Image Of The Weekend, 25-26 Of August: Forbes, Bitcoin News, Fortune and Others
We're presenting "the image of the weekend". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this weekend in the most indicative quotes are below!
1. THE KEY TO REVOLUTION (Bitcoin.News)
The Key to the Crypto Revolution’s Success is Overlooked
Enthusiasts laid many characteristics of the crypto revolution, including its nonviolence and efficiency. But the key to its success is overlooked. Crypto avoids the fatal flaw of most revolutions: relying upon the trusted third parties known as “leaders” for success in achieving goals and following through on them. Just as an individual who relinquishes wealth to a central bank also relinquishes economic control, so, too, does an individual who surrenders his political power to representatives surrender control in that area.
The leaders of a revolution act no more honorably with political power than central banks do with economic power. In short, revolutionary leaders embody the trusted third party problem - a choke point of corruption - that bitcoin was created to bypass, keeping power with individuals.
2. FROM START TO FINISH (Fortune)
The World Bank issued a bond that relies on blockchain technology from start to finish
The World Bank has launched a blockchain-only bond. The so-called bond-i—for “blockchain operated new debt instrument” and perhaps also for Sydney’s famous Bondi Beach—is a two-year bond that was arranged by the Commonwealth Bank of Australia and raised 110 million Australian dollars ($80 million.)
The World Bank said the bond was the first in the world to be “created, allocated, transferred and managed through its life cycle using distributed ledger technology”.
3. BLOCKCHAIN IS LIKELY IN YOUR FUTURE (Economic Times)
Four things other than cryptocurrency that blockchain can do
We all have heard at least one description of what blockchain is, and perhaps that description had something to do with money or cryptocurrency. But, blockchain technology has broader applications than cryptocurrencies. In the future, blockchain technology could be a part of many everyday business-to-business transactions, including those powered by enterprise applications.
The blockchain is already able to enable distributed, autonomous marketplaces, reduce friction in business transactions, manage and secure decentralized private records with encryption and track the provenance of products and materials.
4. COINS FOR PLASTIC (Forbes)
Could bitcoin replace credit cards?
Growing competition in the retail sector – and the possibility that the digital currency could help merchants lower transaction fees that cut into profit margins - could induce them to replace credit cards with Bitcoin. According to the numerous experts - this is very possible due to the fact that crypto has numerous benefits if compared with traditional plastic cards. But this comes with a downside.
“Paying with plastic fundamentally changes the way we spend money, altering the calculus of our financial decisions,” explains Jonah Lehrer, the author of How We Decide (Houghton Mifflin, 2009). “When you buy something with cash, the purchase involves an actual loss — your wallet is literally lighter. Credit cards, however, make the transaction abstract, so that you don’t really feel the downside of spending money”.
5. NORK CRYPTOCON (Bitcoin.news)
North Korea prepares to hold a crypto conference
North Korea is reportedly planning to hold a conference devoted to blockchain technologies and cryptocurrencies. The event said to have been scheduled to take place in October, is expected to bring experts from around the world who will meet representatives of North Korean enterprises.
The news about the upcoming Pyongyang event comes after another report implicating the communist regime of exploiting digital security weaknesses in the West to acquire crypto capital through illicit means. Lazarus Group, a cybercrime syndicate often associated with North Korea, has deployed new malware adapted to infect multiple operating systems.