Web3🌑Friday Buzz: Sony's New Chain, Tron’s Bitcoin Shift, Trump’s Crypto Tease & Worldcoin Controversy!

Welcome to today’s Web3 headlines, where innovation and controversy collide! From Sony's upcoming Ethereum Layer-2 chain to Tron DAO's major Bitcoin move, and Donald Trump’s bold new crypto venture, there's plenty to unpack. Meanwhile, Worldcoin faces scrutiny in Colombia over its data practices. Let’s dive into the latest developments shaping the future of blockchain and cryptocurrency. Stay tuned for all the insights and updates you need to stay ahead in the ever-evolving Web3 space!

1. Sony’s Ethereum Layer-2 Chain finally launching soon

Sony is set to launch Soneium, its Ethereum Layer-2 blockchain, developed in partnership with Web3 infrastructure provider Startale. The network will initially operate on a testnet, integrating zkEVM technology for enhanced scalability and privacy. Soneium aims to deliver user-friendly Web3 solutions across entertainment, gaming, and finance, positioning itself as a key player in Ethereum scaling efforts. Sony plans to leverage its existing distribution channels to make Web3 more accessible to everyday users. Technical documentation and tools for developers will be released soon, offering a comprehensive environment for high-volume blockchain applications.

Sony’s Long-Awaited Ethereum Layer-2 Chain to Launch in Coming Weeks - Decrypt

Sony is expected to release technical documentation and tools for developers, providing firsthand experience, in the coming weeks.

DecryptSebastian Sinclair

2. Tron DAO drops Bitcoin backing, Justin Sun cites 300% collateralization

Tron DAO Reserve moved 12,000 BTC, worth approximately $730 million, citing the over-collateralization of its USDD stablecoin as the reason. The Reserve, which stabilizes the Tron network and broader crypto market, previously held a 300% collateralization rate. The Bitcoin was transferred to the HTX exchange, sparking curiosity in the market. Tron founder Justin Sun explained that the high collateral rate led to the withdrawal, aiming to optimize capital utilization. This move comes as USDD recently lost market share to PayPal’s stablecoin, PYUSD. Tron DAO plans future spending to address capital efficiency.

3. Donald Trump hints at 'The DeFiant Ones' crypto project on Truth Social

Donald Trump is championing a new decentralized finance (DeFi) platform, "The DeFiant Ones," positioning himself as a pro-crypto candidate ahead of the 2024 election. Promoted via his Truth Social account, the project is supported by Trump’s sons, Donald Jr. and Eric, who have been vocal about its potential. The platform, which has over 40,000 Telegram subscribers, aims to offer a counter to traditional financial institutions. Details on the platform’s launch are scarce, but Trump’s involvement underscores his commitment to crypto, alongside his previous NFT ventures and promises to support Bitcoin reserves if elected.

Donald Trump Teases ‘The DeFiant Ones’ Crypto Project on Truth Social

“It’s time we take a stand – together,” Trump wrote on his Truth Social account with a Telegram group link to the unreleased decentralized finance platform.

CoinDeskShaurya Malwa

4. Worldcoin faces scrutiny in Colombia over data protection concerns

Colombia's Superintendence of Industry and Commerce (SIC) has launched an investigation into Worldcoin Foundation and Tools for Humanity for potential breaches of personal data protection laws. The probe, initiated on August 16, examines whether these organizations failed to obtain explicit consent for data collection and did not implement adequate data security measures. The SIC could impose severe penalties, including substantial fines or operational suspensions, if violations are confirmed. This scrutiny underscores the growing global focus on data privacy, with Worldcoin facing similar regulatory challenges in other countries. The investigation highlights the need for robust data protection practices in tech ventures.

Worldcoin under fire in Colombia over potential data protection lapses

Colombia’s Superintendence of Industry and Commerce (SIC) has initiated formal proceedings against Worldcoin Foundation and Tools for Humanity over alleged violations of the country’s personal data protection regulations. According to the Aug. 21 announcement, the regulatory body, acting under its mandate to safeguard personal data, issued the charges on Aug. 16. Regulatory probe The SIC’s […]

CryptoSlateAssad Jafri

That wraps up today’s Web3 roundup! Stay tuned for more updates and in-depth analysis on these developments. We’re here to keep you informed and ahead of the curve in the dynamic world of Web3. Until next time, keep exploring and stay connected!

WEB3 AI ML