Crypto Events in Early August |

Crypto Events in Early August

We are glad you are with us! This is a news digest about the EDC Blockchain platform and current world events. Has the current week been interesting for the crypto community? Let's take a look. 

Binance News

The Brits will no longer be able to trade on the Binance crypto exchange using their HSBC credit cards (the UK's largest bank by assets and market capitalization). This is due to the statement of the UK Financial Conduct Authority (FCA) to prohibit the platform from conducting regulated activities in the UK. Last month, Barclays and Banco Santander also blocked Binance payments for British residents. 

To date, Binance announced a number of updates: decreasing the daily withdrawal limit to 0.06 BTC, delisting AUD, EUR and GBP for margin trades, and terminating of trading stock tokens. 

Cryptocurrency advertising on Google 

On August 3, 2021, a new Google policy came into force allowing the advertising of cryptocurrency wallets and exchanges. With a few conditions though. Firstly, services need to comply with these requirements, and secondly, advertising of ICOs, DeFi, investment companies, aggregators, buying and selling cryptocurrencies, as well as advertising by celebrities is strongly prohibited. 

This step could help provide additional sales for the Google holding, but will it serve as a bullish sign for the crypto market?

Does Bank of America support Bitcoin as a payment means in El Salvador?

After Bitcoin has been adopted as an official means of payment in El Salvador, Bank of America suggested that the legal use of cryptocurrency has a number of advantages: the country will attract American companies and miners, while 70% of Salvadorans who do not have bank cards will be able to make simplified transfers. 

In addition, about 2 million Salvadorans living abroad transfer more than $4 billion (which is 20% of the country's GDP) to their families who live in El Salvador. By making transfers in cryptocurrency, both transaction time and bureaucratic costs will be reduced. 

Zcash: PoW vs PoS

Zcash founder Zooko Wilcox-O'Hearn asked the community what they think about the network's transition to the PoS consensus mechanism. Now Zcash uses PoW, which requires a lot of energy to keep the network up and running. The PoS mechanism is a method of securing a cryptocurrency by requiring a user to show ownership of a certain amount of currency, the essence of which is that stakers, as opposed to miners, can hold their coins longer (receiving a reward for it), and not sell them. 

The EDC Blockchain platform for tokenization of enterprises and startups uses the PoS mechanism for a number of reasons: better participation opportunities for users (providing staking rewards), higher network protection (the chance that an attacker will gain access to 50% of the coins is almost zero), no need to buy mining equipment that allows you to save funds and makes the platform environmentally friendly, as well as the it gives the ability for traditional business owners to create their tokens in just a few minutes and introduce them to their company. Read this article about coin constructor to learn more. 

EDC Blockchain continues to develop new tools for the community, which is an integral part of the project and plays a key role in it. Thank you for being with us! 

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EDC Blockchain never calls for investment activity. The materials presented on the site are for informational purposes only.