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)

Sam Bankman-Fried pleads “not guilty” - but why? - Episode 333 - by cryptohunt.it

Sam Bankman-Fried pleads “not guilty” - but why? - Episode 333 - by cryptohunt.it

Sam Bankman-Fried pleads “not guilty” - but why? It’s Monday, Jan 9th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining the intersection of exciting new technologies and your w...

9 Jan 20232min

Why banks fear crypto so much - Episode 332 - by cryptohunt.it

Why banks fear crypto so much - Episode 332 - by cryptohunt.it

Why banks fear crypto so much Ever wondered why banks never really talk about crypto publicly? Because they are afraid of it. Welcome to the Cryptohunt Jam, where we spend a minute a day explaining th...

6 Jan 20233min

A critical look at decentralization: Part 3 – Maybe not a good idea after all? - Episode 331 - by cryptohunt.it

A critical look at decentralization: Part 3 – Maybe not a good idea after all? - Episode 331 - by cryptohunt.it

A critical look at decentralization: Part 3 – Maybe not a good idea after all? Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the intersection of...

5 Jan 20233min

A critical look at decentralization: Part 2 – In defense of giving power to the people - Episode 330 - by cryptohunt.it

A critical look at decentralization: Part 2 – In defense of giving power to the people - Episode 330 - by cryptohunt.it

A critical look at decentralization: Part 2 – In defense of giving power to the people Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the interse...

4 Jan 20232min

A critical look at decentralization: Part 1 – The erosion of trust - Episode 329 - by cryptohunt.it

A critical look at decentralization: Part 1 – The erosion of trust - Episode 329 - by cryptohunt.it

A critical look at decentralization: Part 1 – The erosion of trust Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the intersection of exciting ne...

3 Jan 20232min

Did Trump just make millions off an NFT collection? - Episode 328 - by cryptohunt.it

Did Trump just make millions off an NFT collection? - Episode 328 - by cryptohunt.it

Did Trump just make millions off an NFT collection? Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the intersection of exciting new technologies ...

2 Jan 20233min

This blockchain is crushing it behind the scenes - Episode 327 - by cryptohunt.it

This blockchain is crushing it behind the scenes - Episode 327 - by cryptohunt.it

This blockchain is crushing it behind the scenes Welcome to the Cryptohunt Jam, where we spend one minute a day explaining the intersection of exciting new technologies and your world. As always: In p...

30 Dec 20222min

Starbucks is going crypto… but why? - Episode 326 - by cryptohunt.it

Starbucks is going crypto… but why? - Episode 326 - by cryptohunt.it

Starbucks is going crypto… but why? Welcome to the Cryptohunt Jam, where we spend one minute a day explaining the intersection of exciting new technologies and your world. As always: In plain English....

29 Dec 20223min

Populärt inom Business & ekonomi

framgangspodden
varvet
badfluence
rss-jossan-nina
rss-borsens-finest
svd-tech-brief
uppgang-och-fall
avanzapodden
rss-svart-marknad
borsmorgon
fill-or-kill
bathina-en-podcast
rss-inga-dumma-fragor-om-pengar
rss-dagen-med-di
24fragor
tabberaset
lastbilspodden
rss-kort-lang-analyspodden-fran-di
rss-den-nya-ekonomin
kapitalet-en-podd-om-ekonomi