The week started with an immediate ban on advertisements of cryptocurrencies and crypto tokens in Twitter. While the effect of the similar restrictions enforced by Facebook and Google is doubtful, more and more companies publicly announce the development of their blockchain projects and file for patents of the technology. This week, one major exchange announced their plans to move in another country where they expect to receive support by the regulatory officials. All of this is set in motion while the market of cryptocurrencies and crypto tokens continues to go down, moving in an opposite direction from the developments in the sector. The market marked its lowest point at 251 billion dollars on Friday, while in the evening between Saturday and Sunday it marked a decrease of 23% in comparison to the week before, and reached the end of the week with a total market capitalization of 262 billion dollars. ETH reached the end of the week at $395, and Bitcoin - $6 954.
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Twitter bans all crypto coin sale ads
The company banned all advertisements promoting ICOs or the purchase of crypto tokens. This is the third major media after Facebook and Google in the last two months to follow the example set by Reddit in 2016. In 30 days, all accounts related to the sale of crypto tokens will be deleted. The public profiles of exchanges and wallets will be limited to companies that are listed on major stock markets. It is interesting to point out that according to data gathered by SimilarWeb, a very small part of the traffic on ICO sites comes from paid Twitter traffic, and the existence of the so-called “Crypto Twitter” has not been affected, although one week has passed since the official start of the ban.
Only a week ago, the CEO of the social media, Jack Dorsey, shared in an interview with The Times that he expects there will be a single global cryptocurrency in 10 years, and it is possible that it will be Bitcoin.
South Korea could become one of the first crypto countries
South Korea has a met many of the requirements to become the first “Crypto-Powered Nation”, governed by and powered by a crypto economy. In his text in BitcoinMagazine, Jeremy Epstein also mentions that according to some sources, 33% of the adult population of the country owns cryptocurrencies and tokens, and they constitute a solid base of digitally capable future users of the blockchain services. At the same time, the government does not want to disappoint the young adults who are the driving force behind the country’s economy and voters, and is planning very careful regulations. It is important to take into account the fact that the exchanges in South Korea work with large volumes and number of players, at the same time managing to scale their infrastructure, while simultaneously paying close attention to their security, as they have been subject to constant cyber threats.
China leading in number of patents in Blockchain
Data collated by Thomson Reuters from the World Intellectual Property Organization (Wipo) database showed that in 2017, more than half of the 406 blockchain related patent applications come from China, followed by the United States with 91, and Australia with 13.
The patents for different applications and varieties of the decentralized technology tripled last year. According to analysts, this may well be interpreted as a clear signal that companies believe in the long-term development and role of the technology in the following years.
They also take precautions by establishing high requirements to enter the business. The existence of patents is also considered as an advantage when it comes to accumulating capital, as it guarantees an opportunity for substantial growth in the company by distancing it from property disputes.
We would like to point out that the Chinese government officially announced their interest in the development of the technology on a national level and confirmed the establishing of the Blockchain Development Center.
Coinbase adding ERC20 support
The major American exchange announced their plans to start trading with some of the functional tokens developed over the blockchain protocol of Ethereum. Usually, Coinbase is extremely careful in the selection of projects to offer, especially after the scandal from last December with the publication of Bitcoin Cash and the turbulence it caused across the market. Some of the more popular ERC20 tokens are EOS, Golem and Quantom. In reality, the same protocol is widely used in the blockchain field and makes possible the accumulation of funds through an ICO. In the past, it has been used for some fraudulent crypto projects.
The news and other materials, published here, are for educational purposes only and do not provide recommendations or suggestions related to making deals with cryptocurrency, crypto tokens, smart contracts or other products of the blockchain technology. The products of blockchain technology (cryptocurrency, crypto tokens, smart contracts and others) are not regulated or protected by the legislations of the EU or the Republic of Bulgaria at present. Deals with products of blockchain technology (cryptocurrency, crypto tokens, smart contracts and others) have a high degree of risk.