There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.
There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened at the start of the new year. First, we will talk about the consequences of the US losing the blockchain war. Additionally, we will mention that the Binance charity launched a relief effort to help with the Australian bush fires. Last but not least, we will talk about the possibility of improving security issues for both blokchain and crypto in 2020. As always, more information about crypto can always be found on this website.
What if the US loses the blockchain war?
While Mark Zuckerberg was fighting with the United States Congress over Facebook’s Libra, China took another step forward in the global technology race. China is trying to become a leader in blockchain technology. Their president, Xi Jingping claims that they should take advantage of this opportunity. While the US have their hands full, China could win the blockchain war. They are planning to do that through artificial intelligence technology.
This can be a massive win for China who are already the top trading nation in the world. However, what would China really get if they win this race? According to Eswar Prasad, digitizing the renminbi is a way to get out from under the U.S.’s thumb. This economics professor at Cornell University believes that it isn’t China’s goal to overthrow the US dollar. Instead, they want to give their allies an alternative to the dollar. The idea is to create a system that can’t be disrupted by the U.S.
Of course, China is still far from public, trust-less systems. The country has only welcomed private and much more restrictive blockchains while still being at odds with cryptocurrencies. However, this could make the Chinese renminbi the preferred currency for trading ー cross-border, online and eventually, offline. Nevertheless, all of this is easier said than done. The communist regime in China sticks to centralized methods of ruling. Because of that, a decentralized revolution remains a philosophical question, for now.
Relief effort for Australian bush-fires launched by the Binance Charity
To address the after-effects of the bush-fires in Australia, the Binance Charity Foundation (BCF) is donating $1 million worth of BNB tokens to the Australia Bush-fire Donations project. According to a 7th of January blog post, Binance started a new charity project. They named it the Australia Bushfire Donations. Their idea is to donate their native BNB coins with a value of $1 million. The funds raised within the project will be used to help relieve the devastating impact of fires across the continent.
Additionally, Binance opt for transparency in this donation project. That’s why it’s a blockchain-based initiative. That way, all donations will be open to the public for verification. Binance CEO Changpeng Zhao commented on the situation. He urged the crypto community to support Australia. That’s why he claimed the following:
“It is painful to see the bush-fires burning across Australia as well as the devastating effects on the ecology and local community. We want to help this urgent crisis. Donating for Australia Bush-fires charity program is the most direct and effective approach to make an impact, and we are also calling for the whole crypto community to join us in supporting Australia.”
So far, Binance have their goal but they plan on going further. 19 donations in BNB have been made. The value of those donations is a little bit below $1 million. The initiative has subsequently been picked up by other community members, including Ainslie Bullion, one of Australia’s leading bullion and cryptocurrency dealers, senior market analyst at trading platform eToro Mati Greenspan, and veteran trader Scott Melker, among others.
Will Security Issues Be Fixed in 2020?
Bitcoin and blockchain are rising in popularity with every passing day. At the moment, they have infiltrated a lot of industries. However, it seems the security issues are getting worse. In previous years more and more security breaches have been highlighted and more institutions targeted. Bitcoin brings huge opportunities but comes with a lot of risks as well. Here are some examples of huge security issues. In January 2018, $530 million worth of NEM tokens were stolen from Coincheck Japan. It was one of the biggest crypto heists to date. In February 2016, the Bangladesh Bank was a target. Around $81 million worth of coins were successfully stolen during the incident.
Security is definitely on the rise in the last couple of years. However, a lot of work still remains. Organizations have used hardware- or software-based multisignature wallet access, encryption of operating environments, whitelisting of addresses, tightening of operating procedures and many other methods to improve security. Usually, when a security breach happens, the community talks about what happened. It is about securing customers’ investments, and adhering to basic business practices.
In 2020, more education and awareness will be required. Everyone involved with crypto needs to get together and discuss these issues. Proper, transparent methods must be set in place to safe-keep customers’ assets. By the end of the year, the cashing out of hacked funds should be so difficult — thanks to a more formal collaboration between players — that thieves will be discouraged from targeting cryptocurrency organizations.
Tune in Next Week!
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