🎮 This BLOCKCHAIN is making a comeback

Gm, this is the doodhwala, the crypto newsletter that always gives you something for FREE with every edition.

Sometimes it’s information, but most times its bad jokes. 🥲

Here’s the scoop for today:

• 🎮 This BLOCKCHAIN is making a comeback

• ⛔️ Keeping Up With The Fraudashians

• 📈 Bitcoin getting HASHED

• 🛠 3 Reasons to HODL Bitcoin

• 🍼 Do Kwon: USA or South Korea?

The weekend is here, so WE’RE finally…

🎮 This BLOCKCHAIN is making a comeback

Everyone loves a good comeback story. Arsenal Football Club, Robert Downey Jr., and Maggi Noodles. ❤️

The crypto world is set for another great comeback story.

The star → Ronin.

Ronin is the Ethereum sidechain that powered the Axie Infinity play-to-earn game.

It was hella popular during the bull run in 2021:

• processing 4x more transactions than Ethereum

• had over 1 million daily active users

• market cap of $10 billion

Yes, this game 👇

But then in March 2022 – Ronin was hacked.

And it wasn’t hacked for a small amount and by a small group of people.

💰 Amount → $625 million (the biggest ever hack of a blockchain network)

🤿 Group → The North Korean hacker group Lazarus.

Now, exactly 1 year after the hack, the parent company of Axie Infinity + Ronin – Sky Mavis – is changing the very infrastructure that allowed them to scale to 1 million daily users 🚀 but also gets them hacked 💩.

They’re starting with → Breaking Centralization. 😲

Before Axie Infinity migrated to its own blockchain, it ran on the Ethereum blockchain.

But this caused 2 problems:

1️⃣ High transaction fees

2️⃣ Low transaction speed

In 2021, fees ranged from $30 for simple transfers to $200 for complex transactions like minting NFTs, entering/exiting liquidity pools, etc.

And Axie Infinity’s customers (who were broke AF) couldn’t afford that. 🤷‍♂️

Sky Mavis’ solution?

Launch → Ronin, as a sidechain for Ethereum.

Sky Mavis’ model for Ronin?

Centralized → Proof-of-authority (PoA)

Unlike proof of work or proof of stake consensus models, a PoA model has a limited number of hand-picked validators.

This makes it:

• quick to execute transactions

• private and permissioned

• hella risky

And Ronin had just → 9 validators. 🥶 

If the number of validators = the number of billions of market cap, it's not good bruh! 

That’s ☝️ what resulted in the hack.

In March 2022, the hacker group Lazarus took over 5 (of the 9) validator keys in the most INSANE way possible:

1️⃣ The hackers reached out the Sky Mavis’ engineers on LinkedIn to “hire” them

2️⃣ One engineer replied, went through the interviews, and was given a job offer

3️⃣ When he opened the job offer PDF, his computer was infected with spyware

4️⃣ Lazarus accessed his computer and broke into Ronin’s infrastructure

5️⃣ Accessed 5 out of 9 validator keys and stole $625 million

🫣

This ☝️ is exactly what Sky Mavis is tryna solve and make Ronin:

🔺 more decentralized

🔻 less vulnerable

The model they’re going with is → Delegated Proof Of Stake (DPoS) consensus.

Wtf is DPoS? IDK, so here's what Google said:

This will allow users to:

Stake RON (the native token of Ronin) → Earn more tokens → Appoint validators → Validate transactions → Secure the network.

Minimum token balance to become a validator?

250k RON worth $240k (or 134 ETH)

Doodhwala’s take:

We love a good comeback story. So, we’re hella pumped about Ronin.

But right now, I’m gonna delete every PDF I downloaded in the last 30 days. 😥

🔥 The best hackathon to kickstart your web3 journey!   

I gotta admit, hackathons can be scary af! Especially if you’re a BEGINNER.

You have no idea what to even do:

• Can I use an old project and just rebrand it?

• Do I have to take my own pillow or will they give it?

• Will there be late-night-doodh or do I have to bring it myself?

So many questions. 😬

That’s why this Dappathon by Spheron is a lil different, a ‘lil better. 😉

You can participate from the comforts of your bedroom or join IRL in Delhi, where hopefully pillows and doodh will be provided. (fingers crossed🤞)

Not just that, you also get:

• 💰 $5,000 Cash prize

• 💸 $50,000 Investment Prize

• 📚 Access to Spheron Learn Library

If you are a beginner, this can be your first entry into the world of web3 hackathons.

🗓 21st April - 29th April 2023

Register now!

⛔️ Keeping Up With The Fraudashians

Jailhouse Rock is not just a popular song by Elvis Presley.

But it is also the feeling that some of the biggest frauds in crypto are feeling. 🤷‍♂️

Especially this popular fraud trio:

• Do Kwon (from Terra)

• Sam Bankman Fried (from FTX)

• Su Zhu and Kyle Davies (from 3AC Capital)

All four of these guys have caused the destruction of so much capital in crypto.

They have also been accused of stealing MUCH MORE! 💰

And all these guys are also currently engaged in a legal battle, in one form or another.

So we thought, it’s the right time to give you some updates and also wager a bet as to who will—

• be the FASTEST to go to jail ⚡️

• LONGEST to stay in jail ⛓

Let’s start with the man of the hour…

🌕 Do Kwon

The self-proclaimed king of stablecoins, and the one who brought down one of the biggest stablecoins— UST.

