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The Vancouver City Council has taken a bold step toward embracing Bitcoin, approving a motion to explore its integration into the city’s financial framework. Mayor Ken Sim introduced the initiative, which envisions Vancouver becoming a “Bitcoin-friendly city” by potentially creating a Bitcoin reserve and enabling cryptocurrency payments for municipal services. Bitcoin-Friendly City The motion, presented at a Dec. 11 council meeting , passed with six votes in favor, two against, and three absences. Mayor Sim argued that adopting Bitcoin could serve as a hedge against inflation and currency devaluation, safeguarding Vancouver’s financial future. “We have affordability challenges, and I truly believe that Bitcoin could address these issues,” he remarked during the session. Sim underscored his point by highlighting a stark financial trend: while Vancouver housing market saw a staggering 381% increase in value from 1995 to 2022, gold prices remained relatively stagnant. Additionally, the city’s $3.1 billion fixed-income securities portfolio has suffered a $185 million market value loss. “There’s something fundamentally wrong here,” Sim stated, emphasizing the need for innovative financial strategies. To demonstrate his confidence in Bitcoin’s potential, Sim pledged a personal donation of $10,000 worth of Bitcoin to the city, regardless of the motion’s outcome. Diverging Opinions: Support vs. Skepticism While the motion passed, it sparked intense debate. Councilor Pete Fry expressed concerns about cryptocurrency’s association with illicit activities and a lack of legal clarity surrounding its use in municipal operations. “In the absence of clear regulations, this could set a dangerous precedent,” Fry warned. Councilor Adriane Carr voiced apprehension over Bitcoin mining’s environmental toll , citing its high electricity consumption as a critical issue. “The environmental impact cannot be ignored,” she argued, opposing the motion. Despite these reservations, the council agreed to commission a detailed report on the feasibility, risks, and benefits of Bitcoin adoption. The findings are expected by the end of the first quarter of 2025. Mayor Sim framed the initiative as a forward-looking measure to ensure Vancouver’s resilience in a rapidly changing economic landscape. The post Vancouver Explores Bitcoin Integration Amid Debate Over Risks and Benefits appeared first on TheCoinrise.com .
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Crypto Expert Analyzes Dogecoin and Cardano Price Movements
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Cronos EVM introduces Pallene upgrade with up to 600x faster transaction speed
Cronos, a leading blockchain ecosystem and the first blockchain that interoperates between Ethereum and Cosmos, has announced the Cronos EVM v1.4.0 Pallene upgrade, which enables parallel transaction processing to increase transaction speed by up to 600 times, as shared with Finbold on Thursday, December 12. ⚡Upgrade complete: Pallene is here! Cronos EVM is now running 600x faster with up to 60,000 TPS — setting the stage for a new era of scalability. Learn more about Pallene upgrade: https://t.co/kL2HDlMkuU https://t.co/0M67bU39Uq — Cronos (@cronos_chain) December 12, 2024 The new feature implements Block-STM technology to enhance the blockchain’s scalability by allowing parallel transactions within a single block. This allows the network to handle up to 60,000 transactions per second (TPS), preparing Cronos EVM for next-gen blockchain applications. Additionally, the Pallene upgrade introduces two additional improvements: the optimistic execution through Cosmos SDK 0.50, which will optimize processing and boost network responsiveness, and an update to the Inter-Blockchain Communication (IBC) protocol, which will facilitate further cross-chain connectivity. Cronos EVM to aid the development of Web3 and AI agents Cronos Managing Director Ken Timsit praised the scalability of the new upgrade and announced the next step toward artificial intelligence applications: “The Pallene upgrade is a defining milestone for Cronos EVM, as it positions the network to meet the scalability demands of next-generation blockchain applications. The blockchain’s virtual machine can now execute up to 60,000 transactions per second in parallel.” Timsit added: “The next step is to remove any remaining bottlenecks at the networking layer, making Cronos EVM future-proof to support the rapid evolution of AI agents and other emerging use cases.” The Cronos EVM v1.4.0 Pallene upgrade should help the blockchain ecosystem prepare for future use cases, such as decentralized finance ( DeFi ), Web3 gaming, and AI-powered agentic experiences. Furthermore, the new upgrade brings Cronos one step closer to automating complex user tasks, from dapp interactions to portfolio management, with a particular emphasis on artificial intelligence due to its likely transformative role in Web3 adoption. The post Cronos EVM introduces Pallene upgrade with up to 600x faster transaction speed appeared first on Finbold . The Coin Rise
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