Weekly Update #14: Bitcoin Anniversary And Binance Expansion

Dominik Olech
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October was a fascinating month for all crypto enthusiasts – especially its last days were full of surprises and exciting events. 

In previous Weekly Update, we talked about new China’s approach to the blockchain technology. This topic will also occur in today’s article – but that’s not the only interesting subject of the last week!

Race for stablecoin

During his testimony, Mark Zuckerberg tried to convince Congress that government support is needed for the Libra launch. Otherwise, China would set in motion its own stablecoin first. Apparently, those words weren’t just another argument defending Facebook’s currency in the eyes of American authorities. Huang Qifan, an ex-director of the Congressional Financial and Economic Affairs Committee in China, presume that China’s central bank will launch stablecoin before Libra. He also disbelieves in Libra’s chances of providing a successful product.

Korea supports blockchain once more

And since we have raised the topic of the national support for the blockchain technology once more, we have interesting news from South Korea. The Korea Internet Security Agency (KISA) will support local blockchain projects in the following year, with about $9 million donations. It will be the third year when KISA helps projects in development – both private and public. Although it’s worth to notice that last year’s support was slightly higher – the overall sum of money was $11 million.

Tron on Samsung’s board

Staying in South Korea. Justin Sun confirms that Tron will be supported on Samsung devices. It will be integrated into Samsung Blockchain Keystore, providing Samsung users with better management of their private keys. Also, developers working on the Tron network will get access directly through supported devices. We’ll see where this cooperation will lead us. As for now, we can be sure about wallet support for Tron users. 

11 years of Bitcoin

31st of October is an extraordinary date since many people celebrate Halloween in that day. But this date is also important for the cryptocurrency industry. Exactly 11 years ago, Satoshi Nakamoto has released the whitepaper for his project. It seems to be a small amount of time, but during those years, Bitcoin has risen from merely a technological curiosity to a significant force on the worldwide economic market.

Bitcoin’s whitepaper is undoubtedly an exciting lecture for every crypto enthusiast. Thoughts included in this material has set the direction for the whole industry. If you still didn’t read it, we recommend you to catch up now.

Does China open for Binance?

In the last Weekly Update, we informed about Changpeng Zhao’s sympathy for the president of the Russia Federation, Vladimir Putin. Binance’s CEO has also described Russia as the key market for his exchange. Apparently, his appetite doesn’t end with this country. As reported by CoinDesk, Binance is preparing an office in Beijing. Even though cryptocurrencies are still banned in China, the last shift in the government’s policy about blockchain is a promise of better times for crypto assets.

Since Changpeng Zhao is of Chinese origin, such cooperation is probably a big deal for him personally. As for Binance, it is an important chance to dominate a new market. Let’s only hope that the exchange will fix some security problems alongside the global expansion.

Venezuela

Despite Petro, a government-issued Venezuelan coin, appeared to be a complete failure, the people of this country still believe in the blockchain technology. According to Randy Brito, one of the local Bitcoin supporters, the main obstacle on the way to adoption is the electricity crisis. He initiated the project named Locha Mesh, aimed to get around lacks in infrastructure. 

The implementation allows small entrepreneurs to receive Bitcoin transactions in their shops, even without electricity. Locha Mesh devices are highly energy-efficient, and they don’t rely on local WiFi – that’s why they are able to conduct transactions during blackouts. The idea is a perfect example of how well blockchain is suitable for crises. But anyway, we hope this solution will soon not be needed and the situation in Venezuela will stabilize.

That would be all for this week – and for the whole of October as well. Stay with us for the new Weekly Updates during November too!

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