South Korean Blockchain Association Plans To Create Crypto Hub In The 6th Largest City

The South Korean blockchain association plans to create a special cryptocurrency hub, called “Crypto-Valley District”, in the urban area of Gwangju city.

According to the official news release, the Korea Blockchain Enterprise Promotion Association (KBEPA) will meet with the mayor of Gwangju, Lee Yong-Sub, and other representatives of the city. The Association is sure that such a project can attract a lot of investments and stimulate the growth of the local labour market.

The representatives of KBEPA and the Universal Group said:

“We plan to meet Mayor Lee officially to deliver the recommended plans to announce and transform Gwangju into a special governing city for cryptocurrency. We also plan to meet the councilperson Kim Dong-Chan to ask for support.”

The South Korean government is interested in creating numerous jobs for its citizens and making Gwangju a crypto-valley district will only help to achieve this goal, as around one million new jobs will be created.

Moreover, the Universal Group spokesman, Kim In-Ki, mentioned Estonia and Malta as one best example how implementing blockchain technology may change the country in better way.

“Estonia and Malta have been the forerunners of the 4th industrial revolution by successfully attracting global blockchain corporations to invest in their cities, and they have enjoyed astronomical rises in the number of jobs created. Our government has attempted to create new jobs by myopically focusing on the manufacturing — auto or shipbuilding — industry, overlooking the rise of 4th industrial revolution.”

The Association though criticized the South Korean government for being too strict to cryptocurrency and blockchain, pushing some domestic exchanges to open headquarters somewhere overseas.

We remind you:

South Korea Launches Remittance App Using Ripple’s Blockchain Technology For The First Time

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A Video Gamer Received a 20-Bitcoin Donation on Twitch

A video game player under the nickname Sick Nerd received a donation from an anonym in the amount of 20 Bitcoins when playing the game RuneScape and streaming it on the platform Twitch.

Sick Nerd mentioned this on his Twitter:

At first, the streamer received only 4 BTC. He didn’t take it seriously right away, but kept receiving new donations in cryptocurrency. Overall, Sick Nerd became richer by over 20 BTC during his streaming session.

This is the largest crypto donation sent to a video game player ever, and, of course, the largest donation ever received by Sick Nerd (more than 70 thousand dollars).

Cryptocurrency keeps making its way into every sphere of human activity, and video games are no exception. We remind you:

Cryptocurrency Games: Bitcoin Game Review

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Will NASA Be Using the Blockchain Technology?

The US National Aeronautics and Space Administration (NASA) is considering the blockchain hyperledger technology as a solution for the air traffic management.

According to a NASA researcher Ronald Reisman, blockchain could be crucial in dealing with security and privacy issues and prevent various kinds of cyber attacks, such as IP-spoofing.

The design innovation is the use of an open source permissioned blockchain framework to enable aircraft privacy and anonymity while providing a secure and efficient method for communication with Air Traffic Services, Operations Support, or other authorized entities,” he said.

Reisman is sure that NASA’s upcoming release, the Automatic Dependent Surveillance-Broadcast, which will be out next year, is not equipped sufficiently to protect all the data that needs to stay classified.

Blockchain, with its smart contracts technology, certificate authorization and many other unique features, could potentially solve all of issues mentioned above. However, it is still unclear whether NASA will follow the suggestion of its researcher.

We remind you:

The U.S. Department of Energy Is Going to Finance Blockchain-Based Projects

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The CEO of Circle Believes That a Clearer Policy of the SEC Will Cure the Crypto Industry

The CEO of the project Circle, backed up by the major bank Goldman Sachs, Jeremy Allaire started a thread on Reddit together with his co-workers, where they debated the accomplishments of the company in the recent time, talked about prospects for the future and discussed the overall situation on the crypto market.

According to the representatives of Circle, one of the main issues with crypto in the US is the lack of regulatory framework and, most importantly, the inability of the Securities and Exchange Commission to clearly define cryptocurrencies as belonging to a particular type of assets.

We remind you:

The SEC: Unlike ICO Tokens, Bitcoin and Ethereum Can Not Be Securities

There absolutely needs to be more regulatory clarity to really make this fly — in particular around who can issue these, how they can be stored and transmitted, and what markets can allow their trading. There’s a lot of attention on this and we absolutely expect to see these issues resolved and for far more real world experiments to hit the markets this year,” said Jeremy Allaire.

Also, the CEO of Circle claimed that the US should follow the example of France and have a separate kind of taxation for crypto-to-crypto transactions.

