#JeromePowell , chairman of the Federal Reserve System (Fed), attended a hearing in the Senate from 00:00 on the 8th, Korea time, and said that non-banking operations in the cryptocurrency industry should be regulated the same as banks. "Same regulation for equal businesses is my guiding principle," he added. "The #Fed is committed to regulation tailored to banks."

“I think #Stablecoins and some public #blockchains that are vulnerable to fraud and money laundering are dangerous, but traditional financial products In a similar way, appropriately regulated stablecoins may exist." Prior to this, he said that non-banking businesses in the cryptocurrency industry should be subject to the same level of regulation as banks.

“It is important for the United States to come up with viable regulation for digital assets (cryptocurrency), but the Fed is involved. I am not in a position to do that,” he said. He also said, "In the past year, I have witnessed various incidents in the cryptocurrency market, such as large-scale fraud and the collapse of exchanges and banks. Personally, I think #cryptocurrency is an innovative field.

Which industries will benefit the most from blockchain?

Blockchain has gained immense popularity over the past decade thanks to bitcoin. However, the use cases for blockchain technology have now gone far beyond cryptocurrency. Blockchain technology is helping to improve many industries, such as healthcare, real estate, supply chain and logistics, and the Internet of Things (IoT).

The popularity of blockchain and the expansion of its industrial applications are growing rapidly due to the main characteristics of the technology, which include decentralized system, immutability and transparency.😊

Blockchain technology helps to increase the level of security and protect important public and private data from hacker attacks.

#crypto2023 #blockchain #blockchains

Beijing, the capital of China, is preparing a major plan to meet the demand for trained engineers in the important areas of blockchain, artificial intelligence (AI), and big data. The Beijing Municipality aims to educate 10,000 engineers annually in these technologies, showcasing its deep talent pool in the blockchain field despite having a ban on cryptocurrencies, even as the country ranks as the second most powerful nation in the world. This initiative seeks to enhance Beijing's interest and capabilities in new digital realms supported by technologies like Web3 and the metaverse.

Beijing Municipality's Plans:

According to local reports, the Beijing government aims to train 10,000 local engineers in rapidly growing technology fields such as blockchain, artificial intelligence, and big data each year. This plan was outlined in a government document presented by the Beijing Municipal Human Resources and Social Security Bureau, emerging as an initiative by this bureau that plays an executive role in workforce development in Beijing.

According to the details of the plan, alongside educational activities, the Beijing government also plans to update talent assessment systems to empower technical experts to acquire expertise in emerging technology domains. This will enable specialists to enhance their skills and progress in their careers.

A Focus on Web3 and the Metaverse:

Beijing's initiative to enhance blockchain and artificial intelligence capabilities signifies a broad effort centered around new digital realms like Web3 and the metaverse. Other major Chinese cities, along with Beijing, are also planning to generate significant revenues from cultural and tourism metaverse projects. With the support of such projects, China aims to play a more active role in the Web3 domain.

Beijing Metaverse Innovation Center:

In a recent announcement, Beijing unveiled the construction of the Beijing Metaverse Innovation Center, a government-backed initiative to foster research, development, and adoption of metaverse technologies. This center will focus on metaverse technologies and contribute to the cultivation of engineers working in this field.

China's Strong Blockchain and Web3 Capabilities:

Despite China's comprehensive ban on cryptocurrencies, the country still possesses rich talent in the fields of blockchain and Web3. While many companies have relocated overseas following stringent measures imposed by the government on cryptocurrencies, China has played a significant role in the early-stage development of the industry and has nurtured a generation of crypto-savvy talents.

China's Crypto Workforce:

According to a report by K33, China constitutes 15% of Asia's crypto workforce, trailing behind only Singapore, Hong Kong, and India. Meanwhile, the United States, despite accounting for only 29% of the global crypto workforce, is considered a leading jurisdiction in the crypto space.

In Summary:

The Beijing Municipality's plan to train 10,000 blockchain and artificial intelligence engineers stands out as a significant initiative to further enhance China's digital technology capabilities. Beijing's interest in Web3 and the metaverse reflects the country's efforts to become a prominent player in the global digital technology scene. These endeavors support China's goal of maintaining leadership in these technologies by showcasing its rich talent pool in blockchain, artificial intelligence, and Web3. #beijing #metaverse #blockchains #web3.0 #artificialintelligence

A blockchain is an open, distributed ledger that records transactions in code. In practice, it’s a little like a checkbook that’s distributed across countless computers around the world. Transactions are recorded in “blocks” that are then linked together on a “chain” of previous cryptocurrency transactions.

“Imagine a book where you write down everything you spend money on each day,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. “Each page is similar to a block, and the entire book, a group of pages, is a blockchain.”

With a blockchain, everyone who uses a cryptocurrency has their own copy of this book to create a unified transaction record. Each new transaction as it happens is logged, and every copy of the blockchain is updated simultaneously with the new information, keeping all records identical and accurate.

To prevent fraud, each transaction is checked using a validation technique, such as proof of work or proof of stake.

#BinanceTournament #Binance #blockchains #googleai

Quantum computers, with their unparalleled ability to solve multiple problems at once, are a powerhouse in the world of tech. 💪

But could these tech titans pose a threat to the security of #blockchains ? 😱

The computational power of quantum computers hinges on the quantum phenomena of superposition and entanglement. These properties enable quantum computers to process a multitude of possibilities simultaneously, solving complex problems beyond the reach of classical computers. 💡💪

Conversely, blockchain technology is the backbone of #crypto like #bitcoin and #Ethereum . It offers a secure, tamper-proof method of recording transactions, forming an unalterable chain of records. The security of a blockchain relies on complex cryptographic principles, making it tough to compromise. 🔒

However, the immense computational capabilities of quantum computers raise concerns about the security of blockchains . In theory, a powerful quantum computer could break the cryptographic codes that protect blockchains, potentially altering the blockchain's history—a threat known as a 51% attack. 🌩️🔓😱

Despite these concerns, the risk remains theoretical.

Today's quantum computers are not yet powerful enough to crack blockchain cryptography.

As quantum technology advances, so does blockchain security—creating a race against time. 🏁⏱️👶

In response to this potential threat, the blockchain community is exploring quantum-resistant cryptographic algorithms. New forms of cryptography, like lattice-based and multivariate cryptographic systems, are being studied for their resistance to quantum attacks, ensuring the continued security of our digital transactions and contracts. 🔧💡🛡️

Moreover, experts believe that the future might see a powerful synergy between quantum computing and blockchain. Quantum technologies could enhance blockchain security, creating quantum-resistant blockchains. This collaboration could lead to a future where quantum computing and blockchain work together to solve complex issues in modern computing. 🤝🌐🔒

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