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The Evolution of Cryptocurrencies – Next Phase

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Primitive societies revolved their trading around self-measured monetary values. Be it shells or stones or bread loaves and meat – the history of money has always shown an upgrade from its previous form. 

The current era is experiencing a transition; money evolving from its physical form to digital. Cryptocurrencies cracked the biggest problem of the financial world when a monetary transition took place without a centralized authority. The change here doesn’t define the form of money but rather the substance in which it is recorded, transmitted and minted. 

Cash is now history, and so is Bitcoin. It will remain as the first and most decentralized digital asset but we cannot overlook its issues. Starting with scalability; the only problem that needs to be solved if you expect 7 billion people to use it globally. When Satoshi made Bitcoin, he understood the importance of decentralizing money, what he didn’t work on was, distributing it. 

The next stage for cryptocurrencies isn’t going to be about protocol companies coming up with their own digital assets to shill. The next phase isn’t going to make people rich. The next phase will be convenience-driven and this phase will lead to higher adoption. 

Right now if you ask any boomer around you about Bitcoin they’ll call it a black market gambling tool or maybe an illegal currency irrespective of how much you explain the ins and outs – it’s almost impossible for people who don’t care about who governs their money to change their assets from centralized modules to decentralized ones. Honestly? That’s just alright. People have their differences and their pre-established notions, nothing can really help that except a better, convenient, government-embraced solution. 

Hinting to the next phase – national cryptocurrencies or as we know it CBDCs [Central Bank Digital Currencies].

In their current form, cryptocurrencies are imperfect, but they may play a significant role in increasing global economic participation and protecting against government overreach. Globally, the World Bank estimates that there are 2 billion people without bank accounts of which a third of those are living in Sub-Saharan Africa. Given that cryptocurrencies have low adoption costs and are available online without the need to access a physical bank, cryptocurrencies offer a convenient and safe alternative. Many of the unbanked do not have clear identifying information, making it difficult to implement traditional banking Know Your Customer and Anti Money Laundering practices.

With a smartphone and internet connection, anyone can use cryptocurrencies to send and receive money and the transaction costs are often significantly lower than traditional solutions. The transfer is fast and secure and the barriers of entry are low. It also provides an alternative solution in countries facing hyperinflation.

– The Institute of Faculty of Actuaries

Before talking about CBDCs it’s important to understand that the government-run currency may or may not be on a blockchain. It may be transparent or it may not. It may be decentralized or may not. But that’s not the point, the point here is the convenience that drives adoption. 

It is about a digital asset that is trusted by people and is seamless to be used; for a 17-year-old tech-savvy teen as well as for an 80-year-old gran. 

The decentralized aspect is for the latter and those in need of it will always switch to Bitcoin.

It is right that if you control the money you do control the world, I mean money is power and power is power. But for someone to not control the money you need to make people realize that it is controlled in the first place and that awakening will come with awareness and awareness with adoption and adoption with convenience. 

PS:- If you’re an individual or an entity building for the acceleration of adoption, ping me up on my social handles to see if our synergies match!

 

 

Disclaimer note: The article represents the contributors’ opinion and does not necessarily represent the views and opinions of Tron Weekly.

 

Can Monero Save North Korea from Sanctions?

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According to a new report published by Recorded Future, North Korea is intensifying its efforts to mine Monero (XMR); a privacy-focused digital currency. Moreover, the report claims that the Asian country is expanding its Monero operations to help escape international sanctions.

The current North Korea regime has been making the headlines recently on cryptocurrency-related matters; ranging from scam and digital currency theft accusations. The country has been hit with several sanctions by the United States and other European nations for refusing to suspend the nuclear and missiles program. In particular, North Korea president Kim Jung Un has faced accusations of stealing and using cryptocurrencies illegally to fund the nuclear weapon program.

Moreover, the report by the cyber-security threat analysis company claims that internet usage in North Korea has risen significantly over the last three years. The report goes on to say that a significant part of this activity involves Monero mining. Monero is an open-source privacy-oriented digital coin that was launched back in 2014. The coin is unique due to its decentralized and anonymous nature.

