Weekly Update #29: Binance, CoronaCoin, and JPEG
In today’s Weekly Update, we take a closer look at some interesting blockchain implementations which occurred over the last seven days.
Like every Monday, we have a short summary of the last seven days for you. Last Weekly Update was all about Australia, sports, and mining. Let’s see what’s interesting has happened this time.
Blockchain votes in India?
The idea of blockchain utilization for voting is actually quite popular (we already heard about such projects in the United States, and Thailand). Last week, we learned some details about its implementation in India. The idea originated from a problem of lost votes of people who were not able to take part in an election due to not being present in their registered voting district.
Thanks to the blockchain technology, citizens will be able to vote even while being far from their registered city. Moreover, putting the voting system on the distributed ledger will also prevent from casting multiple votes. According to India’s Chief Election Commissioner Sunil Arora, the new system is going to be implemented until April 2021.
Russia: Crypto is linked to money laundering
The discussion about the legal context of cryptocurrencies went on an entirely new level in 2019, with national authorities getting interested in that topic after the widespread idea of stablecoins caused by Libra. Some of them favor the possibilities of decentralized assets and blockchain technology, while others see them as a threat.
The second opinion is quite common for the Russian government, and last week we have experienced another example of this approach. In a published list of rules concerning suspicious and possibly illegal transactions, Russian Central Bank stated cryptocurrency transactions as potentially related to money laundering.
Peter Schiff: “I never said the price of Bitcoin could not rise”
We recently wrote about Peter Schiff, a well-known cryptocurrency antagonist who lost his bitcoins because of forgetting a password to his wallet. At first, he believes that his troubles were caused by wallet malfunction, but with the Internet pointing his mistakes, Schiff gradually slowed down and changed his arguments. Now, Schiff once again takes the floor about the Bitcoin:
It is a notable change in Schiff’s rhetoric, who switches his approach from “useless digital asset” to “potentially good investment.” Who knows how his future statements will look like – especially when he, now again, hold about 0.4 BTC, which was raised in a donation campaign aimed to convince him about bitcoins value.
Binance isn’t “Malta-based cryptocurrency company” at all
The surprising news comes from Malta, the promised land of the cryptocurrency industry. The Malta Financial Services Authority (MFSA) stated that Binance is not authorized by Maltese authorities; thus, the exchange doesn’t have a right to describe itself as “Malta-based.” Binance’s CEO, Changpeng Zhao, referred to the case in his last tweet:
It is not the first trouble which this cryptocurrency exchange has in the curse of the last months. In 2019, Binance suffered a significant leak of users’ data, later exposed by an anonymous hacker.
The development of the blockchain industry has caused the emergence of various cryptocurrencies. Many of them are related to particular ideas or products, setting the trend for “themed” currencies. But the latest invention of the crypto world takes it to the next level. In the response of the coronavirus outbreak, some developers made a coin named CoronaCoin (NCOV).
This token is using something which we can describe as a “poof of death.” The initial token supply is equivalent to the estimated world’s population (7,604,953,650 NCOV), and with every death, tokens are also being burnt, increasing, in theory, the value of remaining coins.
As developers themselves stated, NCOV is a viral coin “backed by an actual virus.” But in the face of the tragedy which coronavirus outbreak surely is, the idea of “proof of death” is surely a one step too far – even if developers claim that 20% of income will go to charity organizations facing the disease.
Blockchain against copyright theft
Last but not least, for this week, we have some cheering words from the Joint Photographic Experts Group, the organization responsible for the development of the famous image format. JPEG believes that the blockchain technology may be an effective way of protecting copyrights, thanks to the utilization of encryption and watermarking the metadata of the protected file.
It is always positive to see that well-established companies or organizations are noticing the possible advantages of blockchain technology. And let’s hope that such news will be more common in the future.
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