The latest bull-run allowed Altcoins to recover from a four-month-low: Altcoins experienced a sharper selloff than Bitcoin (BTC) in the previous month and at the beginning of April, due to regulatory concerns in the Asian markets and a broader selloff in crypto markets.
However, the latest bull-run provided huge support to altcoins.
The majority of top 10 Altcoins outperformed bitcoin regarding price appreciation last week. With an exception to Litecoin (LTC) and Bitcoin Cash (BCH), the majority of altcoins have posted high double-digit growth in the previous week, led by substantial gains from Cardano (ADA), IOTA (MIOTA), Stellar (XLM) and NEM (NEM).
IOTA was among the prominent gainers last week. Its price jumped almost 50% in the last seven days, sharply higher from BTC price growth of 15%. Along with broader market rally, MIOTA coin received support from various reports, including the joining of Fujitsu executive Rolf Werner and the announcement of the Trinity desktop-wallet launch.
Navin Ramachandran, the IOTA developer, stated that the Trinity wallet app is in the stage of an alpha testing and it is set to conclude in the coming 6-7 weeks.
Cardano, Stellar and NEM Posted Substantial Gains
Cardano is the second largest gainer among the top ten altcoins. ADA price soared 45% last week to the highest level in the last month. ADA coin trades around $0.23 at present.
Stellar and NEM has also posted significant gains in the past week. NEM coin surged 45% last week to $0.34 – with the market capitalization of $3.1 billion. NEM coin started recovering losses that it had made last month due to the theft of $500 million Coincheck hack.
Here’s What to Expect
Altcoins were in the green during the weekend and extended that momentum into early trading on Monday before losing some ground later in the trade. Market pundits are expecting altcoins to post a sustainable rally in the days to come. They believe higher scrutiny from South Korean and Japanese regulators strengthened trader’s confidence in cryptocurrency markets.
There are a lot of people hopping on the Blockchain bandwagon. That’s not necessarily a bad thing, though. After all, blockchain technology has a number of benefits. In fact, people are even claiming the decentralized technology could help solve the ongoing data crisis. Whether or not that’s true, people have continued to move into the blockchain sphere. And the latest to do so? Three former Google employees who have now created the xGoogler Blockchain Alliance.
xGoogler Blockchain Alliance – Former Google Employees Move into Blockchain
Yesterday, reports surfaced that three former Google employees created a blockchain community. This is significant news for two reasons, in particular. First and foremost, these are people who used to work at Google, one of the largest technology companies in the world. This means all three have extensive backgrounds working in technology. This should prove to help its blockchain community in the long-run.
Secondly, in the past, Google has voiced various opinions on the technology, never clearly indicating where it stands in the conversation. For instance, in March, Google disclosed that it will be placing a ban on all advertising on Google Adwords that is cryptocurrency-oriented. Then, to make matters confusing, the California-based tech giant stated a week later that it was in the midst of developing two Blockchain products.
Regardless of where Google itself stands on the matter, these three former Google employees are team blockchain. They’re okay with the masses knowing it, too. To top it off, this blockchain community will be open to all former Google employees with an interest in the blockchain industry. According to the founders, the community is meant to act as a way for ex-Google employees to participate in a collaborative blockchain-based space.
The Blockchain community – named the xGoogler Blockchain Alliance (GBA) – has been founded by Hitters Xu, Daniel Wang, and Andy Tian. All three are Chinese blockchain community leaders, which, personally, makes sense as China is heavily involved with the technology. At the start of 2018, an online advertising platform in China made waves after moving into the blockchain industry. ChinaNet Online Holdings stock increased a whopping 300% after first announcing its move.
The GBA was not created to take a stab at Google’s inability to support blockchain and the cryptocurrency sector, either. Instead, according to April 15th press release, Xu, Wang, and Tian created the blockchain community for one specific reason. Reportedly, these three former Google employees believe they can take their knowledge learned at Google, and apply it to help with the expansion of blockchain technology.
Are You With These Three Former Google Employees?
Are you a Google employee, or an ex-Google employee interested in blockchain technology? This might be your calling if so. The good news is that even though the xGoogler Blockchain Alliance is currently only working within the Bay Area, Shanghai, and Beijing area, the three former Google employees stated they are looking to expand wherever there is a demand to join.
