The Digital Canvas Mourns While Crypto Regulation Tightens: A Week in Blockchain Review

A melancholic digital canvas under a dim twilight sky representing the loss of famed Internet Shiba Inu, 'Cheems', surrounded by virtual tapestry of his viral memes. On the canvas, overlay of lines representing increasing crypto regulations, a Kenyan committee inspecting a virtual Worldcoin, blocked apps in Somalia visualized as barred icons. Luminous highlight: a bitcoin miner's triumphant moment. Mood: amalgam of reflection and resilience.

In a wrenching turn of events for the digital art community, popular Internet celebrity, Balltze the Shiba Inu left for puppy paradise on Friday post surgical complications. Known endearingly as “Cheems”, he was twelve and had been battling cancer. Cheems built a niche in the online world thanks to his viral memes, often appearing with fellow Shiba Inu Kabosu – the adorable canine face behind Dogecoin (DOGE). His levity also inspired an NFT collection, an apt contribution to the meme-culture that many enthusiasts fondly remember. His joie de vivre will unquestionably continue to inspire digital artists worldwide.

Meanwhile, governmental involvement in the crypto world has taken interesting routes. The Kenyan administration recently constituted a committee to probe Worldcoin, a burgeoning crypto concern. Comprising members from across a mix of administrative committees such as Internal Security and Tourism, the committee has a mandate to report its findings in about six weeks. The initiative follows another official action earlier this month when public data collection by Worldcoin – an organisation under Sam Altman – was suspended and put under governmental review.

Coincidentally, the Federal Republic of Somalia announced bans on Telegram, a known crypto-friendly messaging app, TikTok and the 1XBet online betting platform. The decision was taken under the Ministry of Communications and Technology (MOCT)’s guidance, citing detrimental influences on Somali youth as the principal reason. It also aims to curb obscene content and stem extremist propaganda.

On a positive note, a solo Bitcoin miner hit the jackpot after successfully solving block 803,821 and bagged the full 6.25 BTC, worth approximately $160,000. The bounty went to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6, who demonstrated that individual miners could still hold their own against industry-scale mining pools.

Furthermore, JPMorgan’s research suggests that Bitcoin and other crypto miners might diversify into the AI sector— a promising prospect considering the upsurge in high-performance computing demand and the potentially rewarding credibility of these business ventures.

On a slightly disconcerting note, non-fungible token (NFT) startup, Recur, announced plans to shut down its Web3 platform by November 16. Citing unexpected hurdles and a changing business environment, the platform revealed that numerous core features will be progressively deactivated until month-end, impacting user activities like primary sales and stablecoin withdrawals.

Whether we’re reminiscing Cheems or contemplating digital currency’s evolving landscape, the crypto world keeps us riveted, making us ponder — just how far can the infinite potential of this exciting domain extend?

Source: Cryptonews

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