Connect with us


Trouble Looming In The Blockchain Industry 2019



Trouble Looming Blockchain Industry 2019

In 2008 Satoshi Nakamoto deigned Blockchain to serve as a public ledger for cryptocurrency (Bitcoin). Which was the first digital currency to manipulate transaction without the need of centralized authority? As the world goes through a metamorphosis, technology grows alongside it.

Blockchain, as we all know is an open source wallet which is distributed and controlled by decentralized activities that keep transactional records between two people. Blockchain contains cryptocurrency wallets which control all account activities such that transactions are verified to ensure that they are owned by an individual. In relation to this, blockchain technology is vulnerable to attackers. These are the top trouble looming blockchain industry 2019.

For some time now blockchain has gained a lot of attention in divers’ area, which also comes along with challenges and problems. Smaller blockchains have a higher risk level of been attacked since few miners use their computer power needed to control more than 50% is lower.

Hackers are able to hack into a blockchain when they produce more than 50% of the blockchains power, in view of this they can control all activities by modifying data, double spending attacks, stop the block from verifying transactions and prevent other miners from creating blocks, which means they have authority to decide which block is permissible. which apparently cause security issues.

One problem facing blockchain is Hard Fork issues which are related to the upgrading of nodes. Also known as a software upgrade. It involves a wide range of blockchain where new nodes are not compatible with the old nodes or old node does not agree with the mining of new ones. At the end of the process, the old node will still control the chain even though it has been upgraded which is not right.

The computing power of new nodes are always stronger than that of the old nodes but during the process of upgrading one chain becomes two, which is not supposed to be so. Which has become one of the major problems facing blockchain?

Blockchain can be private, that is individual can verify and check transactions and also taking part in the census. Bitcoin and Ethereum are the typical examples of public chain. Private blockchain, where nodes are restricted with strict authoritative management.

Not every node can take part in the chain and lastly consortium blockchain, which is related to business and can be private or public. Blockchain such as Bitcoin and Ethereum, every recorded transaction is available for someone to look at, well that doesn’t mean they see your identity.  The fact that a large amount of information can be displayed in the public domain is against the norms in relations to financial, healthcare and legal sectors which have the robustness to privacy requirement.

Ethical issues have been one of the major troubles looming blockchain industry. Cybercrime has been in the system since the invention of Bitcoin. It is clearly seen that the price of cryptocurrency has been on an increase due to criminal activities. With the use of the dark web, cybercriminals are able to undertake illegal activities such as selling of drugs, weapons, fraud and scam, information leak, child trafficking, and other banned activities anonymously with bitcoin and untraceable transaction to money launders.

It is clearly seen that none of these problems in the blockchain industry has straightforward answers in solving them which limit the usefulness of the blockchain. Due to these problems looming in the blockchain sector, it makes it difficult to predict capacity accuracy.


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



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.

Continue Reading


Thailand Outlaws The Use Of Crypto For Payments



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.”

Continue Reading