At press time, both the Google (NASDAQ:GOOGL) stock and the ChinaNet Online Holdings (NASDAQ:CNET) stock are trading up nearly 2%.
In 2007, as the financial crisis took flight, the market was introduced to Bitcoin and blockchain. Both were supposed to be the markets savior, and, for a while, Bitcoin and blockchain did the job. Now, however, we have entered into a new crisis: a data crisis. So the question on everyone’s mind is, can blockchain help the data crisis?
Can Blockchain Help the Data Crisis?
A brief update on the Facebook scandal: The Cambridge Analytica scandal surfaced almost four weeks ago and announced to the world that we are in the midst of a data crisis. Yesterday, the political analytics company booted its acting CEO, Alexander Tayler. Meanwhile, Zuckerberg is still feeling the pressure as he makes his Congressional appearance. If you’ve seen any videos of it, you’ll know how scared Zuckerberg is – you can see it on his face.
If truth be told, the world has known for a while that we are moving in the direction of a data crisis. A data crisis might not seem like a big deal, and it might not compare to the 2008 financial crisis, but it is still very important. Why? Because it has severe consequences for users. To top it off, the data crisis has been caused by the same factors that led to the 2008 financial crisis – over-centralized institutions. Additionally, most people only tuned into the data crisis after the Facebook and Cambridge Analytica scandal surfaced, even though user data has been exploited for years, long before news outlets gained access to the Cambridge Analytica story.
As Zuckerberg continues to get the brunt – as he should, the man created a platform that not only killed open-mindedness but killed journalism as well – many have come to the conclusion that Facebook won’t be able to rebuild itself after the scandal. After all, the Facebook business model depends entirely on the systematic exploitation of data. If it can’t do that anymore, where does that leave the platform?
That’s not the problem, however. The Cambridge Analytica scandal brought to light just how deep of a data crisis we are in, and as a result, many have lost faith that Facebook will be able to come back from this. However, that has not yet had an impact on user growth. Why? Because, well, social media is addicting. And do you really want to be the person who deleted their entire Facebook because of the scandal? Some might, others might not.
The problem is that many have claimed that in order to stray people away from Facebook, we are going to need to create better systems, more decentralized systems. When this conversation comes up, most respond with the following: “Well what about Bitcoin and Blockchain? Can Bitcoin and blockchain help the data crisis?”
No, Bitcoin and blockchain cannot help the data crisis. Not necessarily, at least – If anything, it might make matters worse.
Why Can’t Blockchain Help the Data Crisis?
It would make sense if Bitcoin and blockchain could solve the data crisis, right? Wrong. In order to solve a crisis that was caused by the over-centralization of institutions, the world is going to need more decentralized institutions. And while blockchain is decentralized, it’s not as decentralized as the world would need to it to be to end the data crisis.
It is worth mentioning that there are aspects of the data crisis that blockchain could help fix. Or, at the very least, help address. First and foremost, blockchain brings transparency to systems. Additionally, there is proof of blockchain and token technologies helping with issues such as the exploitation of user data and fake news. In fact, there is a decentralized social media called Steemit that now has various decentralized journalism-based projects launched on a platform that is entirely ethereum-based.
That said, the things blockchain can’t do surpasses the list of things blockchain can do. For starters, the blockchain, regardless of its functions, would not have been able to prevent the extent of the data crisis. It might be hard to accept, but Cambridge Analytica still would have found ways to spread disruptive messages on the platform. And do you know why? It’s because while blockchain is beneficial in terms of transparency, it fails immensely in privacy.
This argument really just boils down to one simple fact, and that’s that blockchain technology alone does not have the ability to allow individuals to control their own data. That’s the problem. Therefore, can blockchain help the data crisis? No. Unfortunately not. Blockchain will not solve the data crisis, as we need a social media platform that is both decentralized and gives users 100% control over their data.
Facebook (NASDAQ:FB) ended the trading day down nearly 2% and continued to drop in after-hours trade.
