Top stories in the Crypto Roundup: Calibra head David Marcus testifies before U.S. Congress on Facebook’s Libra stablecoin project, Waves Platform sells blockchain project as chief executive pledges strategic refocus and Weather app behind 94 percent of daily transactions on the Bitcoin SV blockchain.

Bitcoin (BTC) is trading at the time of writing at $9,577.71 (-10.86%) with a daily volume of $7.49 bn. Ether (ETH) is trading at $203.05 (-10.06%) with a daily volume of $2.61 bn. The MVIS CryptoCompare Digital Assets 10 Index is tracking at 3,409.07 (-0.43%).

Calibra Head David Marcus Questioned in Facebook’s Libra Senate Hearing

Testifying in a two-hour-long U.S. Senate Committee on Banking, Housing, and Urban Affairs (aka "Senate Banking Committee") hearing on Tuesday was Davis Marcus—the head of Facebook subsidiary Calibra and a co-creator of Libra—who answered numerous questions from senators about the not-yet-launched stablecoin project.

Asked whether anyone should trust Facebook with their money, Marcus—who admitted the social media giant has “made mistakes” in the past—explained that “Facebook is just one of 28 members of Libra Association,” the Switzerland-domiciled entity steering the development of Libra.

Waves Platform Sells Universal Blockchain Solution in Strategic Refocus

The Waves Platform—a leading blockchain protocol out of Russia—sold its Vostok project, according to Moscow-based news site, Gazeta.ru, after Waves chief executive Alexander Ivanov “fully sold his stake in Vostok in order to focus on the development of his main project” in the Waves Platform.

Vostok—described on Waves’ website as a “universal blockchain solution for scalable digital infrastructure, requested by and designed for large enterprises and public institutions”—is now solely owned by GHP Financial Group, a financial group focused on wealth management, direct investment, M&A, and financial advisory services.

“The development paths of Vostok and Waves are becoming increasingly divergent. For me, the priority was and remains the international development of the Waves Platform to create the next generation of the Internet with smart, decentralised services running on the blockchain.”

Weather App Behind 94% of Daily Bitcoin SV Transactions

Whilst conducting on-chain research on various Bitcoin forks, Coin Metrics’ team found that over 94 percent of daily transactions on the Bitcoin SV (BSV) blockchain were being generated by WeatherSV, a weather app which records and retrieves climate data on the BSV ledger.

The blockchain research firm explained that they found BSV transactions were increasingly including OP_RETURNS, “a Bitcoin script opcode that is commonly used to write arbitrary data onto the blockchain.”

Having discovered that over 96 percent of BSV transactions included an OP_RETURN, Coin Metrics decided to see which applications were responsible for BSV’s OP_RETURN-inclusive transactions. What the research firm found was that since May, “a majority of BSV OP_RETURN transactions have been sent by WeatherSV.”

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