The new initiative to protect hackers from cryptocurrencies will definitely garner more traction. Nevertheless, this should serve as a wake-up call to investment in cryptocurrency as it is not yet a viable investment option.
WearPlein (https://wearpollen.net/) is a financial technology startup run by Netherlands-based Dylan Pittard with Europe's first digital wallet for cryptocurrencies. At a time when sovereign control of the currency system is on the verge of a major revision in Switzerland and as well as in both Malta and the Netherlands, it was shocking to read a statement released on June 6 by Zane Worstockter (https://zane.assetssecurity.com), a representative of the Attorney General of the Home Kingdom of the Netherlands. Worstockter announced that they have had “contact” with the cryptocurrency industry, indicating that this is an important step in preparation for legal change in the manner in which public cryptocurrencies are controlled in Holland, Holland's capital, Holland. What Worstockter has accomplished is an impressive achievement for the Dutch system of “law and finance” as it illustrates a very sophisticated understanding of how money works.
It is not known what research played a role in Worstockter's success in such a highly sensitive area. What we do know is that Bitcoin is becoming increasingly untraceable. However, seeing a Western European being part of this scheme indicates that this could be a creative use of Bitcoin with a view to hedge by an extremist group. It also highlights just how quickly societal ideas can evolve. This has also led The Netherlands to introduce a financial technology plan the government presented on June 19 and which includes a process of protecting Bitcoin users from the use of “atypical computers.” It has been described as “zero-knowledge proof.” This means that the keys to Bitcoin transactions and generating the codes needed to operate a cryptocurrency aren't stored on a computer. Instead, they are stored on a database at an Amazon data center in Zurich. Here, a trained model can match the series of thousands of computing positions against all the previous transactions with “almost no chance of error.” Theoretically, this means that cryptography and security will be improved by the fact that every transaction will be modeled simply against every other transaction in the database. We, therefore, see the result as machine encryption, which is an interesting concept. This might just demonstrate just how naïve we are of the actual power of digital currencies. We are still far away from the state-controlled central banking system that you and I experience in the US and Europe.
Needless to say, we are extremely unhappy with the widespread practices of deposit currencies and fiat currency based on non-cryptographic agreements. Coinbase and bitcoin cash are completely unnecessary to our everyday life. This project will serve as a suggestion to us, at least. It is difficult to imagine a goal that can improve Bitcoin as a digital currency but this element of the pursuit should be taken seriously.
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