We have all heard about the radical innovation of blockchain technology where organizations from the U.S. Department of Defense, to IBM, to Walmart are all actively working with it. The blockchain is truly revolutionary and, according to U.S. Congressman Tom Emmer of Minnesota, is “amazing new technology.” What we forget, however, is that it is the people behind the technology that are making it great. In fact, I would argue it is the Blockchain Community that is changing the world, not just the blockchain.
What is Different about the Blockchain Community?
A community is a group of people bonded together by something in common. It could be proximity, purpose, race, religion, or just about anything that will draw people to unified action time and time again. So what separates one community from the next? In order to define a community of people, you have to start by documenting how they are unique. There are several unique characteristics worth exploring in the Blockchain Community.
First on my list is diversity. The Blockchain Community crosses every type of traditional cultural boundary. Within the community, you will find people of all races, religions, education level, income level, nationality, gender, and political agenda. It is highly unusual that anything good cuts across the whole world like the blockchain does. Often times only tragedy will bring diverse groups of people together to act or feel as one. But here we have an example where something beneficial is what is drawing people together, from everywhere. Thus, the Blockchain Community is one of the most diverse communities that I have ever seen.
Second on my list innovation. At times, I feel proud of the Blockchain Community knowing the developers are off working on solving scaling or building new ways to use Smart Contracts. As more and more people discover the wonders of the blockchain, I enjoy watching the impact of the community’s innovation spreading. If anyone thinks they know what the limits of this community are, stick around for a few more months and watch them surprise you.
Third on my list is forethought. More than solving the clear problems of tomorrow, which we all know they will, the Blockchain Community is constantly thinking, talking, and planning for what is coming in six months, two years, or even ten years when considering quantum computing. For any group to survive and thrive, some of the members have to be fixing the problems of today and some have to be thinking about the problems of tomorrow. My sense is that the Blockchain Community has more forward thinkers than it has people trying to solve the problems of today. Sometimes I think the community needs a bit more balance but if it were going to be focused on just one side, forethought is the right choice.
These are just a handful of my observations about the fascinating Blockchain Community. I look forward to continuing to studying the people involved in cryptocurrency for many years to come. If you have thoughts about the Blockchain Community, feel free to reach to me.
VANCOUVER, British Columbia, April 10, 2018 (GLOBE NEWSWIRE) — Subject to all requisite regulatory approvals, Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (FWB: 6F6) will acquire 100% percent of all issued and outstanding membership interests of Limitless Blockchain Technology, LLC (“Limitless Blockchain”) for $5,000,000 Canadian in total consideration (the “Purchase Price”).
Pursuant to a definitive share purchase agreement executed between the Company and the interest owner of Limitless Blockchain (the “Share Purchase Agreement”), the Purchase Price will be paid and satisfied by the Company through the issuance of 3,703,703 common shares in the capital of the Company (the “Consideration Shares”) at a deemed issue price of $1.35 Canadian per Consideration Share. The deemed issue price represents the closing price of the common shares of the Company on the Canadian Securities Exchange at the end of trading on April 9, 2018, the trading day preceding this news release announcing the acquisition, less a discount of 10%. In accordance with the terms of the Share Purchase Agreement, the Consideration Shares shall be subject to resale restrictions, which permit 8% of the Consideration Shares to be eligible to be free trading four months from the date of issuance to satisfy the statutory hold period and a further 8% every three months thereafter until the final balance of Consideration Shares is eligible to be free-trading in approximately three years’ time. The Share Purchase Agreement also contains standard representations, warranties and covenants for transactions of this nature.
The acquisition brings Limitless Blockchain – an established blockchain solution provider — into the Victory Square family of portfolio companies. Best-known for its work in developing an ecosystem of hardware, software, and networking products to meet increased global consumer demand for new age technology, Limitless Blockchain has the following three anchor products in late-stage development or already deployed in the marketplace:
L-Hash, a data centre in Nevada, currently runs over one thousand miners of Bitcoin, Ethereum and LiteCoin. L-Hash has spot orders in place for new mining equipment to double capacity over the next 12 months.
Limitless VPN is a user-based desktop miner for household use with over 11,000 users and a growing wait list of 6,000. The company plans to push this user base to 100,000 by the end of 2018 by expanding their data centre.
