Blockchain and crypto data platform LongHash revealed on August 8 in a tweet that China’s blockchain sector has grown substantially despite the pandemic this year. It stated that over 10,000 blockchain companies were established between January and July.
The report also shows the current number of blockchain-related companies in China is on track to surpass 2017’s total figure. LongHash said 2020 could also pass 2018’s total of 18,500 and for a new all-time high.
Source: LongHash Tweet
The figures show that there are 84,410 registered companies and, of these, 29,340 are in operation. The Guangdong Province in Southeast China has the highest number of blockchain startups with Yunnan Province in the southwest coming in second.
However, the majority of the blockchain companies registered with only a small capital. It shows the maximum registered capital was 5,000 yuan, which is about $717. Meanwhile, only a few of them registered with over 50,000 yuan, about $7,175.
As Cointelegraph previously reported, the Chinese government is implementing blockchain for trying to bring more efficient government services. China’s central bank also got $4.7 million in funding for its blockchain trade platform in the next three years. The country approved 224 blockchain projects from major companies, including JD, Walmart, China, and Baidu.
Dave Portnoy Says Bitcoin is a Big Ponzi Scheme But He’ll Be Back
Just months after making a grand entrance in the cryptocurrency space, the Barstool Sports Founder Dave Portnoy reaffirmed that he’s out of the field. In a recent podcast with Anthony “Pomp” Pompliano, the controversial day trader justified his exit by claiming that Bitcoin is a giant Ponzi scheme.
Portnoy’s Controversial Bitcoin History
Portnoy has become one of the most influential and controversial faces of legacy market day trading. Earlier this year, he declared that he’s “coming to Bitcoin,” which attracted lots of attention. Even the Winklevoss twins offered their help to educate him on Bitcoin.
However, his controversy quickly followed him in the vigilant cryptocurrency field, where the community rapidly spotted his pump and dump techniques. After buying several altcoins and claiming a loss of $25,000, Portnoy said that he’s out.
In Pomp’s recent podcast, he reaffirmed that he doesn’t own any digital assets as of now. He went even further by asserting that Bitcoin is “in my mind one big Ponzi scheme.” He argued that “you get in, and you just have to not be the one left holding the bag.”
Interestingly, though, his 2020 purchase of Bitcoin wasn’t the first. He admitted that he bought about $50,000 worth of BTC during the parabolic price increase in 2017 at about $15,000. When asked if he still holds the coins, Portnoy said that he lost the hardware wallet.
Lack Of Accountability Is A Problem, But I’ll Be Back: Portnoy
One of the most notable features regarding Bitcoin has been the anonymity of the creator – Satoshi Nakamoto. Although the pseudonym is well-known and disputed, and some people claim to be Nakamoto, the true identity remains a mystery to this day.
Portnoy believes that this is a problem. He argued that if he ends up losing money or being scammed, he prefers to know who’s the person behind the entire operation. With Bitcoin, though, this “lack of accountability” raises concerns that he’s not comfortable with. Nevertheless, he noted that he’s planning to get back into BTC:
“I’ll get back. I’ve been saying that I’ll be back into Bitcoin. I don’t know when, but I’ll be back.”
He argued that the community and mostly the memes attracted him the most in the first place, and it’s what he misses the most.
China’s Blockchain-Based Service Network (BSN) Integrates Tezos
- The popular blockchain company Tezos has become the last integrated network into China’s ambitious Blockchain-based Services Network (BSN).
- Developers can employ the Tezos protocol through BSN’s global public city nodes and portals for a “simplified development and deployment experience.”
- All three global public city nodes, namely Hong Kong, California, and Paris, have integrated with the Tezos Blockchain in both mainnet and testnet.
- Developers wanting to utilize the Tezos blockchain need to set up an account on BSN’s website and head towards the “permissionless services” section.
- Upon choosing the preferred public city node, developers need to “create a new project” and “choose the chain” (mainnet or testnet).
- After seeing the new project’s creation based on the Tezos blockchain, the next step is to insert Project ID, Project Key, and Access Address from the Project List.
“All APIs provided by Tezos can be accessed in similar ways, and the original data format will be returned.”
- China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.
- Prior to Tezos, BSN integrated other popular blockchain companies starting with Chainlink’s oracle.
- BSN also integrated the Chinese-based platform NEO to accelerate the adoption of the blockchain technology in the country.
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