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China Toughened Rules For Blockchain Service Providers

The Chinese government is quite strict to the services that provide information which does not correspond to the rules and regulations of the country. Usually, such accounts or services are banned or some limitations are established.

This time China, namely the Cyberspace Administration of China (CAC), has forbidden blockchain services providers to distribute illegal content by publishing a set of blockchain regulations, named “Blockchain Information Service Management Regulations.”

According to these rules, blockchain providers do not have the right to “produce, duplicate, publish, [or] disseminate” information that is prohibited in China. They also need to register their companies in special agencies. Upon the registration, providers are to indicate their name, server addresses and service types. The services, which do not comply with the rules, will be fined from $737 to $4,420 depending on the severity of the offense.

Previously, the blockchain network was used by residents of China to evade censorship rules. For instance, the supporters of #MeToo movement have posted their stories on the Ethereum blockchain, so that they will not be deleted.

Another example is posted by Twitter user (nickname: @readkrystalhu):

In this regards, the Chinese authorities have made such a decision. No one knows whether it is for good or for bad. All we can be sure of is that censorship in China is extremely severe.

We remind you

Blockchain in China Is a Bubble? About 50% of Chinese Companies Failed To Present Operations Using DLT

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The U.S. Department of Energy Is Going to Finance Blockchain-Based Projects

According to the official announcement of the American Department of Energy, the federal government is going to allocate 4.8 billion dollars to sponsor various universities and institutions engaged in research and development projects, including those studying the potential of the blockchain technology.

The plans for funding are the part of the initiative organized by the Office of Fossil Energy with the aim of developing and expanding the technologies of applying fossil energy.

As for the blockchain technology, the Office is interested in utilizing it for processing “signal data and other information flows within distributed sensor networks for fossil-based power generation systems.”

Such projects may be engaged in searching for a solution for various energetic problems: from looking for the way to use fossil fuels more rationally to analyzing and providing statistical data on coal power stations.

The US has already understood the massive potential of the blockchain technology. Besides applying it in various fields, often funded by the government, the demand for the specialists in this industry has skyrocketed. We remind you:

The Demand for US Blockchain Specialists Has Grown by 700%

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“51% Attack” Hit Ethereum Classic: A Full Analysis Of The Process

As we have reported earlier, Ethereum Classic was hit by 51% attack, it means that hackers obtained more than 50% of network’s mining hashrate.

A Malicious “51% Attack” Hit Ethereum Classic, The Loss Allegedly Accounts For $460 000

Slowmist, Chinese-based blockchain journal, has released a full report on the attack. The earliest hit occured on January 5, the culprit hacked some exchanges, like Bitrue, Coinbase, Gate.io, however, this was noticed only two days later.

The first action was a transfer of more than 5000 ETC from Binance to the criminal’s address 0x24fdd25367e4a7ae25eef779652d5f1b336e31da. This amount of coins moved to a mining node, that created block 7254355. After that, the hacker deposited 4000 ETC to Bitrue exchange in block 7254430, yet, this transaction vanished from the Ethereum Classic chain. Another 9000 ETC was stolen in the same way. The Bitrue address 0x2c9a81a120d11a4c2db041d4ec377a4c6c401e69 no longer exists, and the official history is clear. Though, Bitrue managed to save some records:

The scheme of the hacker attack is simple:

  • make a deposit;
  • withdraw to a safe address;
  • to double coins – just move the coins to other addresses.

One of the biggests victims is Coinbase exchange. It was estimated that the loss from the attack accounts for $1 million. The above-mentioned report also provides the information about two attacker addresses which were blackmailed by Coinbase later. They are:

– 0x090a4a238db45d9348cb89a356ca5aba89c75256
0x07ebd5b21636f089311b1ae720e3c7df026dfd72

In Twitter, one of users (nickname: @OGBTC) claimed that he knew the culprit personally.

https://twitter.com/OGBTC/status/1082559086070136832

Another user (nickname: @sebseb7) indicated that it was he who knew the hacker.

The “51% Attack” is over for now. All we can do is to estimate the losses and to take measures so that it will not happen again.

The report also stated:

“[W]e recommend that all digital asset services platform block transfers from the above malicious wallet addresses. And strengthen the risk control, maintain a high degree of attention, and be alert to double spend attacks that may erupt at any time.”

We remind you:

The Dark Overlord Threatens To Reveal The Truth of 9/11 Attacks Unless Ransom in Bitcoin is Paid

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