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The PRIZM team took part in the "Astana Moneymaking Summit", by presenting an expert report on cryptocurrencies

The life of a professional blockchain community is developing tremendously. Today, the crypto-currency industry is not just a small number of enthusiasts and programmers who promoted Blockchain technologies several years ago - today experts in the field of crypto-currency have rightly earned the recognition among the giants of other areas of business and IT.

Already now, the team of the advanced crypto currency PRIZM has a worthy place in the community of experts on Blockhain, crypto-currencies, on the world economy and a number of other areas.

The team of PRIZM once again confirmed its high qualification by taking part in the Astana Moneymaking Summit, held on February 22nd 2018 in Astana, Kazakhstan.

Within the framework of the conference, the leader of the International public movement "Change the World Together" and the founder of PRIZM, Mr. Alexei Muratov, made a presentation on the topic "Existing problems of crypto-currencies, prospects for solutions and possible alternatives".

About the Summit

The official part of the summit was held in the comfortable halls of “Hilton Astana” on the territory of the EXPO complex, where the guests were able not only listen to useful reports from successful moneymakers, but also to make new acquaintances and negotiate in convenient networking areas.

During the summit, topical issues of the crypto-currency market were raised and answers to the most uncomfortable questions were given, the questions which absolutely all world experts of the block-industry avoid.

"Existing problems of crypto-currencies, prospects for solutions and possible alternatives". About the contents of the report of PRIZM team.

Next is the presentation of the PRIZM team, presented by crypto-enthusiasts at “Astana Moneymaking Summit”.

Alexei Muratov. Opinion on national crypto-currencies

Also, the expert on crypto-currencies, the head of the “Change the World Together” movement and the founder of PRIZM, Mr. Alexei Muratov, told how the national crypto-currency should be.

"If Kazakhstan creates its own crypto currency, which by technical parameters will surpass the other crypto currencies - speed, cost of transactions, input, but the most important advantage - if it is truly decentralized and will not become centrist like Bitcoin, it will be popular not only in Kazakhstan, but all over the world, " - said Mr. Alexei Muratov on the sidelines of the Astana Moneymaking Summit.

Audio of the Interview

The founder of PRIZM also expressed confidence that the world is moving into the era of new financial relations, the banks will disappear, and the basis for the future financial system will be Blockchain.

Meanwhile, in the industry is crypto-currency: Cobra calls to abandon Proof-Of-Work Bitcoin because of the "hegemony of Bitmain"

One of the founders of the projects bitcoin.org and bitcointalk.org with the pseudonym Cobra publicly stated that he was confident that the concentration of the huge Bitcoin hash at the disposal of the world's largest manufacturer of Bitmain mining equipment has had a critical impact on the decentralization of this crypto currency. According to the expert, today the only solution for Bitcoin is the transition of the entire crypto-currency network to the hybrid algorithm of the Proof-Of-Work consensus. In addition, in theory it may include some of the advantages of Proof-Of-Stake.

https://twitter.com/CobraBitcoin/status/967237696379813888

Cobra believes that the stability of the Bitcoin network depends solely on Bitmain as a whole, and even on "one person" - probably Jihana Wu. Today, when the community is totally committed to the concept of a decentralized network, it is quite possible to use Bitcoin's power to switch to a hybrid version of PoW. However, the crypto expert added that as the number of users increase, the complexity of the transition increases as well.

Also a co-founder of bitcoin.org drew attention to the fact that rumors about the new giants of the mining industry are not of great importance: at the moment Bitmain's monopoly "is ahead for dozens of light years", and profit for the year of 2017 [$ 4 billion] allowed the company to consolidate its positions.

In addition, the specialist in the crypto-currency industry further accused Bitmain of "political manipulation" and the use of control over the hash to control the hardcore of Bitcoin Cash, which significantly jeopardizes the entire Bitcoin network.

"The Chinese government always has the opportunity to withdraw the equipment from the miners and establish control over the bitcoin hash for geopolitical purposes. All the vulnerabilities of the network of the first crypto currency come from the mining industry, so the blockchain community should get rid of this growing problem, “- Cobra emphasized.

