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Brief History of Blockchain Technology

Just like it is said that Rome wasn’t built in a day, Blockchain Technology wasn’t built magically in a day….

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

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Blockchain Technology

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.

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

Blockchain

Google’s Policy to Allow Cryptocurrency Ads Kicks In

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Earlier in June, Google revealed that it would update its Financial products and services policy to once again allow cryptocurrency businesses to advertise through its search engine. Now, the changes take effect.

  • As CryptoPotato reported earlier in June, Google had revealed that they plan to update the Financial products and services policy.
  • Yesterday, the update kicked in, and cryptocurrency businesses can once again advertise through its platform.
  • However, there are still some requirements to be considered.
  • Only cryptocurrency exchanges in the US are allowed to promote their businesses through Google. They have to be registered with the Financial Crimes Enforcement Network (FinCEN) and also to comply with all relevant legal requirements and Google Ads policies.
  • Some restrictions still remain for cryptocurrency companies associated with Initial Coin Offerings (ICOs), DeFi trading protocols, and so forth.
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Source: https://cryptopotato.com/googles-policy-to-allow-cryptocurrency-ads-kicks-in-today/

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Blockchain

Bingbon Partners with Paxful Expanding Fiat-to-Crypto Instruments

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[PRESS RELEASE – Singapore, Singapore, 4th August 2021]

Bingbon.com – Derivatives-based social trading platform Bingbon has partnered with Paxful, a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange.

As a result, users can take full advantage of Paxful’s fiat to crypto network directly on Bingbon’s trading platform.

Not only will Bingbon users be able to fund their accounts directly with local fiat currency using Paxful’s nearly 400 payment methods, but they also have access to a one-stop crypto derivatives trading platform.

Without a doubt, this joint initiative between Bingbon and Paxful creates new trading opportunities for users. Aside from Bitcoin, traders can obtain other cryptocurrencies with a large variety of different fiat currencies. Paxful’s Bitcoin Virtual Banking allows users to find sellers who meet the criteria of their Bitcoin trading needs instantly. Further to that, users can conduct payments quickly through Paxful on Bingbon.

“Crypto accessibility is key in order to spur adoption and highlight its use case as a means of exchange. That is why we’re thrilled to partner with Bingbon to make trading cryptocurrency even more seamless to their millions of users,” said Ray Youssef, CEO, and co-founder at Paxful.

All in all, the partnership is intended to provide users of Bingbon with access to multiple new payment options through the Peer-to-Peer marketplace offered by Paxful. The integration has the general objective of simplifying and facilitating access to digital assets for users worldwide, which reflects Bingbon’s mission of accelerating digital finance by technology.

“We are glad that we’ve integrated with Paxful. For Bingbon, this means introducing and exposing our users to a new trading experience. Bingbon users can find nearly 400 different ways to buy digital assets via Paxful. All of this is in line with our goal to make the crypto market more accessible to everyone.

Furthermore, we will be able to penetrate the Latin American market even more aggressively than before.” said Elvisco Carrington, Communications and Partnership Manager at Bingbon.

About Bingbon

Founded in 2018, Bingbon is a crypto social trading exchange that offers both cryptocurrency spot & derivatives trading services. As a crypto social trading network, Bingbon is committed to giving users access to smarter cryptocurrency trading strategies and ensuring users invest in a simple, engaging, and transparent way.

About Paxful

Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) with almost 400 different payment methods.

Ray Youssef, co-founder, and CEO of Paxful set up the Built with Bitcoin Foundation to help people have access to education and water. To date, the foundation has built six schools (two in Rwanda, two in Kenya, and two in Nigeria), multiple water projects, and cultivated dozens of farms. The Built with Bitcoin Foundation is funded by Paxful and the cryptocurrency community.

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Source: https://cryptopotato.com/bingbon-partners-with-paxful-expanding-fiat-to-crypto-instruments/

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Circle and Unstoppable Domains Introduce Usernames for USDC Transfers

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Circle, the blockchain company behind one of the most popular stablecoins – USDC, plans to simplify user experience and USDC transfers in different apps and exchanges. To do so, the company has introduced usernames for wallets through a partnership with the domain name provider – Unstoppable Domains.

Circle Introduces USDC Usernames

In a press release shared with CryptoPotato, Circle announced the partnership with the DLT-based domain name provider. Thus, the fintech firm will implement “simple and easily-readable” usernames for payments involving its own stablecoin – USD Coin.

They will replace the “lengthy alphanumeric wallet addresses,” which could confuse some users. As a result, customers will be able to easily transfer USDC across the growing number of applications, exchanges, and wallets utilizing the stablecoin.

Both parties admitted that they looked to other payment processors like PayPal and Venmo, where usernames have simplified transactions. Unstoppable Domains pledged to implement such usernames to more than 30 wallets and exchange partners of Circle to “accelerate decentralized peer-to-peer transactions.”

“USDC has grown dramatically in the last year, fueling commerce and payments activity across the Internet. With Unstoppable Domains’ .coin usernames, sending USDC becomes just as easy as sending an email. We believe this is a major step forward in making USDC payments accessible for all.” – commented Circle’s Senior Vice President of Marketing – Josh Hawkins.

Matthew Gould, Founder and CEO of Unstoppable Domains outlined the significant growth of stablecoin usage in the past few years. He added, “simple usernames combined with dollar-pegged stablecoins take the fear and risk out of spending crypto.”


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Recent Circle Developments

Apart from the initiative described above, the blockchain company recently announced other significant developments. Circle partnered with the global financial services giant Mastercard to trial USDC settlements.

Before that, the firm highlighted plans to follow the example of Coinbase and become a publicly-traded company. It intends to do so through a merger with a Special Purpose Acquisition Company (SPAC) called Concord Acquisition Corp, and the total valuation is at $4.5 billion.

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Source: https://cryptopotato.com/circle-and-unstoppable-domains-introduce-usernames-for-usdc-transfers/

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