Dude was arrested this week in Montenegro and we have written all about it here.

But he has charges against him in both, the US and South Korea.

So where will he be taken first? 🇺🇸 🇰🇷

Nowhere.

He’ll stay in Montenegro ‘cuz he now faces charges there as well! 😂

What??

Yup. Dude’s down REAL bad.

After his arrest in Montenegro last week, the authorities lodged PASSPORT FRAUD charges against him.

He has been travelling with more fake passports than Andrew Tate. 😬

So his jail journey might be across three countries and possibly in this order 👇

🇲🇪 Montenegro → Passport Fraud

🇺🇸 USA → All kinds of fraud (wire fraud, commodities fraud, securities fraud)

🇰🇷 South Korea → Fraud (investigation still underway)

Next up…

❌ Sam Bankman Fried

The League of Legends playing, the orgy-lovin’, the big money stealin’ Sam Bankman Fried of FTX.

The man was arrested in the Bahamas and then “deported” to the US. 🇺🇸

This dude already has a lot of charges against him and he has already pled NOT GUILTY in every single of them. ⛔️

So, he has a LONG court battle ahead of him!

His “supposed” girlfriend, Caroline Ellison, on the other hand, has pled guilty to most of the charges and has already turned on SBF. 😬

Love is Evil. 🥲

Now, SBF faces TWO more charges against him:

1️⃣ Trying to evade campaign financing laws

2️⃣ Attempting to bribe Chinese officials (bro whaaat?)

SBF is accused of trying to bribe one or more Chinese government officials with $40 million worth of crypto, in an attempt to unfreeze some accounts of Alameda Research.

Dude picked the wrong country to bribe. 😅

But regardless, he has pled NOT GUILTY for these charges as well.

So we’ll know more when he goes to trial in October 2023. (Why so far away 😭)

Lastly…

💰 Su Zhu and Kyle Davies

The founders of Three Arrows Capital, the crypto hedge fund that blew up in 2022.

Despite owing money to A LOT of people, these guys aren’t as down as the other two above.

They haven't even been arrested yet. 😬

In fact, Su Zhu has created a new exchange where you can trade, and hear me out, BANKRUPTCY CLAIMS! 🥲

Where is Batman when we need him? 😭

In terms of charges or court battles, all these guys have received is just a subpoena to disclose their firm’s financial records.

And the boys haven't even responded to it yet!

Hopefully, these guys also face the sweet music of Jailhouse Rock. (fingers crossed 🤞)

So which one of the trio will go to jail the FASTEST and stay there the LONGEST?

(REPLY and let us know 👇)

📈 Chaach and Charts: Bitcoin getting HASHED

Hashrate.

Nope, that’s not the rate at which college students 🚬 hash on their first trip to Goa 🏖️.

And Bitcoin’s hashrate is going 🚀 🚀 🚀

Wait, what tf is hashrate?

Think of hashrate as the rate of a 🧮 calculator's calculations. 🧮

What kinda calculations?

(not those weird Math exam questions like – if Joe has 2 apples, and Jim has 5 apples, what’s the distance from Jim’s house to the sun? 😭)

Hashrate measures Useful calculations like time intervals between the creation of two blocks on the Bitcoin blockchain.

The faster the calculation → The quicker the block creation → The higher the hashrate.

Here’s the rapid 📈 of Bitcoin’s hashrate:

🗓️ September 2021 – 90 ExaHashes/second🗓️ May 2022 – 200 ExaHashes/second🗓️ January 2023 – 250 ExaHashes/second🗓️ March 2023 – 350 ExaHashes/second

🛠 Resourcewala: 3 Reasons To HODL Bitcoin  

With Balaji predicting that Bitcoin will go to $1 MILLION in 90 days…

…it’s kinda no-brainer to hold on to your Bitcoin tighter than Harry Styles pants. 🤷‍♂️

But this is only if you are thinking about securing the bag and hoping to get rich. 💰💰💰

If you are thinking about core values, however, your reasons to HODL might be a lil different.

And wtf are those “core values” 🤨

In today’s resource, we talk ALL about:

• Who holds Bitcoin?

• The Bitcoin Revolution

• As a global financial system

• The Bitcoin-Macro view

• The Bitcoin-Micro view

Well then, let’s find out what those 3 main reasons are! 🚀

LFG! 🔥

🍼 Doodhshots: Do Kwon going to the US or South Korea?

• 🚕 Mumbai Upgrade: Tezos has activated its 13th core protocol upgrade and its called…Mumbai. This upgrade brings a Layer-2 scaling solution for faster transactions.

• 🇩🇰 Denmark Tax: Denmark’s Supreme Court rules that any gains made on Bitcoin must now be taxed in the country.

• 🤨 Shopify Connection? Coinbase intends on growing its market share in Canada by hiring a top exec from one of Canada’s biggest companies— Shopify.

• 💰 OKX-FTX dough: The crypto exchange OKX is set to cooperate and return $157 million in frozen FTX funds to the bankruptcy team.

• 🔥 Magic Ordinals: After just a week of creating an Ordinals marketplace, Magic Eden now accounts for more than half of inscription trading volume across marketplaces.

🤣 Milky Meme Of The Day

🤣 🤣 🤣

If you want more doodh then, be sure to follow our Twitter, our LinkedIn, and our Instagram.

That’s all for today bhaiyo aur bheno! Naale Sigona! Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.