"They supported every attempt of a hostile capture of the network. They block new updates out of political considerations. They support the Altcoins, which are dangerous for Bitcoin. We must get rid of them, as soon as we can. I understand that hardforks scare all the users, but we must try to reach an agreement among all users, because we all see this problem, " - he wrote.

After the scandalous statement, Cihan Wu immediately entered into a discussion with Cobra, stressing on the fact that Bitcoin's market share would drop to 10% in the case of the hardfork under the scenario proposed by Cobra.

https://twitter.com/JihanWu/status/967241694109302785

A little later, the crypto expert disagreed with the co-founder of Bitmain, noting that the market would respond positively to a more decentralized version of Bitcoin.

https://twitter.com/JihanWu/status/967245014244909056

"While Ethereum developers are discussing proposals to improve the standard algotrithm ERC20, and many blockchain are testing aggressive innovations, the head of bitcoin.org is engaged in political games and demands to abandon PoW. Considering this, the future of Bitcoin does not seem to me to be bright, "- the head of Bitmain Cihan Woo parried criticism.

To be noted: shortly before the failed hard-fork SegWit2x, Cobra also called for the implementation of the improved PoW consensus algorithm and its implementation within the next hard-fork. In addition, he is not the first to say that the mining pools, the crypto-currency market or the governments of countries do not have the right to dictate what the crypto-currency should be - as Cobra believes, the crypto-currency has been originally created in order to realize the financial independence of each individual person.

The representatives of the International social movement “CWT” and the team PRIZM also regularly speak about the initial original aim of crypto-currencies.

The leader of CWT and the founder of PRIZM Mr. Alexei Muratov spoke about it at the conference in Johannesburg (South Africa). At that moment, the first Bitcoin fork was being prepared - it was during the Bitcoin Unlimited fork implementation that the CWT movement made it clear that the whole blockchain community is in the illusion of decentralization.

It is important to note that Alexey Muratov's statements were made as far back as in 2016 - that is, a year before the creation of the advanced crypto currency PRIZM. It is the negative trends in the monopolization of the blockchain industry that prompted the international CWT movement to begin developing of its own crypto currency, which does not become centrist as it develops, and remains a decentralized financial instrument. That is how the advanced crypto currency PRIZM appeared.

Activists were the first to openly raise the issue of Bitcoin centering and the problem of usurpation of power in the hands of large mining pools - finally, the crypto community began to wake up and take off the "rose-colored glasses".

Decentralization ceases to be an illusion, the blockchain-community starts to draw the right conclusions and rushes to new, and progressive crypto-currencies.

Representatives of Bank of America said that crypto-currencies are dangerous for their business model

As you know, today Bank of America (BoA) is still one of the largest financial institutions on the planet. However, recently its representatives acknowledged that Bitcoin and other crypto-currencies already pose a threat to its existence. The “Financial Times” additionally draws attention to the fact that similar concerns were mentioned in the annual report of the Bank of America.

The annual report, submitted on February 22nd, was sent to the US Securities and Exchange Commission (SEC). It cites a number of economic, geopolitical and operational risks that pose a threat to BoA in the new fiscal year - for the first time, crypto-currencies have also been included in the document.

To be noted: a little earlier it became known that BoA began to reject payments for crypto currency, carried out by customers of the bank with the help of the credit cards, and as stated in the report, this trend can lead to the withdrawal of people from the banking sphere into the crypto currency market.

"Clients can make a choice in favor of doing business with other market participants offering products in areas that we consider to be speculative, for example, in the field of crypto-currencies," the document says.

Today it is interesting that despite the obvious recognition of the danger that the crypto-currencies bear to the traditional financial system, Bank of America is one of the most prominent and powerful representatives of the crypto-currency industry. It accounts for a huge number of patent applications in the field of Blockchain, including the automatic exchange of digital currencies.

And this is the moment when the head of the bank, Mr. Brian Moynihan, is not tired of saying that "the banking system is a more reliable tool for storing money than Bitcoin and other crypto-currencies."

  • February 28, 2018 3:23 PM MSK
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