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Ethereum [ETH] can act as an equipment for the next big economic crisis, says economist

Priyamvada Singh

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Ethereum [ETH] can act as an equipment for the next big economic crisis, says economist
Source: Pixabay

Glen Weyl, Principal Researcher, Political Economy and Social Technology at Microsoft Research New York City recently took to Twitter in appreciation of the blockchain industry and culture. In his tweet, he mentioned Ethereum and its Co-founder, Vitalik Buterin, specifying that the blockchain movement could be the radical change that can be a major tool in battling the next recession. In his first tweet, Weyl wrote:

“It seems to me (but if someone has a counterexample please highlight) that the most serious organized and broad-based movement for a positive, forward-looking, liberal vision of the future (w possible and overlapping exception of #RadicalxChange) is the blockchain movement”

Furthermore, the researcher answered the questions of “What is blockchain good for?” in one of the tweets and stated that the question is not necessarily technical. According to him, one of the significant use cases of Ethereum is the promotion of a vision for the future that can act as equipment for the next big economic crisis. Here, he said:



“It seems to me that in the same way, the “use case” of @ethereum is less any particular technical question and more offering a vision of the future that can save us from returning to the 1930’s next time we hit a recession. I wonder what @VitalikButerin thinks of that.”

Subsequently, he clarified that he is extremely critical of the current Ethereum technology as it formalizes property but not people, which results in the ecosystem being fundamentally anti-democratic and plutocratic. Weyl went as far as to say that the technology is not transformative per se. The factor that attracts him to blockchain is its ideals and the organization.

He further demonstrated the view that the blockchain movement is bringing people from every race, continent and creed to act in unity and work towards the idea of decentralizing power. In his last tweet, the economist included:

“There is also the practice of decentralization in thought…there is no community I have visited where so many feel so empowered to challenge the views of the legitimacy of those who are more famous and prominent than them. Feels bit like French Revolution”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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