This week saw several significant events in the cryptocurrency world, including the launch of new technologies, investments, and unexpected network outages.
Launch of Cloak for Institutional Privacy
The Scroll network unveiled Cloak, a privacy system aimed at providing institutions with enhanced control over blockchain transactions. Powered by zero-knowledge proofs, Cloak hides sensitive transaction details from the public while allowing for regulatory audits. The announcement coincided with a nearly 10% drop in SCR token prices.
Grayscale Invests in Story Protocol
Institutional investment giant Grayscale has added the Story Protocol IP token to its single-asset trust lineup, valued at over $33 million. The move spurred a rise in IP token prices, although broader market conditions led to a pullback. "Story lays the foundational infrastructure for the global intellectual property economy, which has been reported to be worth as much as $80T," the company stated.
Brief Disruption in Polygon Network
Polygon’s network experienced a one-hour halt in block production following its Heimdall upgrade due to a validator exiting the mainnet, exposing a consensus bug. While the core Bor layer continued transaction processing, front-end and RPC services faced temporary downtime. Operations have since been restored, and the POL token has rebounded after an initial dip.
This week, the cryptocurrency industry highlighted the need for advancements in privacy technologies and the significance of institutional investments, despite the network disruptions encountered.
