The Resurrection of Public Blockchains
It's been a tough two years for public blockchains. Regarded by many as a social experiment with little practical value beyond anonymous peer-to-peer payments, public blockchains have been shunned by financial institutions and others who have opted for permissioned networks with a little more control and perceived privacy. This shouldn't have come as a surprise. It has played out this way before. In the 1990s, big companies wanted to be online, but they wanted to do it without the open web. Intranets were born out of this desire, yet, in the end, the open Internet won out. Now, 20 years....
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The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated. Banks Can Use Public Blockchains and Stablecoins The Office of the Comptroller of the Currency (OCC) published an interpretive letter on Monday “clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct....
A new interpretive letter from the Office of the Comptroller of the Currency paves the way for stablecoins and public blockchains to be fully integrated in the financial infrastructure.
With bitcoin prices hovering over a certain handle, a great number of old ASIC mining rigs manufactured years ago are starting to become profitable again. Reports indicate that in China, where the average electricity cost is around $0.06 per kilowatt-hour (kWh), miners are starting to leverage old miners manufactured by Canaan, Bitmain, and others. Chinese bitcoin miners dealing with electronic component price increases have found outdated rigs like the Antminer S9 (10-16 TH/s) are now reaping profits again. The price of bitcoin (BTC) is making it easier for cryptocurrency miners worldwide....
The price of bitcoin and native tokens for other stablecoin-supporting blockchains jumped after the OCC approved banks to use public blockchains.
The Blockchain is often touted as the next Internet. A technology so important that it will revolutionize the way we live our lives. There is no lack of interest in Blockchain amongst big technology companies, financial institutions, governments and even the members of the public. The impact of the Internet on our daily lives is now so complete that it would be impossible to think of a world without it. Canada and Germany have even declared the Internet as “essential for life.” Yet, we are not at a stage where Blockchain has assumed a similar role. So what will it take for Blockchain to....