Why are wallet sanctions a problem for blockchains? - Crypto in Plain English - Episode 238 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it26 Elo 2022

Why are wallet sanctions a problem for blockchains? - Crypto in Plain English - Episode 238 - by cryptohunt.it

CLICK HERE to level up your knowledge on Web3 through our FREE course!

Why are wallet sanction a problem for blockchains?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Yesterday, we talked about Tornado Cash, a service that was sanctioned by the US government because it allowed money laundering on the Ethereum blockchain. With that also came sanctions of 45 specific wallets.

What that means is: No US company or individual can do business with, or interact with those wallets.

Sounds easy enough? Actually, this makes things pretty complicated.

You see - these wallets are still recorded on the Ethereum blockchain. By design, a blockchain’s history can’t be altered. And they will likely move money again, and there is nothing the US government can do about that.

When transactions happen, a blockchain validates those. That means it has to interact with the wallets by checking and updating their balance. And this could potentially violate sanctions, putting Ethereum miners at risk whether they want it or not if they operate out of the United States - which the majority do.

It also creates issues for anyone operating any software connected to Ethereum: They will have to make sure to ban wallets associated with Tornado Cash, but due to the nature of the service, it will be impossible to know which ones are.

There you have it - this is the first time sanctions like this have been put in place. Keep an eye on the news, because this might get interesting.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

Jaksot(373)

Cryptohunt it dead - Episode 373 - by cryptohunt.it

Cryptohunt it dead - Episode 373 - by cryptohunt.it

Cryptohunt it dead Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English. Cryptohunt i...

6 Maalis 20232min

How ERC-4337 will put an end to forgotten crypto keys - Episode 372- by cryptohunt.it

How ERC-4337 will put an end to forgotten crypto keys - Episode 372- by cryptohunt.it

How ERC-4337 will put an end to forgotten crypto keys Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As alw...

3 Maalis 20232min

What is Eth Denver, and why are all the crypto enthusiasts going there? - Episode 371 - by cryptohunt.it

What is Eth Denver, and why are all the crypto enthusiasts going there? - Episode 371 - by cryptohunt.it

What is Eth Denver, and why are all the crypto enthusiasts going there? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-chan...

2 Maalis 20232min

What’s up with all these .xyz domains? - Episode 370 - by cryptohunt.it

What’s up with all these .xyz domains? - Episode 370 - by cryptohunt.it

What’s up with all these .xyz domains? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain E...

1 Maalis 20232min

What are Bitcoin Ordinals? - Episode 369 - by cryptohunt.it

What are Bitcoin Ordinals? - Episode 369 - by cryptohunt.it

What are Bitcoin Ordinals? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English. It’s...

1 Maalis 20232min

Why did Coinbase invent BASE, its own blockchain? - Episode 368 - by cryptohunt.it

Why did Coinbase invent BASE, its own blockchain? - Episode 368 - by cryptohunt.it

Why did Coinbase invent BASE, its own blockchain? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always:...

27 Helmi 20232min

The future of voice - How AI will change the things you listen to - Episode 367 - by cryptohunt.it

The future of voice - How AI will change the things you listen to - Episode 367 - by cryptohunt.it

The future of voice - How AI will change the things you listen to Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing i...

24 Helmi 20232min

How generative AI will create never-ending stories - Episode 366 - by cryptohunt.it

How generative AI will create never-ending stories - Episode 366 - by cryptohunt.it

How generative AI will create never-ending stories Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always...

23 Helmi 20232min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
ostan-asuntoja-podcast
rss-rahamania
herrasmieshakkerit
rahapuhetta
rss-laakispodi
rss-sisalto-kuntoon
rss-sami-miettinen-neuvottelija
leadcast
rss-lahtijat
rss-bisnesta-bebeja
rss-seuraava-potilas
sijoituspodi
rss-karon-grilli
rss-juurisyy-johtamisesta-kilpailuetua
rss-draivi
rss-johtoajatuksia