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Showing posts from December, 2021

State government to allow businesses to pay state fees with cryptocurrencies like Bitcoin

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  Florida Governor Ron DeSantis has officially proposed the state government to allow businesses to pay state fees with cryptocurrencies like Bitcoin (BTC). The Republican governor announced the idea as part of his 2022–2023 budget proposal, released on Dec. 9. According to the official budget highlights, DeSantis proposed to provide $200,000 to the Department of Financial Services to offer Florida corporations the ability to “pay state fees via cryptocurrency directly to the Department of State.” “Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth,” the document reads. DeSantis additionally proposed allocating another $500,000 to explore the potential of blockchain technology to maintain motor vehicle records as well as authenticate Medicaid transactions and detect potential fraud. The overall $700,000 proposal is dedicated to enabling a crypto-friendly Florida, the budget proposal reads. Florida has b...
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1.15 million ETH has been burned since the London hard fork upgrade.

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According to IntoTheBlock data, 1.15 million ETH has been burned since the London hard fork upgrade. Nearly four months after the London upgrade, 1.15 million ETH in base fees, worth over $4.7 billion at ETH's current price, has been "burned" and permanently removed from the circulating supply. The London upgrade, which includes Ethereum Improvement Proposal (EIP) 1559, which aims to change the means of estimating transaction fees, or "gas fees," went live on Aug. 5, 2021. Two kinds of fees make up the Ethereum transaction fee, which is the base fee and the priority fee. The base fee is a set amount that a user must pay in order for their transaction to be included in a block, whereas the priority fee, or tip, is optional and can be included to encourage miners to prioritize the transaction. Depending on the level of demand in the preceding block, the fee market upgrade in EIP 1559 implemented a 12.5% base fee increase or decrease per block. According to on-chai...
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