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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
- Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
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