashion statement.
Are you ready to get beaded?
Don't forget to follow ETNOCODE’s Instagram (@etno.code_) for a bedazzling good time!
Puppynet Transition: From Goerli to Sepolia
A deep dive into the recent upgrade of Puppynet and what's to come for Shibarium's mainnet
The Emergence of Shibarium’s Puppynet with Sepolia
Puppynet, Shibarium's testnet, is undergoing a significant transition, moving its underlying Layer 1 from the Goerli network to Sepolia. This change reflects the ongoing evolution of blockchain technologies and the need to align with more scalable and efficient infrastructures.
With the depreciation of the Goerli network, Shibarium’s Puppynet is set to adopt the Sepolia network as its new L1. Sepolia offers a more controlled and stable testing environment, closely mirroring the features and capabilities of the Ethereum mainnet. This strategic shift is instrumental in ensuring that developers have access to a reliable and consistent platform for testing their dApps and smart contracts.
The Rise of Shibarium’s L2 Testnet
Shibarium’s L2 testnet, leveraging the Sepolia network, aims to enhance scalability, reduce transaction costs, and improve transaction speeds. This move is not just a transition but an upgrade that focuses on creating a more efficient and user-friendly environment for the burgeoning demands of the blockchain community, especially in areas like DeFi and NFTs.
Shibarium’s Burn Mechanism: A New Era
Shibarium is introducing a transformative token burning mechanism, which is crucial for the network's economic model. This mechanism is designed to reduce token supply strategically, potentially increasing the token's value and benefiting its ecosystem. Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes. This phase will witness multiple upgrades to enhance efficiency and reliability. Then it will be brought to the Mainnet. The automated burn process will operate based on predefined rules, making it more efficient and transparent.
Embracing Scalability and Security
The transition to Sepolia is just one part of Shibarium’s growth trajectory. The network is also focusing on version upgrades that promise enhanced transaction speeds, smarter contract functionalities, and improved user experiences. These upgrades are pivotal in fortifying Shibarium’s position as a leading blockchain platform that is capable of handling the increasing demands of the digital world.
A Guide to Testing Smart Contracts
For all the devs out there, here are the new chain IDs: Shibarium mainnet: 109 Shibarium testnet (Puppynet): 157
You will find a complete guide on how to test your smart contracts on the new Puppynet below.
Last installment of the 2023 crypto analysis: @Risjo_xyz closes it out with what to look forward to in 2024
What should you look out for in the crypto industry in 2024? Find the best narratives and events in this non-exhaustive summary.
ETFs Are a Go
The SEC (and Gary Gensler) have been delaying all applications from traditional funds, such as Fidelity, Grayscale, and Valkyrie. But finally, on January 10, 11 ETF applications were accepted and the first orders arrived as soon as January 11.
Bitcoin ETFs had more assets than silver ETFs the instant the U.S. Securities and Exchange Commission approved them last week and trailed only behind gold among commodity-focused U.S. ETFs. Thanks to the conversion of the existing Grayscale Bitcoin Trust into an ETF, there was immediately almost $30 billion stashed in Bitcoin ETFs. The only commodity that remains more popular is gold (often called non-digital bitcoin) with roughly $95 billion.
That might be a good indicator of the appetite of traditional investors in crypto for the upcoming year.
Bitcoin Halving
The amount of BTC earned from mining Bitcoin set a new record in November, and now the countdown to the next “halving” is now in its final months.
Bitcoin rewards reached approximately £34 million per month in late 2023.
But April 2024 will mark a once-every-four-years event that effectively halves the rate of the cryptocurrency’s supply as the reward that miners earn for adding a block to the Bitcoin blockchain is halved.
From that point, the current reward of 6.25 BTC will fall to 3.125 BTC, massively reducing the rate at which new coins are minted.
In the 12 months prior to the last halving in 2020, the price of Bitcoin rose by 83% from around £3,000 to roughly £5,500 as traders bet on a supply squeeze, pushing up the value of the asset in a sort of self-fulfilling prophecy.
