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Brief History of Blockchain Technology

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Just like it is said that Rome wasn’t built in a day, Blockchain Technology wasn’t built magically in a day. It took years of background research and then more than a decade of hard work since the starting of the first Blockchain-based network (i.e. Bitcoin) to actually propel the sector into prominence.

Blockchain Technology is now disrupting conventional industries around the world but to truly understand the purpose behind the tech, one needs to understand its evolution and timeline in detail.

Blockchain Timeline

Infancy and Background Work (1990s-2008)

This is often neglected by many cryptocurrency users themselves. This is the era when the groundwork for the new revolutionary cryptocurrency was being laid, often unwaveringly by computer scientists and economists. The first concept of a decentralized network was envisioned by Stuart Haber and W. Scott Stornetta as early as 1991. This rudimentary system allowed decentralized consensus to help stop tampering of digital documents and ledgers. Various free-market economists, researchers and computer personalities also contributed to the development of an efficient, working blockchain network over the years.

Fast forward to 2008, Satoshi Nakamoto, a pseudonym, published his Bitcoin paper and started the network itself later that year. Nakamoto believed that a universal, borderless, free currency was the perfect use case for a decentralized consensus network aka Blockchain because, with the help of it, money won’t be easily manipulated.

Early Bitcoin Network (2008-14)

The following six years saw Bitcoin Network slowly but surely growing in size and stature. Things really started going when in 2012, the network underwent a halving process successfully and scarcer supply meant that the value increased tremendously. With the popularity of Bitcoin, Blockchain Technology also came into focus and users began to explore other use cases of the tech. In 2013, Reddit started accepting Bitcoin for gold memberships. During this time, the first smaller networks in competition to Bitcoin were also released. They include the silver to Bitcoin’s gold Litecoin and of course the beginning of Ethereum. Ethereum founders Vitalik Buterin founded Bitcoin Magazine earlier in 2012.

Rise of Programmable Blockchain Networks and Tokenization (2014-18)

In the next phase, Blockchain Technology became a truly widely acknowledged technology. Ethereum, the world’s first programmable blockchain opened a new set of possibilities that helped a record influx of investment into the sector. The network also allowed other entities to release their own coins using the ERC-20 approach, so basically anyone could release their own coins. Due to this massive influx of money and increased speculation, the crypto sector grew astronomically and Bitcoin price rose from around $500 to $20000 in January 20, 2018. Bitcoin’s share of the market went below 50% as well consistently during this time frame due to the mushrooming of the smaller projects. However, the ferver died down because of recklessness of investors and the 1000+ smaller coins mostly forgotten over time.

Enterprise Solutions, Consolidation of Bitcoin (2018-Onwards)

Once the great price tank of 2020 occurred, the sector retrospected and since then, the focus on quick-launch coins with limited decentralization capability has largely been snubbed. Instead, serious work is being done to provide use cases for enterprises and businesses. The relative success of platforms like R3 Corda, Hyperledger and still others show that the industry has a lot to offer in addition to transparent cryptocurrencies like Bitcoin. Bitcoin, on the other hand, consolidated its standing within the crypto community and has regained its singular dominance with more than 50% of the market share. The network also underwent a much-anticipated halving on May 12, 2020.

The post Brief History of Blockchain Technology appeared first on List of Best Blockchain Events.

Source: https://www.blockchaineventslist.com/brief-history-of-blockchain-technology/

Blockchain

Goldman Sachs Files for “DeFi” ETF to Track Tech Giants

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The banking giant filed an application with the U.S. Securities and Exchange Commission (SEC) on July 26 for a DeFi ETF that would offer exposure to public companies.

According to the filing, the proposed fund called the “Goldman Sachs Innovate DeFi and Blockchain Equity ETF”, seeks to provide investment results that closely correspond to the performance of the Solactive DeFi and Blockchain Index from the German indices provider.

The details were thin on the ground but the fund will invest at least 80% of its assets into securities, stocks, and fintech firms featured in the index.

DeFi Fund Without The DeFi

It appears that Goldman may be a little confused over the definition of “DeFi”. A closer look at the Solactive Index reveals that it is largely comprised of U.S. tech giants and international telecoms companies.

Of the top twenty components in its July 23 report, not one of them could be described as a DeFi or blockchain project or organization. The top three were Nokia, Facebook, and Google’s Alphabet.


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Also in the list of stocks tracked were payments giants Visa, Mastercard, and PayPal, tech giants Microsoft, IBM, and Intel, and Chinese e-commerce and telecoms monopolies Baidu, Alibaba, and Tencent.

Hardly what anyone would describe as “decentralized finance”.

It is not the first time Goldman Sachs has got its wires twisted over the crypto industry.

Confusion Reigns at Goldman

In a June 14 report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, the bank concluded that Bitcoin is not “a long-term store of value or an investable asset class”.

They contradicted a May 21 report titled “Crypto: A New Asset Class?” which was largely positive about them with the global head of digital assets at Goldman, saying “Bitcoin is now considered an investable asset”.

Earlier this month, analysts at the investment bank outlined their reasoning behind the claim that Ethereum will eventually become a better store of value than Bitcoin. It also reported that 45% of the ultra-rich are interested in crypto.

In April, Goldman added Bitcoin to its year-to-date returns report, and in March, the bank filed for a Bitcoin ETF with the SEC according to crypto custody firm New York Digital Investment Group (NYDIG).

Now it seems that Goldman has equated DeFi with the likes of Facebook, Google, and Microsoft!

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Source: https://cryptopotato.com/goldman-sachs-files-for-defi-etf-to-track-tech-giants/

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Huobi Files to Dissolve Chinese Entity Following Recent Cryptocurrency Crackdown

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One of the leading cryptocurrency exchanges, Huobi, has filed to dissolve an entity based in China. This comes as the country escalates its efforts to clamp down on the cryptocurrency industry, in general.

  • Evident in Chinese business registration archives, the entity’s management has filed a Resolution to dissolve On July 22nd, this year.
  • The announcement further reads that “creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”
  • Listed as a claim contact person, as well as the head of the liquidation team, is Huobi Group’s founder and CEO, Lin Li.
  • It’s worth noting that Huobi has moved its exchange out of China quite a while back, and it’s unlikely that this will affect its services. As of now, Huobi Group is based in the Seychelles.
  • In any case, the move comes amid a broader crackdown on behalf of China towards the entire cryptocurrency industry.
  • Just this month, China’s Central Bank shut down a company that provides services for cryptocurrency transactions.
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Source: https://cryptopotato.com/huobi-files-to-dissolve-chinese-entity-following-recent-cryptocurrency-crackdown/

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Not Yet: Amazon Denies Rumours on Plans to Accept Bitcoin

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An Amazon spokesperson has said that the earlier reports of the company planning to accept Bitcoin and to investigate the issuance of its own token next year are false.

  • Previously, a report from City AM, citing Amazon insiders, claimed that the world’s leading online retailer plans on accepting Bitcoin and to investigate issuing its own token in 2022.
  • The report went even further, saying that:

This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a fullon, well-discussed, integral part of the future mechanism of how Amazon will work. […] It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.

  • Many in the community questioned the authenticity of the report and the trustworthiness of said insiders.
  • It didn’t take much for the company to come up with an official statement and, unfortunately, to pronounce the City AM report false.

Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.

  • In any case, the news hit the market hard as Bitcoin lost around $2,000 in a matter of minutes. At the time of this writing, BTC trades at $38K after reaching an intraday high at around $40,500.
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Source: https://cryptopotato.com/not-yet-amazon-denies-rumours-on-plans-to-accept-bitcoin/

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