Limitless Audio is an audio streaming application currently in late stage development. Limitless Audio takes a decentralized approach, much like Napster, where a great deal of money is saved and provided to hardworking artists in exchange for using streaming capabilities to mine cryptocurrencies. Taking a community-centric approach, the company can incentivize users to host and maintain the platform.
Limitless Blockchain also has a series of other products in early to mid-development.
“Limitless Blockchain represents another dynamic addition to our growing portfolio of emerging technology companies,” said Victory Square Chief Executive Officer Shafin Diamond Tejani. “The Limitless team shares in our conviction that blockchain technology will have an overwhelming effect on the way consumers adopt and use everyday products in the future. Having already developed a suite of ground-breaking software and hardware solutions catering to consumers that will inevitably utilize blockchain products in the future, we saw an immediate opportunity to bring the team in house and assist in scaling their operations to serve a growing demand. In the coming years, we look forward to working closely with CEO Michael Shader and the Limitless team and their customers as we assist them in their next stage of growth.”
Limitless CEO Shader, who has been active in the blockchain industry for nearly a decade, will continue to run the Limitless operation as a division of Victory Square and will add significant value by working closely with other Victory Square portfolio companies.
“I’ve had the opportunity to meet with many venture capital firms over the years but Victory Square really stood out to us as a logical fit,” said Shader. “Outside of the financial resources, the team’s venture build style is very attractive to us. As a part of the Victory Square family, we now have the backing we need to make a real impact and we believe we’ll have a golden opportunity to reach some of our bigger goals.”
“As we continue to pursue our vision of leading the next generation of technology entrepreneurs to build world class products, we remain confident in our ability to scale our portfolio companies aggressively and maintain a healthy pipeline of acquisitions with a focus on increasing value for Victory Square shareholders,” added Tejani.
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies Inc. (CSE:VST) (FWB: 6F6) is a blockchain-focused venture builder that funds and empowers entrepreneurs to implement innovative blockchain solutions. Victory Square portfolio companies are disrupting every sector of the global economy including Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to the completion of the acquisition of an interest in Limitless Blockchain and the timing, cost and terms thereof, the impact of the acquisition on the Company, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
The Internet is a rather curious place where you can find everything you are looking for. In this world, even the most serious thing can be turned into a joke and it wasn’t long before blockchain enthusiasts (and their haters) began to joke around. Today we’ll introduce you to our favorite 3 blockchain chrome extensions that mock the hype of blockchain technologies and how their advocates see the world.
Everyone has a friend who likes to talk too much about cryptos. He doesn’t look you in the eye to avoid missing the second-by-second update of his favorite pair in Binance, and lives on talking about how the use of bitcoin is going to dethrone governments and established powers.
What better way to show your crypto enthusiastic friend how little you care about his new hobby? Substitute his most beloved word for his most hated one. The Chrome extension “Blockchain to Butt” replaces each mention of blockchain and Bitcoin with “Butt”. The results are quite interesting…
Since the advent of Blockchain, everything seems to be related to this Technology. Anything unrelated to blockchain seems to be outdated today. Well, this extension seems to fulfill the dream of every blockchain enthusiast, making everything happen in the blockchain. Everything…
The use of blockchain technologies has revolutionized industries. You can eliminate the need for trust between parties by implementing complex and revolutionary protocols to verify every transaction that has ever occurred since the beginning of the network.
However, when it comes down to it, the ‘jargon’ that is used when talking about blockchain can hype it up somewhat. This extension can bring enthusiasts back down to earth, changing the word ‘blockchain’ for a more friendly, simple, and (let’s admit it) boring concept – the ‘excel spreadsheet’.
After a trimester of horrific bearish tendencies, bans, and taxes from governments, a little humor is not a bad idea. It is always important to take things with a little humor and these 3 blockchain chrome extensions help a lot. But remember to turn them off when you have to “get back to the real world” especially if you work for The Wall Street Journal.
Five of the largest U.S healthcare organizations; United Healthcare(NYSE:UNH), Humana (NYSE:HUM), MultiPlan, Quest Diagnostics (NYSE:DGX), and Optum, have just announced that they will be taking steps towards blockchain technology. The five groups will all be participating in a pilot program using blockchain technology to improve data quality.
