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)

Why is the European Union trying to ban Bitcoin and Ethereum? - Crypto in Plain English - Episode 141 - by cryptohunt.it

Why is the European Union trying to ban Bitcoin and Ethereum? - Crypto in Plain English - Episode 141 - by cryptohunt.it

Why is the European Union trying to ban Bitcoin and Ethereum? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s talk about a recently prop...

12 Huhti 20221min

What is Biden's Executive Order on Crypto about? - Crypto in Plain English - Episode 140 - by cryptohunt.it

What is Biden's Executive Order on Crypto about? - Crypto in Plain English - Episode 140 - by cryptohunt.it

What is Biden's Executive Order on Crypto about? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let's take a deeper look into US President Bi...

11 Huhti 20222min

What is a Consensus Mechanism in blockchains? - Crypto in Plain English - Episode 139 - by cryptohunt.it

What is a Consensus Mechanism in blockchains? - Crypto in Plain English - Episode 139 - by cryptohunt.it

What is a Consensus Mechanism in blockchains? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let's talk about consensus mechanisms in blockch...

8 Huhti 20221min

What is a Store of Value? - Crypto in Plain English - Episode 138 - by cryptohunt.it

What is a Store of Value? - Crypto in Plain English - Episode 138 - by cryptohunt.it

What is a Store of Value? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. You've probably heard the term "store of value", which is usually used in r...

7 Huhti 20221min

Why is a big Hedge Fund betting against a stable coin? - Crypto in Plain English - Episode 137 - by cryptohunt.it

Why is a big Hedge Fund betting against a stable coin? - Crypto in Plain English - Episode 137 - by cryptohunt.it

Why is a big Hedge Fund betting against a stable coin? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. A short seller called Fir Capital is making hu...

6 Huhti 20221min

What is “Transactions per second” (TPS) and why does it matter? - Crypto in Plain English - Episode 136 - by cryptohunt.it

What is “Transactions per second” (TPS) and why does it matter? - Crypto in Plain English - Episode 136 - by cryptohunt.it

What is “Transactions per second” (TPS) and why does it matter? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let's look into one the most f...

5 Huhti 20221min

What is a governance token? - Crypto in Plain English - Episode 135 - by cryptohunt.it

What is a governance token? - Crypto in Plain English - Episode 135 - by cryptohunt.it

What is a governance token? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. By now, you know that there are many different kinds of tokens: for examp...

4 Huhti 20222min

What the meow are Cryptokitties? - Crypto in Plain English - Episode 134 - by cryptohunt.it

What the meow are Cryptokitties? - Crypto in Plain English - Episode 134 - by cryptohunt.it

What the meow are Cryptokitties? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today: What the meow are Cryptokitties? CryptoKitties are one of the...

2 Huhti 20221min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
rss-sisalto-kuntoon
rss-rahamania
ostan-asuntoja-podcast
rahapuhetta
herrasmieshakkerit
sijoituspodi
rss-karon-grilli
leadcast
asuntoasiaa-paivakirjat
rss-lahtijat
rss-startup-ministerio
rss-paasipodi
rss-yrittajan-mindset
rss-draivi
pomojen-suusta
rss-valaistumisia-tyoelamasta