Note: The amount of BTC on exchanges has never been so low. This could indicate one hell of a supply squeeze if big amounts of token were to be bought.
In April 2023, Bitcoin traded for around $20,000. As of this writing (January 2024), one Bitcoin is valued at approximately $41,000.
If current prices were to hold and we saw the same kind of post-halving rally in 2024 as we did in 2020, prices could hit $80,000 – levels we haven’t seen since November of 2021. However, this theory should not be relied upon, as there have been many price fluctuations and all cryptocurrencies including Bitcoin have experienced high volatility throughout this time. And it will also depend on macroeconomic factors, such as CPI inflation numbers, the evolution of wars around the world, and the state of the global supply chain.
ETH Dencun Upgrade
Relative to other tokens, Ethereum is currently underperforming. We think this could change in Q1 of 2024. Ethereum's next upgrade, the Dencun upgrade, is tentatively scheduled for January 2024. It will be a catalyst that brings attention to the Ethereum ecosystem. The Dencun upgrade will implement “Proto-Danksharding”.
This means that the cost of rollups to settle onto Ethereum will be reduced by more than 90%, which is a gigantic reduction. This, in turn, will make L2s more competitive with Alt-L1s, such as Solana and Avalanche, and activity in the Ethereum ecosystem will likely rise. And this, of course, will benefit $ETH as well. Recently, the TVL of Ethereum L2 has overtaken those of other L1s (combined) for the first time.
Crime Crackdown
Most of the big hacks that happened recently either got solved by white hacking (rewarding the hacker after the hack) or collaboration between CEXs and national authorities, which led to multiple accounts linked to hacks and scams being frozen.
Don’t forget that (almost) everything is traceable on the blockchain.
The increasing regulation and policing of crypto markets could also be a boon next year, adding more legitimacy to an industry not renowned for its safeguarding.
For example, the UK government recently announced an agreement with 48 countries to tackle the problem of people using crypto to avoid tax.
Investors Are Warming Up, Inflation Is Cooling Down
The increasing credibility being lent to crypto markets by the likes of BlackRock, major banks, and regulators appears to be boosting investor sentiment to some extent.
Fear and greed indices are sometimes used to gauge investor sentiment and appetite. Such indices can give us a sense of how investors are likely to act and the impact it might have on markets.
The abatement of inflation in the U.S. and in other developed countries and its implications for interest rates will surely also have an effect on crypto this 2024.
On November 14th, the U.S. Federal Reserve announced that inflation had fallen to 3.2% in October, down from 3.7% in September. The figure was slightly lower than expected and saw the prices of U.S. stocks and bonds skyrocket.
Cryptocurrencies like Bitcoin are often seen as a hedge against inflation due to their limited supply. In 2024, as inflation concerns persist, more individuals and institutions may turn to cryptocurrencies as an alternative investment option.
As we progress towards the rest of 2024, the fate of crypto remains uncertain. However, with technological advancements, regulatory developments, and economic implications set to shape the industry, the future of cryptocurrency promises to be a thrilling and transformative journey.
With inflation largely tamed in the U.S. and with interest rates unlikely to rise as a result, the squeeze that characterized much of 2023 may be over.
The Role of Government Regulations
Government regulations play a vital role in the development and acceptance of cryptocurrency. In 2024, governments worldwide will likely continue to implement regulatory frameworks to ensure crypto’s legitimacy, prevent fraud, and protect investors. These regulations may include measures such as Know Your Customer (KYC) requirements, Anti-Money Laundering (AML) policies, and licensing requirements for crypto service providers.
Furthermore, governments may explore the creation of central bank digital currencies (CBDCs) as a means to maintain control over monetary policy and enhance financial inclusion. CBDCs are digital representations of a country’s fiat currency and can provide benefits, such as faster and cheaper transactions, increased transparency, and improved financial access for unbanked populations.
However, striking the right balance between regulation and innovation remains a challenge. Governments must ensure that regulations are proportionate, flexible, and adaptable to the rapidly evolving crypto landscape. Collaboration between governments, industry participants, and regulatory bodies will be crucial to foster an environment that encourages responsible innovation while mitigating risks.
