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The Protocol
Network News
Sony Embraces Blockchain, Battles Memes
Sony, the 78-year-old Japanese electronics giant, has launched "Soneium," its general-purpose blockchain platform built on Optimism’s OP Stack. The chain aims to "bridge the gap between Web2 and Web3 audiences, especially for creators, fans, and communities." While the network has attracted attention, not all the attention has been positive. Some users complained that the network was blocking memecoin trading, leading to allegations that the supposedly decentralized network was "censoring" certain transactions. The controversy highlights the tension between blockchain ideals and corporate interests. However, the incident also showcased the resilience of crypto, as some savvy blockchain users found a workaround allowing them to "force through" transactions to the base Ethereum network, rendering Sony’s alleged transaction-blocking moot. Read more.
Bubblemaps Wants More Crypto Sleuths
Bubblemaps, a blockchain analytics service, announced the launch of a token, BMT, and a new "Intel Desk" that will give holders a voice in driving investigations. The platform recently introduced the V2 of its platform, which helps crypto sleuths suss out who really owns the supply of a given token. The platform sorts closely related blockchain addresses into clusters, and its easy-to-read visuals have become a common sight on crypto Twitter, where they have been used to demonstrate suspicious supply patterns among popular memecoins and DeFi tokens. The just-announced token, BMT, will be airdropped to users of the V2 platform. Holders will be given a role in the platform’s "Intel Desk," where community members can propose investigations and vote on how Bubblemaps allocates in-house investigators and resources.
Babylon Brings ZK Momentum
Babylon Labs, the developer of the largest BTC staking protocol, is building a trust-minimized Bitcoin bridge with the Cosmos network to enhance the world’s oldest blockchain’s interoperability. In partnership with Fiamma, Babylon is using the BitVM2 computing paradigm, designed to allow Ethereum-style smart contracts on Bitcoin, paving the way for zero-knowledge (ZK) technology. ZK computations allow different parties to verify that information is accurate without revealing what the information is. In this sense, it is foundational to bridging digital assets between different blockchains. Developers like Babylon and Fiamma are aiming to unlock the deep wells of value stored in BTC to finance other ecosystems and allow it to be transacted on blockchains free of some of Bitcoin’s limitations of speed and scale. Read more.
Bitfinex:
U.S. prosecutors have asked a federal judge to green-light the return of nearly 80% of the 119,754 bitcoins stolen in the 2016 hack of crypto exchange Bitfinex. In a Tuesday court filing, prosecutors said the 94,643 bitcoins recovered by the government from the original wallet used by the hacker, Ilya Lichtenstein, can be paid to Bitfinex as restitution in-kind once the court gives the go-ahead. The Bitcoin Cash, Bitcoin Satoshi Vision, and Bitcoin Gold generated via several hard forks following the hack will also be sent to Bitfinex. Last November, Lichtenstein was sentenced to 5 years in prison after pleading guilty to conspiracy to commit money laundering in 2023. His wife, Heather Morgan – better known by her rap moniker Razzlekhan – received an 18-month sentence for helping Lichtenstein launder a portion of the hack proceeds. Both agreed to forfeit the stolen cryptocurrency as part of their plea agreements. Read more.
Money Center
Treasuries Multiply
Regulatory and Policy
Calendar
- January 20-24: World Economic Forum, Davos, Switzerland
- January 21-25: WAGMI conference, Miami
- January 24-25: Adopting Bitcoin, Cape Town, South Africa
- January 30-31: PLAN B Forum, San Salvador, El Salvador
- February 1-6: Satoshi Roundtable, Dubai
- February 19-20, 2025: ConsensusHK, Hong Kong
- February 23-24: NFT Paris
- February 23-March 2: ETHDenver
- March 18-19: Digital Asset Summit, London
- May 14-16: Consensus, Toronto
- May 27-29: Bitcoin 2025, Las Vegas
Conclusion
In this week’s edition of The Protocol, we’ve seen a mix of old and new in the world of blockchain and cryptocurrency. Sony’s entry into the space has raised questions about the role of legacy companies in the industry, while Bubblemaps’ new token and Intel Desk offer a glimpse into the future of blockchain analytics. Meanwhile, Babylon’s work on ZK technology and Bitfinex’s return of stolen funds highlight the ongoing evolution of the blockchain ecosystem.
FAQs
Q: What is Soneium, and how does it differ from other blockchain platforms?
A: Soneium is a general-purpose blockchain platform built on Optimism’s OP Stack, designed to bridge the gap between Web2 and Web3 audiences.
Q: What is the purpose of the Intel Desk, and how will it be used by Bubblemaps users?
A: The Intel Desk is a new feature on the Bubblemaps platform, allowing users to propose investigations and vote on how resources are allocated, giving them a more active role in the platform’s development.
Q: How will Babylon’s work on ZK technology improve the interoperability of Bitcoin and other blockchains?
A: ZK technology will enable different parties to verify the accuracy of information without revealing what the information is, allowing for seamless communication between blockchains and unlocking new use cases.
Q: What is the significance of Bitfinex’s return of stolen funds?
A: The return of stolen funds is a significant step in the ongoing efforts to recover losses from the 2016 hack of Bitfinex, and it highlights the importance of cooperation between law enforcement and the cryptocurrency community.