A key component of this venture is to save administrative costs, as it has been calculated that $2.1 billion is spent every year chasing and maintaining provider data. All managed care organizations, physicians, hospitals, and diagnostic information service providers all hold separate copies of healthcare provider data. Provider data must be verified when processing health claims and many are often delayed due to a mismatch.
This is the first step to expose US healthcare to blockchain technology. There are a few key blockchain startups currently working to solve patient healthcare records kept on the blockchain. Their primary focus is to eliminate medical errors, giving providers full access to a patient’s full medical records instantly to aid them in making the best healthcare decision.
Cardiovascular disease and Cancer are shown be the leading causes of death in the U.S. by the CDC. However, medical errors fall just behind those leaders and aren’t even accounted for. Blockchain technology could aid in this problem that is plaguing providers across the nation. Just think of this scenario, you go to the emergency room for an infection and they give you antibiotics and instruct you to follow up with your healthcare provider after finishing the round of antibiotics. The infection hasn’t cleared and when visiting your health care provider, he refers you to a specialist. Currently, your medical records are spread out to four different locations the hospital, the pharmacy, your general practitioner, and the specialist.
Just think how easily there could be a miscommunication of information and how long it would take to obtain all the data from the various sources all to one location.
This new joint venture is only focusing on provider NPI, TaxID, and physical address, being held on the blockchain and it marks a positive step for the industry. Hopefully soon, we will see these big time health insurance companies partnering to get patient data on the blockchain.
Good things are on the horizon for a particular Los Angeles-based blockchain startup. Not only will the startup benefit from what lies ahead, but so will various financial institutions. If you’re interested in the blockchain, perhaps one of the only headlines you should care about today centers around Spring Labs creating a credit data blockchain.
What Do We Know About Spring Labs Creating a Credit Data Blockchain?
On Tuesday, reports surfaced that Spring Labs has raised $14.75 million in early-stage investment. With this investment, the company plans to create a credit data blockchain. For those who don’t know, Spring Labs focuses primarily on decentralizing the data-sharing process in the credit sector. This is important news, considering it is a blockchain startup that started four mere months ago. It has two headquarters – in Los Angeles and Chicago.
Of course, it is impressive that a company that is still getting itself off the ground could cause such a wave in the market, but there’s another wow-factor to it all: the nearly $15 million haul is a significant amount of money, even for a company that has been operating for a year. According to reports published today, the seed funding round was led by August Capital, a California-based venture firm. There were also a number of other capital firms, most of which were blockchain-based, said to have participated. Examples included Jump Capital, cryptocurrency asset manager MultiCoin Capital, and GreatPoint Ventures.
So, what’s the point of the investment? Well, reportedly, the nearly $15 million investment will be used to further develop Spring Labs blockchain platform. If all goes as planned, we will see some of these developments within the next couple months. The investment will also be used to increase Spring Lab’s development team.
Now, Spring Labs might just be a startup, but as I’ve said, there are good things on the horizon. The company is “pursuing a potentially huge market,” according to a company spokesperson, as well as working to help financial establishments with identity verification. The investment will help Spring Labs build technology, but the technology “requires a world-class engineering team,” and, as mentioned, the money from the investment will partially be used to grow the Spring Labs development team.
What do you think of Spring Labs creating a credit data blockchain?
Since its foundation, Google has always been at the forefront of technological innovation. It is no secret that the company has grown exponentially not only in numbers but also in products and services offered to the market since its inception.
Nowadays, Google is everywhere – the OS on your phone, the work internet search engine, your video platform, email service, messaging services – it is almost impossible for everyday users to live without google.
In the last few days, Google has been in the news again thanks to its desire for improvement – more technological innovation, as two research initiatives based on the use of blockchain technologies, have been announced and are currently being developed.
