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

Avsnitt(373)

What is Jack Dorsey’s “web5”? - Crypto in Plain English - Episode 189 - by cryptohunt.it

What is Jack Dorsey’s “web5”? - Crypto in Plain English - Episode 189 - by cryptohunt.it

What is Jack Dorsey’s “web5”? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Just as you thought you finally understand roughly what web3 means, Jac...

17 Juni 20222min

Can blockchains do more than just handle money? - Crypto in Plain English - Episode 188 - by cryptohunt.it

Can blockchains do more than just handle money? - Crypto in Plain English - Episode 188 - by cryptohunt.it

Can blockchains do more than just handle money? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. If you’ve followed this podcast closely, you will hav...

16 Juni 20221min

How large is the crypto market really? - Crypto in Plain English - Episode 187 - by cryptohunt.it

How large is the crypto market really? - Crypto in Plain English - Episode 187 - by cryptohunt.it

How large is the crypto market really? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Bitcoin, Ethereum, crypto winter, boom, crash. Crypto is in th...

15 Juni 20221min

What is Staked Ethereum (stETH)? - Crypto in Plain English - Episode 186 - by cryptohunt.it

What is Staked Ethereum (stETH)? - Crypto in Plain English - Episode 186 - by cryptohunt.it

What is Staked Ethereum (stETH)? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. You may have heard the name “Staked Ethereum” in the news, as yet an...

14 Juni 20222min

What is the Bitcoin Lightnig network and why does it exist? - Crypto in Plain English - Episode 185 - by cryptohunt.it

What is the Bitcoin Lightnig network and why does it exist? - Crypto in Plain English - Episode 185 - by cryptohunt.it

What is the Bitcoin Lightnig network and why does it exist? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. By now, you’ve heard many times over that...

13 Juni 20221min

How do I create my own coin? And should I? - Crypto in Plain English - Episode 184 - by cryptohunt.it

How do I create my own coin? And should I? - Crypto in Plain English - Episode 184 - by cryptohunt.it

How do I create my own coin? And should I? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. How do I create my own crypto coin, and should I? Today, l...

10 Juni 20221min

What is a Soul Bound Token? - Crypto in Plain English - Episode 183 - by cryptohunt.it

What is a Soul Bound Token? - Crypto in Plain English - Episode 183 - by cryptohunt.it

What is a Soul Bound Token? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today: What is an SBT, which is short for Sould Bound Token? The idea of ...

9 Juni 20221min

Cryptohunt is going live! - Crypto in Plain English - Episode 182 - by cryptohunt.it

Cryptohunt is going live! - Crypto in Plain English - Episode 182 - by cryptohunt.it

Cryptohunt is going live! Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today is a special day for us. Today, we are launching cryptohunt to the pu...

8 Juni 20221min

Populärt inom Business & ekonomi

framgangspodden
badfluence
varvet
rss-jossan-nina
svd-tech-brief
rss-svart-marknad
rss-borsens-finest
uppgang-och-fall
avanzapodden
bathina-en-podcast
lastbilspodden
rss-dagen-med-di
fill-or-kill
rss-inga-dumma-fragor-om-pengar
rss-kort-lang-analyspodden-fran-di
24fragor
borsmorgon
tabberaset
rikatillsammans-om-privatekonomi-rikedom-i-livet
montrosepodden