Daily: European commission invests $370M in Blockchain
Description
European commission invests $370M in Blockchain. Facebook CEO Mark Zuckerburg gets grilled on user data privacy and protection. India's Blockchain initiative is strong despite RBI ban, with partnershi...
AI Analysis
Here's a summary of the video, covering the latest in the crypto and blockchain world:
The video dives into the significant developments pushing blockchain technology into the mainstream, highlighting how it offers solutions to real-world problems like data privacy and government inefficiency. It covers the European Commission's substantial investment in blockchain, the crucial need for decentralized trust in light of Facebook's data privacy scandal, and how India is embracing blockchain for practical applications despite its central bank's stance against cryptocurrencies.
Here are the key takeaways:
* Market Snapshot:
* The overall crypto market capitalization is holding steady around $265 billion, with Bitcoin remaining quite stable.
* While the broader market might not be thrilling, specific altcoins are seeing significant upward movement due to development updates and new announcements.
* EOS is up almost 12% following its DAWN 3.0 updates, which include network optimizations. A more detailed "nutshell" video on this is planned.
* NEO and VeChain are also climbing, with VeChain benefiting from new announcements related to the "LV crew" (likely referring to luxury brands).
* Ontology, which was mostly airdropped rather than having an ICO, has steadily climbed from its initial Binance listing price (around $1-$2) to almost $4.59.
* European Commission's $370 Million Blockchain Investment:
* The European Commission is investing around $370 million to build a European blockchain initiative and foster cooperation among member countries on AI and blockchain.
* While $370 million might seem modest compared to what some ICOs raise, it's a huge indicator that official entities are taking blockchain seriously.
* This investment signals that blockchain is no longer just a "pet project for tech nerds" but is moving firmly into the mainstream. The commission recognizes the inherent value of decentralized trust.
* Facebook Data Privacy and the Case for Decentralization:
* The recent Cambridge Analytica scandal, where Facebook's unauthorized sale of user data led to CEO Mark Zuckerberg testifying before the Senate, clearly demonstrates why decentralized trust is essential.
* Centralized entities like Facebook and Google amass vast amounts of personal data, becoming incredibly powerful and profit-driven. Facebook alone made nearly $40 billion in ad revenue last year.
* This concentration of power means we cannot blindly trust these companies, no matter their initial "do no evil" mottos, as their profit motives can lead to exploitation of user data.
* The solution lies in decentralized applications (dApps) and decentralized trust, where individuals maintain possession and control over their own data, rather than surrendering it to powerful corporations.
* India's Blockchain Progress Despite Crypto Banking Restrictions:
* India's central bank (RBI) has restricted local banks from providing services to cryptocurrency exchanges, effectively making it harder for people to deposit or withdraw money from exchanges.
* It's crucial to understand that this is an RBI (bank) decision, not a full government or ministerial ban on cryptocurrencies themselves. Cryptocurrencies are still legal, and exchanges are allowed to operate.
* Despite these banking hurdles for crypto, blockchain technology is thriving in India.
* A prime example is the Zebi project, which partnered with the Andhra Pradesh state government to secure approximately 100,000 land registry records on the blockchain.
* This blockchain solution ensures that land records are permanent and cannot be tampered with. Any changes leave an immutable, traceable record, making it easy to verify information and audit alterations in a trustless manner.
* This move by Zebi exemplifies how blockchain is being used to solve real-world problems like transparency and data integrity, rather than just for speculation.
* The focus on such practical applications, like remittance and banking the unbanked, is highly supported, with Southeast Asia seen as a central hub for these solutions.
Overall, there's a very hopeful view for cryptocurrencies and blockchain development, even if the market isn't always exciting. The concept of decentralization is even entering popular culture, as seen in shows like HBO's Silicon Valley*.
Transcript
Hey everyone and welcome to Box Mining. Today we're going to look at the market first of all, followed by some positive news regarding blockchain technology and cryptocurrencies. First we have the European Commission. They're almost investing $370 million into blockchain projects because they realized the value of decentralized trust. Then we're going to follow up with what's happening with Facebook because previously there was a whole Facebook Delete Me campaign because they sold our data. And...