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Maduro: You Can Trade Petro To Other Crypto Assets Only If You Have Bought It In 2018

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As an update to the most controversial Venezuelan cryptocurrency Petro, in today’s crypto news, we find out that the Petro cryptocurrency can only be traded to other crypto assets only if users have bought it by the end of 2018.

According to the translated speech of the Venezuelan President Nicolas Maduro, you can read that:

 “Anyone who buys the Petro until Dec 31 will be able to convert it into any other digital currency.”

In the past 12 months, Venezuela suffered extreme hyperinflation, therefore, the national currency of the country, the Bolivar, is basically worthless. Many citizens in the country are incapable of buying necessary things such as food and medicine since the Bolivar lost its value.

According to a report from BBC:

 “A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas. Last Thursday, a toilet roll cost 2,600,000 bolivars. And a kilogram of meat cost 9,500,000 bolivars.’’

In order to change this terrible economic situation, the president Maduro created Petro that is supposed to represent the oil reserves of the country and become the new national currency. However, there are many issues with the cryptocurrency and some experts deny calling it a cryptocurrency.

According to the official whitepaper, Venezuela guarantees that Petro will be accepted as a method of payment of national fees, taxes, and public services. The government also claimed that they raised more than $1 billion from the token sale of Petro. A few months later that number changed to $5 billion in the token sale.

Experts believe that the government cannot have control over cryptocurrencies such as Petro and that is exactly why Petro is doomed to fail.

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Telecom Giant AT&T Interested In A Blockchain-Based Social Media ‘Mapping’ System

The American telecom giant AT&T is in today's digital currency news - in fact the section related to blockchain - for its recent interest in a project that would build a social media history "map" based on blockchain. As the telecom giant announced in its published application by the US Patent and Trademark Office (USPTO), the patent application is seeking a patent for a blockchain-based social media history "map" and a system that may include a transaction history controller to store subscribers' data which may be used for various purposes. In a way, this system could let users purportedly track "micro-culture transactions" such as trends at a particular time or place, or behaviour of their trends. As the patent document reads:
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According to the filing, content creators would keep the ownership of their data on the "mapping" platform:
“However, instead of passing ownership of blocks or data between users, a social media account owner maintains primary ownership of his or her online transaction data. What passes from the social media account owner to other users of the social media history map service, such as followers of the social media account owner, is a notion of elevated visibility rights.”
This is just one more patent application in the series that were submitted by companies such as Xerox, American Express, IBM and others - and a new milestone for AT&T overlooking its expansion in the field of blockchain.
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Binance Labs Introduces Us To The ‘First Batch’ Of (Final) Blockchain Projects

The popular blockchain incubator Binance Labs, which is a venture wing of the largest cryptocurrency exchange Binance, has recently released its first "batch" of blockchain projects that were part of its Incubation Program, as a crypto press release submitted by its team noted. As an initiative that is in the focus of today's crypto news, Binance Labs is a project that seeks to help early-stage blockchain and digital assets projects as well as entrepreneurs through direct investments as well as technical assistance. The Binance Labs Incubation Program is an onsite program launched back in August 2018 with $1 billion in funding. After initiating a tour that had over 500 applicants, Binance Labs selected only eight projects, each of which received $500,000 in seed funding and an access to necessary resources and mentors. As the 10-week program finalized, seven projects were chosen and signed on users while three of them managed to get paying customers. The eight projects selected by Binance Labs include the hardware wallet SafePal, fictionless logins for decentralized apps (DApps) Torus, Internet security project Nym, and market prediction startup Deaux. As Ella Zhang who is the Head of Binance Labs explained in an "Ask Me Anything" (AMA) session on Reddit in June, decentralization is “the core value of Bitcoin and blockchain,” adding that the incubator had launched a number of initiatives in this direction.  
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TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week

The TRON Foundation recently launched the TRC20 exchange, which was in the crypto news recently, as a place for people to exchange tokens issued on the TRON platform. Located at TRX.market, this exchange is still on Tronscam which is the primary block explorer and information service for the TRON ecosystem that supports the altcoin. Both TRC20 and TRC10 tokens can be understood as Tron-native analogues to ERC-20 tokens. While the TRC10 token is a user-issued one that does not require the writing of a smart contract, TRC20 provides all the functionality and power of a smart contract-based token system. Currently, TRON has a number of decentralized applications running on it. Despite the overall market downturn, the usage was up and according to some metrics, rose by over 48% over the last week. The usage of these dApps also crossed the 1 million transaction threshold in a single 24-hour period. Tron published a blog on the subject in which the organization stated:
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LinkedIn’s Largest Growing Job Sector Is Blockchain Development

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 “It’s no surprise that we’re seeing an explosion of machine learning roles and continuing growth of data science roles. In fact, we started to see glimmers of this in last year’s report; however, both fields are starting to see more specialized roles emerge. It also may not shock you that Blockchain Developer is topping the list following this year’s surge in interest around blockchain and cryptocurrency.”
The great news for all of the people interested in a career in this sector is that there are plenty of universities now that adopt blockchain-related courses which help to boost the blockchain expertise in the following years.
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