Tezos cuts smart contract fees by 75%

Tezos recently completed its latest upgrade to “help individuals developing smart contracts on Tezos.” The upgrade dubbed as “Delphi” was reportedly aimed at reducing the smart contract gas fees by 75%.

The update was made in collaboration with Nomadic Labs, Gabriel Algour, and Metastatic. According to reports, this update is intended to attract decentralized finance (DeFi) developers to build on its blockchain. The announcement explained in part:

“Gas constraints limit the size and complexity of smart contracts, and so people attempting to build contracts with rich functionality have needed improvements to those constraints for some time. The upgrade is crucial to enable novel applications on Tezos that target areas like DeFi, collectibles, and gaming.”

The Delphi upgrade includes optimizations to gas computation. This includes implementing new cost models for type checking and IOs. It will entail a reduction in the base cost of manager operations from 10,000 to 1,000 gas units.  The upgrade has also reduced Tezos storage costs by a factor of four, from 1 XTZ to 0.25 XTZ per kilobyte.

Notably, Nomadic Labs is expected to propose more upgrades on Delphi’s new features in the next few weeks.

Canada authority seeks orders to have Coinsquare hand over their data

coinsquare

In Canada, tax authorities recently asked a federal judge to order Coinsquare to release data on their clients starting from 2013.

According to reports, the Canada Revenue Agency (CRA) wants Coinsquare to hand over their information to know the identity of every client as part of their efforts to fight tax fraud and the underground economy.

Initially, CRA made the application in September. The authority claims that the information is crucial in ensuring customers of the exchange comply with Canadian tax laws. Charles Drouin, a spokesperson for the Canada Revenue Agency, explained that:

“Given the pseudo-anonymous nature of cryptocurrencies, the scope of non-compliance with Canadian tax obligations is difficult to measure.”

Stacey Hoisak, Coinsquare’s CEO, told reporters that her exchange is still deciding how to react to the demands by the CRA.

Chainalysis to help government store stolen Bitcoin

Chainalysis helps government to store seized bitcoinsstole

Chainalaysis, a blockchain data, and analysis company plan to launch a program that will help governments better store Bitcoin seized during investigations.

Reportedly, the new program will help “government agencies and insolvency practitioners handle, store, realize, and monitor seized assets.”

Since earlier this year, authorities have been asking for help from the private sector to manage and dispose of forfeited cryptocurrencies. More than a week ago, the US Department of Justice (DOJ) seized over $ 1 billion in Bitcoin that Chainalaysis software traced back to the Silk Road.

While commenting on the matter, Jason Bonds, the chief revenue officer at Chainalysis, said:

“Chainalysis is dedicated to building trust in digital assets, and that means helping to detect and investigate the illicit activity. As our government partners become more successful in rooting out bad actors, assisting them with asset recovery and realization is a natural next step.”

Swiss Bank now storing crypto

Sygnum bank

Sygnum, a Switzerland-based bank, announced earlier this week that it is now storing digital assets. As per the announcement, Sygnum has partnered with the Taurus Group to use Taurus’s node system and crypto storage framework.

In addition to the partnership, the bank also announced it would be allowing customers to purchase and stake coins stemming from the Tezos network. Sygnum stated in their announcement:

“For the first time, Tezos can be deposited and staked with a regulated bank, enabling clients to participate in the Tezos network and earn staking rewards of up to 5 percent annually.”

Cuba seeks to increase crypto activities

Cuba is now into state-level crypto adoption.

The absence of regulations has made Cuba a hot spot for crypto-related activities. Qbita and Bitremesas, local cryptocurrency, explained that they had seen a significant increase in users in the last few months.

Currently, the regulatory status of cryptocurrencies in Cuba is still not defined. This has forced many people seeking regulation refuge to consider moving to the market. Erich Garcia, the founder of Bitremesas, explained that his platform has been seeing steady growth of about 200% every month. Garcia explained:

“[Right] now, the cryptocurrency in Cuba is not regulated; the government doesn’t consider these coins as real money so far. Then, many entrepreneurs are migrating their commerce to this global and more powerful currency.”

According to Mario Mazzola, Qbita exchange trading volumes for October were equal to the combined volumes of July, August, and September.