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Cryptocurrency is not far from mainstream given efforts from China and Facebook

Aman Swami



Cryptocurrency is not far from mainstream given efforts from China and Facebook
Source: Pixabay

We have talked about cryptocurrencies failing to reach out to people and living up to its true potential as it lacks the crowd for it to become mainstream. Many people across the world have been skeptic about the new technology.

China, for a better part of the 21st century, is known in the world for being the highest populated country with over a billion people and have been beaten by a virtual world population of Facebook which is the most populated platform in the modern times.

These two could influence the cryptocurrency market a lot. They can help bring the cryptocurrency world to mainstream given the vast population they can influence.

Winter is coming for cryptocurrencies in general. Facebook is all about being social and according to reports, they are planning to launch their own cryptocurrency in a bid to improve lives even in the remotest parts of the world. If every one of their 1 billion users decides to utilize the coin once it goes live, we expect an immediate lift off and of course a shift of capital to the Facebook coin.

While we dip into a freeze, China, known for their shifting stands on cryptocurrencies and especially Bitcoin, are now the official rating ‘company’. Yes, we have Weiss Ratings but China snatching this role through their department, the China Electronic Information Industry Development [CCID]. Consequently, they shall publish a report in the next couple of days.

The CCID hosted a conference to promote blockchain technology and discuss its prospects. The conference had experts from various universities and leading industry experts to specifically discuss the global blockchain technology innovation trend and focus direction.

Beijing. Prof. Chen Zhong of Peking University said that:

“The current blockchain technology is still in development and changes. There are many challenging issues that need to be broken, and the actual landing of the application scenarios needs to be explored pragmatically. The market, legal, and regulatory measures for blockchain applications need to be promoted simultaneously.”

He believes that this evaluation work has guiding significance for the development of blockchain technology applications.

Prof. He Xiaosha of Beijing University of Technology said that:

“Blockchain technology development should focus on privacy and security protection issues, as well as technological breakthroughs in data storage, and should also be combined with specific application needs.”

Professor Sun Yi of the Chinese Academy of Sciences pointed out that it is necessary to actively build a good eco-environment for the development of blockchain in order to pay attention to interoperability and achieve interoperability among blockchains.

Blockchain expert, Chen Guangyu, believes that the revolutionary significance of blockchain technology, existing crises, patent protection, and technological breakthroughs should be emphasized. Tai Yun Shi Jide expressed the important role of consensus standards in the entire blockchain technology and the ultimate significance of the blockchain.

The meeting introduced the latest developments in the global public-chain technology assessment. The global public-owned chain technology evaluation work was organized and implemented by the CCID (Qingdao) Blockchain Research Institute, jointly with the Saidi Think Tank, China Software Testing Center and other departments.

The purpose of the assessment is to objectively evaluate the development level of the global public: The trend of blockchain technology innovation will provide government, enterprises, scientific research institutions, and technology developers with more professional technical consulting services.

The conference study identified the criteria for the identification of public chain evaluation objects.

  • It has its own independent main chain
  • The public chain node can be freely created
  • It has an open block browser, block information can be consulted
  • Code open source
  • It has to have a project homepage, the project team can contact on.

According to the criteria for the assessment of public chain assessment objects, the first batch of assessment objects were identified to be Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, Starcoin, New Currency, Verge, NEO, IOTA, Monroe Currency, Dash, Ethereum Classic, Quantum Chain, Nano, Application Chain, Big Zero Coin, Stratis, Cloud Storage, Stimco, Bit Stock, Coin, Decred, Super Cash hcash, Komodo, ARK.

The first phase of the global public-owned chain technology evaluation index will be released in the near future. Evaluation index will officially be released only on the designated official website of the China Electronic Information Industry Development Institute.

These developments in the virtual and the real areas with such massive influence over a very high population can change the way we view blockchain and cryptocurrencies.

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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.


2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.


3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.


4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.


5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.


6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.


7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.


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