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)

Will quantum computing break crypto? - Crypto in Plain English - Episode 93 - by cryptohunt.it

Will quantum computing break crypto? - Crypto in Plain English - Episode 93 - by cryptohunt.it

Will quantum computing break crypto? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we’ll take a deeper look at an existential threat to bloc...

3 Helmi 20222min

What is the dark web and what does crypto have to do with it? - Crypto in Plain English - Episode 92 - by cryptohunt.it

What is the dark web and what does crypto have to do with it? - Crypto in Plain English - Episode 92 - by cryptohunt.it

What is the dark web and what does crypto have to do with it? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today’s episode explains what the dark ...

2 Helmi 20221min

What happened to Satoshi Nakamoto, the inventor of Bitcoin? - Crypto in Plain English - Episode 91 - by cryptohunt.it

What happened to Satoshi Nakamoto, the inventor of Bitcoin? - Crypto in Plain English - Episode 91 - by cryptohunt.it

What happened to Satoshi Nakamoto, the inventor of Bitcoin? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today’s episode about Satoshi Nakamoto so...

1 Helmi 20221min

What is a crypto winter? - Crypto in Plain English - Episode 90 - by cryptohunt.it

What is a crypto winter? - Crypto in Plain English - Episode 90 - by cryptohunt.it

What is a crypto winter? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we explain what insiders mean when they speak of a crypto winter. Sur...

31 Tammi 20221min

What is cold storage? - Crypto in Plain English - Episode 89 - by cryptohunt.it

What is cold storage? - Crypto in Plain English - Episode 89 - by cryptohunt.it

What is cold storage? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Last time, we discussed how moving crypto keys into a hardware wallet can provi...

28 Tammi 20221min

What is a crypto hardware wallet and should I have one? - Crypto in Plain English - Episode 88 - by cryptohunt.it

What is a crypto hardware wallet and should I have one? - Crypto in Plain English - Episode 88 - by cryptohunt.it

What is a crypto hardware wallet and should I have one? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s understand what a crypto hardwar...

27 Tammi 20222min

How many Bitcoins have been lost forever (and where did they go)? - Crypto in Plain English - Episode 87 - by cryptohunt.it

How many Bitcoins have been lost forever (and where did they go)? - Crypto in Plain English - Episode 87 - by cryptohunt.it

How many Bitcoins have been lost forever (and where did they go)? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s talk about lost Bitcoi...

26 Tammi 20222min

Why does every blockchain need its own token? - Crypto in Plain English - Episode 86 - by cryptohunt.it

Why does every blockchain need its own token? - Crypto in Plain English - Episode 86 - by cryptohunt.it

Why does every blockchain need its own token? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Have you always been curious why every blockchain has t...

25 Tammi 20221min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
psykopodiaa-podcast
mimmit-sijoittaa
rss-rahapodi
ostan-asuntoja-podcast
rss-rahamania
rss-sisalto-kuntoon
sijoituspodi
rahapuhetta
rss-karon-grilli
herrasmieshakkerit
rss-bisnesta-bebeja
rss-draivi
leadcast
rss-lahtijat
rss-laakispodi
rss-seuraava-potilas
rss-paasipodi
rss-yrittajan-mindset
asuntoasiaa-paivakirjat