Blockchain for user safety
The first project that has been filtered was introduced on March 22nd under the name ‘METHODS AND SYSTEMS OF PERFORMING TAMPER-EVIDENT LOGGING USING BLOCK LATTICES’ and actually uses two blockchains to guarantee a completely secure logging system. According to the patent abstract, the technology uses a blockchain system with a slight added complexity:
“A method of performing tamper-evident logging may include identifying an existing block in a target blockchain, where the existing block is associated with a first signature, and identifying a block of a second blockchain, where the block that is identified is associated with a second signature. The second blockchain is not a part of the target blockchain. The method includes adding a new block to the target blockchain by linking the new block to both the existing block and the block of the second blockchain that is identified by generating a signature for the new block that is based on the first signature and the second signature and associating the signature with the new block. The target blockchain and the second blockchain may be part of a block lattice.”
That is to say, if the use of a blockchain is practically unalterable, the use of two blockchains in parallel gives both users and the company almost absolute certainty that their data will be unchangeable in a world where security is increasingly a key factor for life.
A blockchain for a better cloud.
Another area Google is experimenting with the application of blockchain-based services is Google cloud. According to a Bloomberg report, a small division of Alphabet Inc, the company behind Google, is researching on distributed ledger technologies to facilitate users and access to data through the cloud with the certainty that such information will never be lost in case of failures at the central level:
“Like many new technologies, we have individuals in various teams exploring potential uses of blockchain, but it’s way too early for us to speculate about any possible uses or plans,” an unidentified spokesman said.
Previously Google had already announced their interest in the use of blockchain technologies. Two years ago they were looking to provide a better storage system for banking, a sector that Ripple has conquered since its creation thanks to the use of blockchain for payment processing and in which IBM, Microsoft, and Amazon were gaining presence.
Also, according to a CNBC report, Google is also investigating the possibility of using blockchain to improve their Ads system. According to the website, Sridhar Ramaswamy, Google’s senior vice president of ads and commerce, said at the Advertising Week Europe conference in London when asked about the use of blockchain in his area :
“I think there is a lot of promise in things like that. Blockchain as a recording technology also has promise. It is super early for us to say whether they are going to become products just yet. We are actively looking at it. We don’t have any product announcements to make on this front.”
At the moment it is can be assumed that the technology is still under development, but safe to say that Google has a significant investment in blockchain research. Google’s technological advances have always shaped the future, and if the guys behind Google promote the use of blockchain to achieve their goals, such actions could give the industry the legitimacy needed to get the momentum it deserves.
It’s a known fact that the cryptocurrency sector and the blockchain sector have their fair share of issues. In fact, just last week, a team of researchers in Germany discovered that child pornography was being stored in Bitcoin’s blockchain. It can’t get much more controversial than that, can it?
That worst of it aside, the more common problem mentioned is that there is not enough regulation. This is a problem that has been addressed by many, however, the latest to take action is Ireland’s Department of Finance.
Ireland’s Department of Finance and Blockchain
On Friday, Ireland’s Department of Finance released a report, titled “Virtual Currencies And Blockchain Technology.” The report is roughly 31 pages and it discusses a number of subjects, such as providing researchers with an introduction to the cryptocurrency and blockchain sector, as well as providing an “overview of the global virtual currencies market.” However, the most notable section of the report is when Ireland’s Department of Finance discusses their plans to create a blockchain working group.
Ireland’s Potential Blockchain Working Group
What would the point of the blockchain working group be? Well, according to Ireland’s Department of Finance, the blockchain working group would help to create a cohesive regulation across government agencies. Essentially, the blockchain working group would bring forward a coordinated approach to the various rules centered around virtual currencies. Further, the blockchain working group would monitor developments in blockchain technology.
Additionally, the Department of Finance’s report on cryptocurrencies and blockchain mention that the blockchain working group would address various issues and considerations that have been brought up by “consumers, industries, the EU, and governments worldwide.”
As mentioned, cryptocurrencies have a number of problems attached to them. The most common is the following: A) not enough regulation, and B) they are susceptible to criminal activity, such as money-laundering. In the report, Ireland’s Department of Finance mentions that the public should remain vigilant when it comes to cryptocurrencies criminal activity and volatility, but they also emphasized an optimistic outlook as well.
How? Well, the authors wrote that even though “criminality associated with virtual currencies represent a risk to governments,” there is still proof that indicates that “the majority of virtual currencies are purchased by investors” as well as “legitimate owners.”