A Chinese satellite has become the first in the world to carry a blockchain imaging and screening system into orbit.
According to local news outlet Red Star News on July 22, the Tai’an Star Era 16 was successfully launched into orbit from the China Jiuquan Satellite Launch Center. Developed by NationStar Aerospace Technology Co., the satellite features a visual blockchain on-orbit certificate storage system dubbed ‘ADAChain’ (not related to Cardano) developed in-house by NationStar. Researchers wrote:
“The [ADAChain] can realize functions such on-orbit visual blockchain multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation.”
The purpose of the satellite’s voyage is to “obtain rich spectral information on the surface of the target area,” in the fields of “precision agriculture, water resources management, mineral resource investigation, environmental monitoring, and emergency safety.” Blockchain technology will also assist in achieving the goals of “high spatial resolution, high spectral resolution, and high temporal resolution” in such satellite imaging.
Digital Yuan CBDC expands to Hong Kong
The Bank of China’s Hong Kong subsidiary has allowed individuals in the Special Administrative Region (SAR) to utilize the digital yuan central bank digital currency (e-CNY CBDC) for retail shopping.
According to a July 20 report, over 200 merchants, such as shopping centers, pharmacies, convenience stores, and electronic stores have accepted the e-CNY CBDC as a means of payment from shoppers originating in Mainland China. The e-CNY CBDC is currently not available to Hong Kong users.
As a SAR, Hong Kong maintains separate political, economic and social institutions from Mainland China. Advocates have previously called for the Hong Kong government to issue its own Hong Kong Dollar CBDC to compete with the likes of Tether (USDT) and USD Coin (USDC). Similarly, Chinese President Xi Jinping has emphasized the importance of CBDCs as a means of settling international trade in local currencies.
Terraform Labs struggles to get back on its feet
“Every time we would make a little progress, there would be some accusation or something that would derail us,” said Terraform Labs’ interim CEO Chris Amani in a Twitter Space on July 20.
According to Amani, the arrest of the entity’s co-founder and former CEO Do Kwon in Montenegro has essentially shattered all momentum that the ailing network is trying to reestablish. In May 2022, the $40 billion Terra Luna (LUNC) ecosystem collapsed due to the implosion of its algorithmic stablecoin TerraUSD (USTC). Shortly afterward, Kwon created the Terra 2.0 (LUNA) ecosystem. The three tokens have a combined market cap of $1.3 billion at the time of publication.
In its next phase, Amani says that nine projects built on the combined Terra Luna ecosystem are scheduled to launch within the next few months. None of the projects will reportedly issue their own tokens. In addition, Amani warned that the projects face stiff competition from other layer-one projects due to lacking a Luna Foundation Guard or protocol treasury for financial support.
South Korean crypto lender shuts down amid criminal proceedings
South Korean crypto lender Delio says all of its company and customers’ assets have been seized in a raid conducted by prosecutors on July 18.
In the July 22 announcement, Delio announced it would pause all interest payments to users effective immediately after the asset seizures made it impossible for the company to continue normal operations. In June, the crypto lender suspended all withdrawals and deposits on its platform, citing exposure to counterparty and fellow South Korean crypto lender Haru Invest, which in turn suspended all transfers due to an issue with a “consignment operator,” B&S Holdings.
Haru Invest is currently undergoing bankruptcy proceedings. Meanwhile, Delio is one of the largest crypto lenders in South Korea, with around $1.5 billion in customer Bitcoin (BTC), Ether (ETH), and altcoin deposits. Since June 30, the firm has been under investigation by the country’s Financial Services Commission on allegations of fraud, embezzlement and breach of trust.
The firm previously stated that it would enable the withdrawal of users’ assets without stating a specific timeframe. However, similar to the Multichain saga, it is unlikely the company can do so when customers’ assets have been seized as part of criminal proceedings.