However, in the current North Korea regime, the use of the internet is restricted to only the elite class and political officials. The reports of increased network usage and cryptocurrency mining are quite fascinating. The report only focuses on the global network accessible to such parties. The report highlights:

“For the North Korean political and military elite, the 2019 data show that the internet is not simply a fascination or leisure activity, but is a critical tool for revenue generation, gaining access to prohibited technologies and knowledge, and operational coordination.”

Why the Sudden Interest in Monero by North Korea?

Could the privacy features be the catalyst behind the increase in Monero interest in North Korea? Well, reports have been circulating that North Korea hacking groups have been targeting Western corporations and cryptocurrency investors. The malicious groups have especially targeted South Korean exchange firms.

Well, the country was initially involved in both Bitcoin and Monero mining. However, as of  May 2019, the Asian country forged a plan to rapidly intensify its Monero mining operations. Fair enough, this is linked to the anonymity of Monero as the currency has aided North Korea in evading financial scrutiny and control. Unlike Bitcoin, Monero transactions are well encrypted. The details of both the sender and receiver are well protected. As of Bitcoin, anyone can access transactions. The report reads:

“We have observed an at least tenfold increase in Monero mining activity from North Korean IP ranges since May 2019. We believe that Monero’s anonymity and lower processing power requirements likely make Monero more attractive than Bitcoin to North Korean users.’’

Is North Korea Investing in Monero to Avoid Sanctions?

Moving forward, the latest report published by Recorded Future, accuses the current regime of several engagements in cryptocurrency-related cyber crimes. As per the report, this has empowered North Korea to collect stolen digital assets; and be in a position to provide the necessary infrastructure for cryptocurrency mining.

According to reports, the focus on Monero by North Korea is all due to its privacy features. The country is investing hard to ensure transactions and other related information will stay anonymous; particularly to the United States and the United Nations Security Council that had imposed the sanctions.

In conclusion, North Korea even considered developing its own cryptocurrency to potentially evade U.S. sanctions. Former Ethereum developer, Virgil Griffith was indicted by the United States for conspiring with North Korea to avoid sanctions.

 

Andrew Yang Believes That Cryptocurrencies Such As Bitcoin Are Useful And Need To Be Regulated

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The upcoming American elections are expected to bring in vast changes to the country’s ecosystem, be it social, economic or political. These directives have been driven by the people running for the highest office in the county, with Andrew Yang being one of the major contenders.

The Democratic Presidential candidate recently spoke about cryptocurrencies and regulations with Bloomberg, sparking an interest in the digital assets community.

A majority of the cryptocurrency community has spoken multiple times about how there are unreliable sources for regulations in the country. Andrew Yang’s comments came as a fresh take to those interested because politicians are not usually well versed in the subject.

Yang was asked if there was a way to make regulations better that would allow people to utilize cryptocurrencies properly. According to the Democratic runner, America needs to have a uniform set of rules and regulations nationwide. He added:

“We really need to have a solid system that addresses the positives as well as the negatives of the cryptocurrency industry. Right now all we have is a hotchpotch of state by state rules which are bad for innovators in the space.”

Andrew Yang’s supporters, the ‘Yang Gang‘ have been a voracious bunch, creating slogans and social media movements to support their man. Yang’s main USP has been his ability to grab nuances and understand upcoming technologies like blockchain technology. The candidate himself is from a technological background.

Yang claimed that there has to be a clear and transparent framework for cryptocurrency officials to function in the American mainland. He added that the underlying technology of cryptocurrencies [blockchain technology] held the massive potential to change the world.

During the interview, Yang was asked if he supported people’s shift from fiat to crypto. To this, he candidly replied that people will always find ways to carry out these transactions and that there was no way to impede them. The entrepreneur turned politician brought in a refreshing change to the American political system with his comment.

The usual rhetoric given by earlier politicians about cryptocurrency has always been negative and tasteless. Yang is one of the first major political figures to throw his support behind the virtual assets industry, provided they are under responsible watchdogs.

Yang is also a supporter of universal basic income, a step to make sure that citizens earn more money. One of his biggest campaign slogans has been to give $1000 to all American citizens, irrespective of any other factor.