Daily Crypto News | August 9th, 2022

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Welcome to Barmy’s Daily Crypto News – August 9th, 2022

1. Elon Musk Prompts A Challenge To Twitter CEO

Elon Musk, the CEO of Tesla, has challenged Parag Agrawal, the CEO of Twitter, to a public discussion regarding fake and spam accounts on Twitter.”Let him prove to the public that Twitter has less than 5% fake or spam daily users,” wrote Musk on Saturday.

The Tesla CEO’s decision to abandon his $44 billion offer to purchase the social media network was significantly influenced by the volume of spam and phony accounts on Twitter. To compel Musk to carry out the buyout agreement, Twitter has filed a lawsuit. Following that, the head of Spacex launched a countersuit, accusing Twitter of fraud.

Although Twitter asserts that fewer than 5% of its daily users are fake or spam accounts, Musk disagrees and has unsuccessfully attempted to gain data from the social media giant in order to perform his own investigation.

2. Blockchain Might Be Integrated Into Brazil’s Voting Authority

Many technological ideas, including those created for ballot and voting systems, incorporate blockchain technology. The Brazilian voting authorities revealed last month that they were looking into the many ways that blockchain technology might be incorporated into ballots.

End-to-end voting protocol, post-quantum cryptography, shared keys, and blockchain are among the technologies being researched, according to Celio Castro Wermerlinger, the Brazilian voting authority’s modernization coordinator. This study is a component of the “Elections of the Future” program, which looks for ways to make the electronic voting system more effective and financially feasible.

Wermerlinger asserted that the Brazilian voting system, which is now completely nationwide, was secure since electronic solutions were used in every ballot, and did not provide a timeline for the implementation of these solutions.

3. World Bank: Politicians To Be Blamed For Lebanon’s Poor Economy

According to the World Bank’s most recent study on Lebanon’s economic predicament, successive governments’ “deliberately inadequate policy responses” are what led to the Middle Eastern nation’s protracted economic disaster. The paper, which examines Lebanon’s post-civil war economy, blames one of the worst economic crises “since the mid-1800s” on politicians’ inability to come to an agreement on practical policy solutions.

The bank contends that the hardship of the Lebanese people has only increased as a result of the lack of appropriate policy measures and the “political consensus in defence of a bankrupt economic system.”

The World Bank highlights the potential contribution of the Covid-19 epidemic to the deterioration of the situation in the report titled the Lebanon Ponzi Finance Review. The bank maintains that the country’s politicians’ earlier decisions have more to do with Lebanon’s current challenges. The report cites the mismanagement of people’s savings as evidence for this claim.

4. Ethereum PoW Fork Turned Down By Co-Founder Vitalik Buterin

Many members of the cryptocurrency community have been talking about a potential ETH PoW fork (ETHW) that is distinct from the current Ethereum Classic blockchain. According to a report from Bitcoin.com News, prominent Chinese crypto miner Chandler Guo started the talk about ETHW by stating that he was involved in the development of Ethereum Classic (ETC). The concept then gained additional support after the launch of the website ethereumpow.org and the decision by a few exchanges to list the fork.

However, during a Q&A session at the ETH-Seoul conference, the Ethereum developer and co-founder downplayed this notion. Additionally, Vitalik Buterin discussed Ethereum Classic (ETC) and praised the ETC community. In Buterin’s opinion, Ethereum Classic already has a better community and a better product for users that generally hold pro-proof-of-work beliefs and tastes. Buterin responded that people behind the ETHW idea are only a “couple of outsiders that basically have exchanges, and mostly just want to make a quick buck.”

5. US Government Banned Ethereum Mixing App Tornado Cash

The ethereum mixing program Tornado Cash was outlawed on Monday by the Office of Foreign Asset Control (OFAC), a watchdog of the U.S. Treasury Department. The mixer has reportedly assisted North Korean hackers, including the Lazarus hacking group, according to OFAC.

Since Tornado Cash and the ETH addresses purportedly linked to the platform have been added to OFAC, it is now absolutely forbidden for any residents of the United States to use the mixer.

The United States has passed legislation that allows it to punish any citizens or organizations that transgress the Specially Designated Nationals list since 2020. Anyone who violates the law risks imprisonment and fines ranging from $90,000 to $308,000.

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