In a July 23 blog post, Haru Invest CEO Hugo Lee wrote that B&S Holdings’ assets have also been seized by authorities and that the company is currently trying to recover the funds. All of the firm’s operations have been suspended, and the company is scheduled to liquidate its remaining assets in phases. Haru Invest currently has more than 80,000 users.
Indonesia’s national crypto exchange goes live
A national cryptocurrency exchange operated by the government of Indonesia will be the only legal venue for trading crypto assets in the Southeast Asian country.
In a July 20 statement from the country’s Commodity Futures Trading Supervisory Agency, also known as Bappebti, the exchange is currently open for spot trading, with future plans to expand its offering to cryptocurrency futures and derivatives. All cryptocurrency exchange registered within the country could join the national exchange, which serves as a clearing house to ensure transactions abide by relevant regulations.
Despite official support, Islamic organizations in Indonesia have previously deemed the use of cryptocurrency to be haram, or forbidden, for Muslim users. That said, there is no consensus from Islamic scholars regarding the matter.
On the 40th anniversary of the introduction of chicken McNuggets, McDonald’s Hong Kong is partnering with Sandbox to launch a namesake metaverse to celebrate the occasion.
Dubbed “McNuggets Land,” the metaverse will allow users to interact with McNuggets-themed gaming characters and avatars. Randy Lai, CEO of McDonald’s Hong Kong, commented:
“Rooted in Hong Kong for 48 years, McDonald’s has always strived to deliver innovative experiences and Happy Moments. To celebrate the 40th anniversary of Chicken McNuggets, we are excited to collaborate with The Sandbox to provide fun-filled Web3 Metaverse game experience.”
A reward pool of 100,000 SAND tokens and 10,000 vouchers for McNugget perks will be distributed to participants. Since its entry into then British Hong Kong in 1975, the franchise currently operates 250 restaurants around the city, serving more than 1 million customers per day.
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Zhiyuan Sun
Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.
Grenfell campaigners have reacted to the “deeply sensitive decision” by the deputy prime minister to demolish the tower block.
Victims’ families and survivors were given the news in a meeting attended by Angela Rayner on Wednesday night.
Grenfell Next of Kin, which represents some of the bereaved families, described it as a “deeply sensitive decision… after a thorough engagement process in person” following an “uncomfortable conversation with uncomfortable truths”.
In a statement on X the group said: “The lack of closure, the continuous discussions and consultations, the retraumatisation of a divisive and painful debate brings nothing to the table except pain and further division.
“We want a discussion about what will go in the Tower’s place so it can be seen and remembered forever. We need to re-imagine a future and rebuild our broken shattered lives and our families.”
The government has previously said there will be no changes to the site before the eighth anniversary of the fire disaster, which claimed 72 lives on 14 June 2017.
It is expected more details will be set out by ministers by the end of the week.
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Engineering experts have said that while the tower remains stable, and it is safe for people to live, work and study nearby, its condition will worsen over time and there is no realistic prospect of bringing it back into use.
The latest advice issued to the government in September was that the building, or the part of it that was significantly damaged, should be taken down.
Meanwhile, another campaign group, Grenfell United, claimed Ms Rayner had not given a reason behind her decision during the meeting and refused to say how many of the victims’ families and survivors had been consulted.
In a statement, it said: “But judging from the room alone – the vast majority of whom were bereaved – no one supported her decision. But she claims her decision is based on our views.
“Ignoring the voices of bereaved on the future of our loved ones’ gravesite is disgraceful and unforgivable.”
Grenfell Next of Kin expressed a different opinion, suggesting the decision by Ms Rayner “must have been difficult” and adding that “all the previous Secretaries of State [for Housing, Communities and Local Government] avoided making a decision despite the harm it did to us and the community.”
Local Labour MP Joe Powell also defended Ms Rayner posting on X that following “intensive engagement with our community… the decision to start planning for the Tower to come down has not been taken lightly”.
What is left of the tower has stood in place since the tragedy, with a covering on the building featuring a large green heart accompanied by the words “forever in our hearts”.
Views have varied on what should happen to the site.