El Salvador was the first country in the world to legalize $BTC as legal tender. Will another country make headlines in 2024 for the same? Eyeing you, Argentina.
Nigeria also recently unbanned the use of BTC in the country after enacting a firm ban back in 2021. Will it be the beginning of the normalization of crypto across international payment systems?
The EU also voted on MiCa (to be developed) which should be implemented in EU countries by 2026-2027. This would regulate digital assets in Europe even if some whistleblowers are warning against it, saying the regulations could be too strict and drive away crypto startups.
That's it for the State of Crypto review.
If you have found my writings useful or entertaining, feel free to follow me on X: @Risjo_xyz
Quantum Computing: A New Algorithm to Crack Encryption
Regev and Shor, myths, and more – let’s find out if quantum computing is all it’s cracked up to be!
Welcome to the quantum playground, where the rules of computing as we know them are bent, twisted, and entangled like that pile of clean and dirty clothes you keep on your chair.
Today, we're diving into the world of quantum computing's potential to crack encryption and a new algorithm that's making the crypto world shiver with excitement (or maybe fear?).
But before we get too deep into the quantum waters, let's address the elephant in the room: What the heck are quantum computers good for?
We're still figuring out the precise applications for quantum computing. Sure, they might turbocharge optimization and machine learning, but to what extent?
One thing we can be pretty certain about is that quantum computers have the potential to turn our cozy cryptographic schemes into Swiss cheese. The math behind quantum computing is practically Kryptonite to classical computers, but for a powerful quantum machine, it's more like a stroll in the park – the kind of stroll that leaves the OG blockchain security in shambles.
Thankfully, our saving grace has been that today's quantum processors are still baby steps away from the quantum juggernauts needed for these cryptographic nightmares.
Cannot/Will Not Wait…
However, Science.org reports that a New York University computer scientist, Oded Regev, has thrown a wrench into the "wait for quantum to catch up" plan.
Regev's approach involves giving Peter Shor's legendary quantum algorithm a makeover. You see, back in 1994, Peter Shor figured out how to find prime numbers that, when multiplied together, give us a particular number – a problem known as prime factoring. This problem is like a Rubik's Cube on steroids for classical computers, which is why it's the basis for the widely used RSA encryption.
But Shor, with the magic of quantum phenomena like superposition and entanglement, made it look like child's play. His algorithm can solve these problems even for ginormous numbers, which sends shivers down the spines of security experts.
Now, we've had post-quantum encryption standards as our backup plan, but implementing them across the web could take eons. Why? Because most of the current encryption relies on keys that are equivalent to numbers with more digits than Leonardo DiCaprio would get at a frat party. It would take a quantum computer with a 2048-bit RSA number, which is 600+ digits long!
But here's where Regev's new algorithm comes into play. He's revamped Shor's algorithm in a way that needs fewer logical steps, making the quantum computer's job easier.
It's like giving your computer a quantum shortcut. In Shor's original algorithm, the number of gates required for the factoring process grows exponentially with the size of the number. Regev's approach is like finding a quicker path through a maze.
In fact, Regev estimates that for a 2048-bit number, his algorithm could reduce the number of gates required by two to three orders of magnitude. But there are practical limitations. His algorithm might require extra quantum memory, which means more qubits and potentially eating into its computational advantage.
3 Current Myths about Quantum Computers
Quantum computers are going to replace regular computers. Google scientists had achieved “quantum supremacy”, where a quantum computer outperformed a regular one on a hard task. But it appears that the task was extremely artificial, and although a quantum computer has won a race with a classical supercomputer, the practical implications are minimal. More likely than not, the future is about hybrid systems with both classical and quantum capabilities.
Quantum computers will wreck internet security. Security depends on hard problems, such as factorization – finding the two prime numbers that must be multiplied together to produce a third. Using a classical computer to break a 2048-bit key would take many thousands of years. However, quantum computers with around 100,000 qubits could do this job in seconds. This is promising but still a long way to go. We can only manage around 50 qubits at present, and mathematicians are already working on new ways of doing cryptography that cannot be cracked so easily by a quantum machine.
