applications

Opinion: The vast majority of innovative applications of cryptocurrencies like Bitcoin essentially belong to financial services

ChainCatcher news, according to the WeChat public account of the China Financial Forty Forum, Liu Xiaochun, Vice President of the Shanghai Institute of New Finance (SFI), and Xiao Lei, a young researcher at the Shanghai Jiao Tong University China Financial Research Institute and head of investment at Kaitai Vision Fund (Hong Kong), co-authored an article titled "Reconsidering the Modern Monetary System in the Wave of Cryptocurrencies."The article points out that there have been various analyses and expectations regarding cryptocurrencies like Bitcoin in the current market. The 2024 U.S. election has further brought cryptocurrencies like Bitcoin to the forefront. However, for cryptocurrencies to truly replace existing sovereign currencies, they still face institutional realities and challenges. The vast majority of innovative applications of cryptocurrencies like Bitcoin essentially belong to financial services.In dealing with cryptocurrencies, a more valuable approach is to explore their more feasible application paths in the financial sector based on the functions and systems of modern money, combined with the technical characteristics of cryptocurrencies. This can mainly be approached from two directions: first, exploring the financial assetization path that is not linked to fiat currencies; second, developing payment and settlement tools that are linked to fiat currencies.

Vitalik published a long article titled "d/acc: one year later," discussing AI safety and cryptocurrency applications

ChainCatcher news, Ethereum founder Vitalik Buterin published a long article titled "d/acc: one year later," reflecting on the development of the d/acc (decentralized acceleration) concept proposed last year. The article focuses on three key issues: AI safety regulation, the role of cryptocurrency in d/acc, and public goods financing.Vitalik proposed two major strategies for AI safety: first, establishing accountability by setting reasonable legal responsibilities for AI users, deployers, and developers; second, implementing a global "soft pause" mechanism at the industrial hardware level, which can reduce global computing power by 90-99% if necessary. Vitalik stated that d/acc has three major connections with cryptocurrency: the extension of values, the early adopter community, and technological complementarity. In particular, the contributions of the crypto community in areas such as prediction markets and zero-knowledge proofs. The article also mentions innovative mechanisms including quadratic funding, retroactive public goods funding, and deep funding, emphasizing the importance of decentralized financing in promoting the development of open-source projects. Vitalik believes that despite the current challenges of rapid technological development and reduced global cooperation, new tools such as AI and biotechnology provide humanity with the capability to address these challenges.
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