Some of the bereaved and survivors feel the tower should remain in place until there are criminal prosecutions over the failings which led to the disaster.
The final report of the Grenfell Tower Inquiry, published in September, concluded the fire was the result of “decades of failure” by government and the construction industry to act on the dangers of flammable materials on high-rise buildings.
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2:43
Key takeaways from the Grenfell Inquiry
The west London tower block was covered in combustible products because of the “systematic dishonesty” of firms who made and sold the cladding and insulation, inquiry chairman Sir Martin Moore-Bick said.
He said the “simple truth” is that all the deaths were avoidable and that those who lived in the tower were “badly failed” by authorities “in most cases through incompetence but, in some cases, through dishonesty and greed”.
It would mean a near 10-year wait for justice if anyone is ultimately charged – a period of time described by families as “unbearable”.
The disaster was Britain’s deadliest residential fire since the Second World War and began a national reckoning over the safety and conditions of social housing and tower blocks.
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0:45
September 2024: Grenfell community ‘brave and hopeful’
Separately, the Grenfell Tower Memorial Commission has been consulting on plans for a permanent memorial in the area of the tower.
A shortlist of five potential design teams was announced last month, with a winner expected to be selected this summer to enable a planning application to be submitted in late 2026.
A government spokesperson said: “The priority for the deputy prime minister is to meet with and write to the bereaved, survivors and the immediate community to let them know her decision on the future of the Grenfell Tower.
“This is a deeply personal matter for all those affected, and the deputy prime minister is committed to keeping their voice at the heart of this.”
The Conservative Party is pledging to tighten immigration rules after Reform topped a landmark poll for the first time earlier this week.
In her first major policy announcement as Tory Party leader,Kemi Badenochis pledging to double the amount of time an immigrant needs to have been in the UK before claiming indefinite leave to remain from five to 10 years.
In order to claim indefinite leave to remain after 10 years, the individual must also meet new, tightened conditions.
These include not having claimed benefits or used social housing during the entire qualification period, not having a criminal record and being able to demonstrate that their household would be a “net contributor”.
Ms Badenoch accused Labour of being “not serious about tackling immigration” and said there needs to be a “new approach”.
“Our country is not a dormitory, it’s our home,” she said.
“The right to citizenship and permanent residency should only go to those who have demonstrated a real commitment to the UK. That’s why we should double the length of time before people can qualify for indefinite leave to remain from five to 10 years.
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“The Conservative Party is under new leadership. We’re going to tell the hard truths about immigration.
“The pace of immigration has been too quick and the numbers coming too high for meaningful integration. We need to slow down the track for citizenship. A UK passport should be a privilege not an automatic right.
“Far from reducing the number of people coming into Britain, the Labour government are presiding over an incoming disaster.
“The Border Security Bill will actually make it easier for illegal immigrants to stay in the UK, let alone legal migrants. No one can trust Labour on immigration.”
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3:11
Reform UK tops landmark poll
The poll, taken on 2 February and 3 February, showed Nigel Farage’s party has edged in front on 25%, with Labour pushed into second on 24% and the Tories on 21%.
It also put the Lib Dems on 14% and Greens on 9%.
All the polling moves that push Reform UK to the top for the first time this week are within the margin of error and the overall picture remains unchanged – with Britain in a new period of three party politics in the polls.
According to the poll, one in five Tory voters at the last election would now vote for Reform.
The Sky News/YouGov poll also found Kemi Badenoch has slipped behind Nigel Farage when voters are asked whether they have a favourable or unfavourable opinion of the leaders.
Last month, Badenoch had a net favourability rating of -25, but that has now dropped to -29 this month.
This puts her below Farage, who had a net favourability rating of -32 last month, which has now risen to -27 this month.
Labour’s border security minister Dame Angela Eagle said: “While [the Conservatives] scramble around for relevance, this Labour government is getting on with clearing up the mess they left behind – raising deportations, returns and removals to the highest rate in six years, increasing the number of illegal working raids and cutting the costs of the asylum system.”