Tgrade February news
February has been a lively month in the US with many announcements and commentary on the regulatory front.
There is an imperative to “do something” in light of what is emerging around how FTX was managed, especially around the theme of custody of client assets. The case around qualified custodians was explored and how this is only really an issue for centralised exchanges. The need for custodians outside of centralised exchanges is at times not so well understood and this is evolving with new solutions around self-custody and the increasing interest in smart contract wallets.
The recent decision of Kraken to stop providing staking services prompted by scrutiny by SEC and this was explored in a blog post on how it is viewed through MiCA in EU and the ambiguity in US with the application of the Howey’s test. The future is bright for Tgrade as a foundation for businesses as there is no regulatory uncertainty in the way that it has been designed. Tgrade satisfies the EU criteria of a utility token: A type of crypto-asset which is intended to provide digital access to a good or service, available on DLT, and is only accepted by the issuer of that token and the lack of delegations ensures validators remain principals and not agents.
The Oversight Community submitted and voted on 11 proposals for Engagement Points, and jailed (the blockchain term for suspending) 4 validators for being offline. There have been 145 proposals submitted for engagement points since launch and a further round of evaluations will be done in the following days. Engagement Point applications are assessed at the beginning of the month, looking at all the applications made in the previous month.
There were fixes to the smart contracts which processed the half-life of Engagement points, the bug surfaced following the first half-life event in January. The half-life process reduces the Engagement Point holdings by 50%, this was done to ensure that the community continues to be motivated to earn Engagement Points by contributing to Tgrade, and that rewards earned tail off in a slow process.
The social media trends of Tgrade show strongest growth in LinkedIn with Twitter, and Telegram being more or less the same. LinkedIn is traditionally seen as the platform for business and it is welcome to see Tgrade as a platform for business growing on the business platform.
