Vitalik Buterin, as described in his research paper believes that there are a lot of free-riders in the crypto world and they are a genuine problem. Free-riders can be businesses or people that make profits of public goods by making under-provision and this kind of behavior is harmful to the crypto market in general but also for funding certain blockchain projects.
The mechanism that might help is actually a system that will allow groups to allocate funds in order to maintain public services or goods eliminating the possibility of a free-rider being attached to them. The method is similar to a stake-method that is based on voting that will broaden the concept. It will help by increasing funding for certain projects. Also, there are a few very important elements that will much likely benefit the cryptosystem.
Also, the team that works on this solution believes that this will have a huge impact on ethereum and projects similar to it such as zcash that rely on non-profits. This process is actually a little centralized but reasonably because it relies on the judgment of a group that can easily detect the needs of the communities.
They hope to bring the community better financing and better leverage. This method, however, cannot be adopted right away. It hasn’t been fully tested and might have some vulnerability to it such as attacks or bugs. It also cannot co-exist with anonymity which is the most important thing for crypto users.
Above everything, there’s hope that despite being imperfect, the project offers a decent solution that will encourage others to think and even build on top of this method their own solutions.
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
IBM’s Now-Live Blockchain Network Wanted By Six International Banks
"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
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