Western union investors given chance to hiy the trend

DeFi projects give Western investors a rare chance to hit the trend ahead of Chinese

The decentralized finance (DeFi) project phenomenon that has swept the Ethereum space and the broader cryptocurrency industry in recent times has yet to catch on in China. This opinion was expressed by the partner of the Primitive fund Davi Wang.

Wang notes that traditionally, it is in China that cryptocurrency trends gain popularity before spreading to the rest of the world. This was the case, for example, with mining using transactions, which led to the rise of the Fcoin and MTX exchanges and the corresponding tokens.

DeFi, on the other hand, has its origins in the Ethereum space, which itself is not overly focused on the Chinese community. The situation is different with EOS and other “local competitors of ETH” that are actively promoting among local traders. The problem of the "Chinese oligarchy" accompanies EOS from the very beginning, where most of the block producers are controlled by players from this country.

“As such, the popularity and awareness of DeFi among cryptocurrency users and traders in China is relatively low,” Wang writes. "DeFi farms are mostly English-language and require a fairly deep understanding of the space, while China is creating" user-oriented and foolproof internet products ", more focused on retail investors."

ALGO Price Rises 30% After Listing On Coinbase

Coinbase unexpectedly announced ALGO trading yesterday. As a result of this event, the total trading volume of Algorand almost quadrupled.

ALGO is currently trading around $ 0.34, while recently the coin's price exceeded $ 0.35 - for the second time in the history of a cryptoasset. Algorand's record market capitalization, which reached $ 272 million and has now dropped to $ 268 million, is due to an increase in the number of coins in circulation. This coin has a very high mining speed - according to Nomics estimates, there is only 8% of the maximum ALGO in circulation.

Elon Musk praises Dogecoin again, DOGE added 20%

The founder of SpaceX and Tesla Elon Musk has once again returned to his favorite cryptocurrency.

One of the Twitter users, recalling the hack of the platform and the fraudulent distribution arranged by its organizers this week, asked Musk when he would send the bitcoins due to him. Musk's account, among others, was under the control of malefactors who used him to send an offer like “send one bitcoin and get two back”.

"Sorry, I only sell Doge!" - answered Musk. He later published an image of the "imminent" establishment of the "Dogecoin standard" over the global financial system.

World Bank explored the possibilities of smart contracts in the financial sector

In a blog post that summarizes the findings of a recent study on Smart Contract Technology and Expanding Financial Inclusion, an international financial institution examined the role that smart contracts can play in improving financial inclusion in the poorest countries.

The World Bank looked at two main areas of financial services, including indexed insurance and short-term unsecured loans. In terms of insurance, the bank looked at the ratio of insurance premiums guaranteed over a twelve month period to the gross domestic product (GDP) of a particular country.

The study says that smart contracts will not help solve many common problems related to this issue, but they can help determine whether an insurance product is suitable for a specific task, as well as increase confidence in it among stakeholders.

While studying short-term loans, the World Bank found that while smart contracts can improve efficiency at different stages of the credit cycle, those stages are already highly automated and therefore no new technology is needed.

An article published by the World Bank argues that risk is a major factor in the cost of consumer credit and that smart contracts will have “limited” ability to improve borrowers' credit ratings.

Bitcoin Core Developer Introduces Sapio - New Smart Contract Language For BitcoinJeremy Rubin showed off the new Sapio language on Saturday at the RecklessVR virtual reality presentation meeting, which many audience members joined in VR headsets. He plans to release a programming language as part of his new research organization Judica.

Stateful smart contracts allow users to save money - they cannot be spent until certain conditions are met, including multi-stage ones. Smart contracts are most often associated with the Ethereum blockchain, which has a flexible programming language called Solidity, which makes it easier to write stateful smart contracts.

Not everyone knows that Bitcoin also supports several different types of smart contracts. For example, these include requiring more than one person to sign a transaction before it can be spent (multi-signature transactions). They are widely used in SegWit and Lightning Network technologies. But compared to Ethereum, Bitcoin smart contracts are less functional and more cumbersome to create, or they do not fix the state - that is, the conditions are met either immediately or not at all. Until now, this has meant that there are fewer options for developing smart contracts for Bitcoin.

Rubin hopes to expand the use of smart contracts for Bitcoin to give users more control over what they can do with their money.

Beijing government: "140 government service applications use blockchain"

According to a local media publication, the Beijing government is preparing to launch a project to introduce blockchain into government services in China. According to the plan, 140 government service applications are already running on the blockchain.

These applications fall into three categories: "data distribution and exchange", "data sharing" and "electronic certificate storage". The government spokesman responsible for the project said:

“Blockchain is a breakthrough in data exchange that is difficult to implement in the traditional way. For example, as part of the "storage of electronic certificates", electronic certificates are stored on the blockchain, which increases the reliability and efficiency of verification. "