Today’s weekly review features El Salvador’s plans for the first Bitcoin City, an important step towards quantum advantage with quantum processor “Eagle” by IBM and the announcement of Shimmer Network by the IOTA foundation.
Bitcoin City
El Salvador is known for being a pioneer in the adoption of Bitcoin as a payment method. Now the government announces that a Bitcoin city will be created. This will be powered by volcanic energy, will be tax-free except for VAT, and will be financed by Bitcoin bonds.
The tax advantages are certainly intended not least to attract entrepreneurs. After Silicon Valley comes the Volcano City?
IBM shows Quantum Processor “Eagle”
Other news dealt with IBM, which has probably achieved an important step towards quantum advantage.
According to Dario Gil, Senior Vice President and Director of IBM Research, the quantum chip “Eagle” breaks the elusive 100-qubit barrier and is “an important step toward the day when quantum computers can outperform classical computers on a significant scale”.
Alphabet will closely follow this news.
IOTA Foundation introduces Shimmer network and staking
A drumbeat in the crypto scene was the announcement of Shimmer Network by the IOTA Foundation. It marks an important step not only to the end of the central coordinator of the IOTA network.
Shimmer will act as staging network, with its own Shimmer token (SMR) and independent ecosystem. The ecosystem will enable staking, DeFi applications, NFTs and more.
How will you spend all your shimmer?
In Other News
- Metaverse: In combination with their metaverse plans, Facebook has announced they are developing a haptic glove
- Crypto: The crypto market was shaken up last week and the leading currency Bitcoin lost double digits at times. The only winners were coins associated with the metaverse, such as Decentraland.
- Chip Crisis: According to opinions from industry circles, the tense supply situation in the electronics sector is mainly due to insufficient production at Texas Instruments. Later in the week, it was announced that Texas Instruments plans to invest $30 billion in Texas for new chip factories.
Thank you for reading and have a wonderful sunday.
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