Blockchain Weekly – May 25th, 2020

Last week was quite sensational for the Crypto community. Not only we celebrated the 10th anniversary of Bitcoin Pizza Day, the first commercial Bitcoin transaction trading 10,000 bitcoin for about $30 worth of pizza. The week also witnessed a minor stir in the market after Whale Alert – a popular Twitter account that tracks major crypto transactions – broadcast the message, saying 40 coins mined in the first month of the network’s operation which was dormant for 11 years have been transferred from a “possible #Satoshi owned wallet. Well, is Satoshi back? 

Major Austrian Bank Raiffeisen Joins The Digital Currency Revolution

Following the CDBC trend, Raiffeisen Bank International (RBI), a major Austrian bank, has extended collaboration with Polish-British fintech Billon for a new form of DLT-based national currency tokenization. The RBI Coin is designed to speed up cross-border interbank or intercompany transactions and improve liquidity management. The bank said that the RBI Coin would be pegged 1:1 to the euro or any other national currency operating in a selected country. 

Chinese Media Outlets to Adopt “Blockchain-Powered News” Department

In a report published by China Email, a group of 12 Chinese media organizations conformed by television stations, local newspapers, radio stations, and web media formed the alliance called “The National Department of Blockchain News Editing.” The group comprising of Beijing Time, Hubei Radio, Shanghai Poster Industry Group News, Guizhou Daily Tianyamn News, and Yunbao News, distributes more reliable and traceable news and media files that are recorded as blocks on a blockchain network.

Iranian President Calls for Renewed National Crypto Mining Strategy

Iranian news site ArzDigital reported that President Hassan Rouhani wants officials from the Central Bank of Iran (CBI), energy department and information and communication technology ministries to devise a new national strategy for crypto mining, including regulation and mining revenue. Merely two days before this news, the Iranian parliament published a bill proposing to apply the country’s strict foreign exchange and currency smuggling regulation to cryptocurrencies. Speculators believe that the move is meant to try and prevent capital from escaping the nation’s borders.

Bitcoin Mining Difficulty Drops After Halving

The Bitcoin network fine-tuned a key parameter in the first adjustment after halving. The seven-day rolling average of bitcoin’s hash rate has dropped over 20% from around 122 EH/s just prior to the halving on May 11 to 97 EH/s after a week. The adjustment may lure less efficient miners back into the network, who quit after last week’s halving hammered their profits.

World Economic Forum Unveils ‘Blockchain Bill of Rights’

On May 22, the World Economic Forum revealed a “blockchain bill of rights,” to protect a crypto user’s right to “manage consent of data stored in third-party systems, port data between interoperable systems” and “revoke consent for future data collection.” Major organizations and governments including the Government of Colombia, Deloitte Consulting LLP, ConsenSys, Electric Coin Company, CoinShares and the United Nations have signed the document. 

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