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The Genesis of Cryptocurrency

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The Genesis of Cryptocurrency

Before Bitcoin, Ethereum, litecoin, and other cryptos, there already existed some digital currencies tracing it way as far back to the 1990s. This included digicash and bitgold but these were centralized and didn’t last for long. Cryptocurrency came with a new trend, thus its decentralized nature running with no interruption from an outside entity.

Necessity they say is the mother of invention, so many times people had wanted to create some online digital cash system but to no avail as a result of issues with centralization.  With this in mind, the first Cryptocurrency was created by a group or person named Satoshi Nakamoto, (identity still unknown). His primary motive for creating this Cryptocurrency was to develop an electronic peer to peer cash system which was decentralized. The fantastic thing about the cryptocurrency is that even though it was not intended to be invented, the rise of bitcoin on the online market gave rise to the birth of other Cryptocurrencies. Now we can count more than 1000s of these currencies which are towing the way of the bitcoin.

In 2008, bitcoin was birthed and launched on 2009 where mining of the currency began. The bitcoin started with a value less than a dollar, but by December 2011, a bitcoin was selling for $11, 500. The price of bitcoin kept on increasing from the year it was launched to date making it the most valuable cryptocurrency now. Even though the currency saw lots of fluctuations, it kept on surprising the market by surging drastically in price.

As mentioned earlier, other cryptos were developed with the aim of offering more flexible terms as compared to bitcoin. In 2011, litecoin was created by Charlie Lee. Litecoin did so well on the market after some few years making some people think it was competing with bitcoin. Litecoin seeking to attract more of the masses became more dynamic and flexible regarding its mining. This was followed by Ethereum which was created in 2015. Ethereum has provided a platform for initial coin offering (ICO). Other currencies include ripple, digibyte, dash, zcash, monero, Eos to mention but few.

The interesting fact about all these currencies is the fact that they are not controlled by any central government. It provides security to it owners and protect their identity. Cryptocurrency, from the look of things now has come to stay. People are supporting it by investing in it and in turn making lots of money.

Cryptocurrency

Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform

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Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments

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Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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