Welcome to the Uphold Update. Weekly top stories all about what's happening in the world of cryptocurrency and blockchain technology.
The crypto market moves fast, and at Uphold, we know how important it is for our members to stay on the pulse of shifting trends and market changes. This week, while keeping an eye on the changing market, there was no denying the excitement around all of the new applications cryptocurrency is taking around the world.
Here’s a recap of what happened this week:
Bitcoin Dips Again
Can Twitter Stop The Crypto Scams?
Many cryptocurrency companies and leaders have been victims of Twitter fraud accounts (or copycat accounts) created in their name on Twitter. These “spam” accounts not only scam users who engage, but also cause the real company accounts to be blocked or disabled. Twitter has pledged to make a change, prioritizing a takedown of these accounts and implementing new account alerts.
Cryptocurrency and Blockchain Expansion in Government
While government regulation is always a hot topic for the fluctuating crypto market and Venezuela's launch of petro has not gone as expected, international governments are discovering new use cases for cryptocurrency. Cambodia is considering launching its own national cryptocurrency and the Marshall Islands has already approved legislation on it.
The Marshall Islands will be creating their own digital currency to help raise funds, but unlike Venzuela, this will be the first cryptocurrency accepted as legal tender. The value of the digital “Sovereign”, or SOV, will be equal to the U.S. dollar as a form of payment in the country.
Sierra Leone hit a milestone in using startup Agora’s blockchain technology for the presidential vote. The technology is private, permissions-based, and was a clear solution during an election that was divided and at risk for fraud. This is only the beginning of where blockchain technology can take us in the future.