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post-Bitcoin halving, AI chip battles, SEC on Uniswap and more

web3 and AI are getting physical 💡

April 12, 2024 • Read time: 9 minutes

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gm gm,

Welcome to another week where AI keeps getting smarter, and web3 is growing fast, slowly turning into physical things.

As always, we’re using this space to provide you with the latest product updates and relevant industry news in the shortest form possible.

Let’s go!

WEB3
What’s new in web3?

The DEX aggregator, partnering with Mastercard and Crypto Life, is introducing a Web3 debit card. This card allows users to use their cryptocurrencies for online purchases, in-person transactions, and cash withdrawals from supported ATMs through easy conversion to fiat currency. Initially, it will be available to users in the UK and EEA later this year. You can join the waiting list for early access!

The new feature enables U.S. users to transfer money internationally by converting PYUSD to USD. Through PayPal's money transfer service, Xoom, users can send funds to approximately 160 countries without incurring any transaction fees.

The feature lets users discover and claim airdrops and NFTs directly from the 'Explore' page within the MetaMask Portfolio. It currently supports Ethereum, Optimism, Arbitrum, Base, Zora, and Polygon.

SuiPlay0X1, powered by Playtron's device-agnostic gaming OS, will soon allow gamers to play both web3 and web2 games seamlessly on both PC and mobile devices, all with native web3 capabilities. The waitlist is now open, and these devices are expected to be available in stores worldwide by 2025.

The team plans to fight, confident in their stance on both legal and historical grounds. However, the SEC has expressed concerns that the platform may violate securities laws.

INSIGHTS
T-7 days to the Bitcoin Halving!

The big moment for the most famous cryptocurrency is coming up: it's the 4th time its rewards will be halved, and it's happening in the 4th month of 2024.

What's all the excitement about?

Let's find out 👇

Image generated with AI

The simple answer is that historically, it often causes price swings before and after the event, with prices typically rising significantly in the months following the halving.

You can verify these claims by checking out this interactive chart. 

Alternatively, you can note that Bitcoin hit an all-time high of $73,737.94 on March 14, roughly a month before the halving event.

Will there be a new all-time high in a few months? If history repeats itself, there might be, but nothing is guaranteed.

Okay, what is the Bitcoin Halving again?

The Bitcoin Halving is the process of halving the mining reward, which means the rate at which new Bitcoins are created is reduced by half.

This reduction occurs as new bitcoins are introduced into circulation through block rewards, generated by miners. Miners, as we know, lend their expensive electronic equipment to earn bitcoins through the mining process.

The first reward was 50 bitcoin. Previous halving dates and cut rates were:

  • Nov. 28, 2012, to 25 bitcoins

  • July 9, 2016, to 12.5 bitcoins

  • May 11, 2020, to 6.25 bitcoins

  • 🔜 April 19, 2024, to 3.125 bitcoins

The reward system is expected to continue until 2140 when, in theory, the proposed limit of 21 million bitcoins will be reached. At that point, miners will be compensated solely through transaction fees, as no new bitcoins will be created.

How many bitcoins exist today?

As of March 2024, approximately 19.68 million bitcoins were in circulation, with only around 1.32 million left to be released through mining rewards.

But why does it happen?

The Bitcoin protocol, created by Satoshi Nakamoto, incorporates this process as a deliberate departure from the monetary policies typically enforced by governments to manage fiat currencies. It serves as a response to scenarios that could result in either deflation (increasing purchasing power of a currency) or inflation (rising prices of goods and services).

In emails from the early days of Bitcoin's creation, the author mentioned that 'coins need to be distributed initially, and a constant rate appears to be the most suitable formula'.

So, what's coming up?

Since we only know it's going to happen, we can only speculate about the effects afterward and should take them with caution.

  • Bitcoin will become scarcer as its total planned amount remains fixed, akin to finite resources like gold. This scarcity attracts more investors hoping for price increases.

  • Bitcoin's price will increase if history repeats itself and the reduced supply affects higher demand.

  • Bitcoin miners could become less profitable if the price of Bitcoin remains stagnant or decreases.

  • The security of Bitcoin's network could potentially be compromised as mining rewards approach zero in the coming decades. This potential decline in rewards may, I repeat, may affect the underlying security.

Even with all the 'maybes' and 'might happen,' Bitcoin halving events are big deals for the whole web3 world, especially the Bitcoin crowd - holders, miners, investors, and fans.

See you post-halving 👋

P.S. ICYMI, we have an article on the Bitcoin birth story right here. 

AI
What’s cooking in AI?

It's all about the chips this week!

On Tuesday, Google and Intel revealed their latest chips. Google's Axion chip promises up to 30% better performance than competitors, with some boasting up to 50% better performance and 60% improved energy efficiency compared to similar X86-based instances. Meanwhile, Intel's Gaudi 3 performance is aiming to rival Nvidia's offerings and Meta announced MTIA's in-house AI chip.

This feature enables users to generate a personalized playlist from written prompts. The beta version is currently accessible to Spotify Premium users with iOS and Android devices in the U.K. and Australia, with plans for further expansion in the future.

The physical AI company announces a groundbreaking foundation model that understands the real world. This model integrates data from sensors, including text, audio, video, and time series, and can generate text and commands for building systems and robots. Available for early access and backed by a $13 million seed round led by Venrock, Newton is ready to tackle countless applications.

In a brief tweet on X, Elon Musk announces that the robotaxi is hitting the streets on August 8th. While there aren't many details yet, it's no surprise considering Musk and Tesla's love for self-driving tech. This product has been in the works for a while and is supposed to be Tesla's biggest release yet.

The 'Shop the Look' feature, powered by generative AI, suggests personalized fashion recommendations based on users’ shopping history. Currently accessible to iOS app users in the U.S. and U.K., the Android version is anticipated later this year, alongside AI improvements for other shopping categories beyond fashion.

FROM THE REPOSITORY
5 tools to add to your maker’s arsenal

  • Gamma brings your ideas into visuals with AI

  • Dune is the GitHub for blockchain data analytics

  • BetterLegal turns contracts into clarity with AI

  • Talent Protocol builds your on-chain resume

  • BOOLV is a handy AI tool for marketers

Shipping amazing products or services in AI or web3? Reach out and get featured for free to our community of over 1k readers.

SCOOPS OF THE WEEK

And that’s it for the week - not so short but sweet.

Keep on building!

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