Quantum communication will allow for instant information transfer. Quantum particles can be entangled, meaning that states of two particles can be connected regardless of the distance between them. And while quantum teleportation is a thing, it still depends on classical communication which can’t be faster than light.
The Bottom Line
Quantum computing's threat to encryption isn't a stationary target. It's a moving goalpost, and we're trying to keep up. Shifting to post-quantum schemes can't happen fast enough. In the quantum race, it's not just about running; it's about leaping into the future before the quantum cheetah catches up with us.
And on that note, let's all keep our fingers crossed that this quantum leap won't land us in encryption trouble. Remember, in the quantum world, even the laws of humor get entangled, so stay tuned for more tech tales from the quantum realm!
What’s up, Shib Army?
We’ll tell you! There’s no stopping us from celebrating and basking in the achievements of the community. Find out which amazing projects and unstoppable breakthroughs are featured in this week’s newsbites.
1. Congrats & Party Poppers Are in Order: Shibarium Reaches 300 Million Transactions
The community celebrates Shibarium surpassing 300 million transactions less than a month after it reached 200 million. As we congratulate everybody’s hard work in making this happen, we see Shibarium’s consistent growth as proof that it is maintaining its position as a trailblazer in driving blockchain innovation.
2. The Strength of Bulls Is Here: 10,000 ShiBulls Minted Out in 48 Hours
Were you able to get your hooves on one of the newly-launched 10,000 ShiBulls? These pixel-art NFTs are on a roll, with all 10,000 NFTs sold out in 48 hours and 10k accumulated in trading volume in just one week. They’re not stopping at that either because they just held a meme creation competition to give away a total of $225 BONE and some ShiBulls. No wonder people are “Shibullish” on this NFT project!
3. LumiBots Creator Shares Inspiring Journey as a Member of the Shib Army
In a recent collab with Shib CoOp, the community saw the launch of yet another LumiBots NFT collection. Driven by passion for technology and hope for the future, the LumiBots project serves as a way for holders to be the main characters in a digital story of robotics and light. Learn more about this work of creativity and futurism, and get ready to “illuminate the future”.
4. Sharbi Anniversary Airdrop: 10B SHARBI and 100M SHIB
In a recent tweet, Sharbi announced its one-year anniversary celebration and the details of a very generous airdrop. 10 billion SHARBI and 100 million $SHIB will be airdropped to qualified holders. So, don’t miss this chance to be one of the lucky ones. It’s as simple as completing a form and preparing your wallet for some surprises!
Not sleeping on the much-anticipated bull run, prominent stock and crypto exchange Robinhood topped up on their $SHIB stash, and it is currently at 36.91 trillion. It’s worth noting that Robinhood is the third largest Shiba Inu holder and carries only 15 cryptocurrencies. Yes, that’s right, $SHIB is among the chosen few! WOOF!
6. $SHIB Is Coin of the Day by Social Activity A coin update by CryptoDep on Monday named $SHIB as Coin of the Day by Social Activity. With 52.4 million interactions and ranking at no. 14 by social volume within twenty-four hours, Shib certainly runs the show in these parts of X (Twitter). Well-deserved brownie points for the Shib Army that makes sure the world hears our woofs!
Sounds like communism to meFor all the Linux devs out thereThe Holy Shiba by Skyhighcrypto7
We are looking for Shib Superstars within the community. So if you're a successful business owner, someone who is responsible for a community-oriented initiative, or an award-winning athlete, contact us here for a shout-out in a future edition.
P.S. You can also share your favorite memes with your own customized comment/reaction comment (we will credit your Twitter or SNS).
Anyone interested in expanding their reach can benefit from this exciting feature of the magazine. We offer comprehensive marketing packages! This includes the opportunity to be featured on the front page, giving your project maximum visibility. We also offer ad space for those looking to be seen by a vast and varied audience on our platform. If you are interested in finding out more about our packages, shoot us an email at ads@shib.io.
