Russia To Use Crypto To Buy Oil?

Nicolas Maduro and Vladimir Putin has recently concluded a meeting which they have discussed among other things the use of cryptocurrency specifically Petro to buy oil.

Currently Russia buys oil In Yuan rather than in dollars.

Petro is a cryptocurrency created by the regime of Maduro which is running on the hybrid private-public NEM blockchain.

The suggestion was made at a time when the Central Bank of Russia are urging smaller banks to find a secondary partner just in case they get cut off similar to what happened to other countries like Iran and Venezuela.

To help the runaway inflation rate in the country, the Venezuelan government deemed it necessary to release its own cryptocurrency called Petro which is pegged against the cost of one barrel of oil.

However, it seems that Maduro missed the point of cryptocurrencies as it opted to use a hybrid private-public blockchain that is not decentralized enough to make tampering data virtually impossible as well as doing coercive activities extremely expensive and difficult.

To aggravate the situation the government of Venezuela, they want to make another revision and make Petro run on its own private blockchain network which they hope will help them bypass US sanctions.

Fastfood Franchises Now Accepting Cryptos In Venezuela

There has been a growing list of fast-food chains that are willing to accept cryptocurrency in the Venezuela.

Recently, it has been reported that major Food franchise Kentucky Fried Chicken (KFC) has started accepting cryptocurrencies as a method of payment in their shops.

KFC joined the ranks for Subway and Papa John’s pizza chain who are now accepting cryptocurrencies.

According to new reports the co-founder of Dash Merchant Venezuela and Dash Text, Alejandro Echeverria, has been working hard with KFC for the past few months to promote Dash as a means of payment method for the Franchise.

Echeverria reveals that more established businesses are starting to use cryptocurrencies.

Dash Merchant Venezuela is making a major push for wider cryptocurrency adoption in Venezuela which has been stricken with a staggering 1,000,000% inflation rendering its currency, Bolivar worthless.

To accelerate adoption Echeverria also launched Dash Text in November 2018 which is a SMS-based cryptocurrency transaction services that doesn’t require a smartphone or the internet.

$333,000 USD BTC Price Predicted By BTCC Founder Bobby Lee

The brother of Litecoin creator and founder of BTCC, Bobby Lee has recently made a outlandish prediction that might raise some eyebrows in the crypto space.

Via a series of tweets he predicted that Bitcoin will further devaluate in early 2019 hitting bottom at around $2,500 USD and will keep trading sideways until late 2020 when it starts its new monumental bull run .

Lee speculates that in late 2020 the community will see a new monumental bull run for Bitcoin which will start to embark on an unprecedented rally that will bring BTC above $250,000 a piece which is about 100 times the price that it bottomed.

He states that the price of bitcoin may peak on December 2021 at $333,000 and plunge back to $41,000 in January 2023.

He draws his predictions from Bitcoin’s decade-long history of volatile price movements claiming that history repeats itself and if it does the long term bottom of bitcoin will be revealed in early 2019 and a start of a slow and long process of recovery for the number one crypto by market capitalization.

$333,000 might be unthinkable currently but it is not the highest price prediction made by widely known bulls in the crypto community.

Earlier this year John Mcafee predicts bitcoin price to reach $1 million USD in 2020.

Virtual Reality Is The Next Big Application Of Blockchain According To Coinbase CEO

The CEO of one of the largest cryptocurrency exchange in the United States has recently revealed that Virtual Reality (VR) might as well be the next big application for blockchain.

Brian Armstrong believes that VR could become a tool to expand virtual payment technologies.

He believes that as more people use virtual reality or immerse themselves in virtual space the demand for virtual currencies will increase.

He reasoned that it does not make sense or even rude to use a currency of one country when transacting in virtual worlds.

This stems from the fact that people from all over the world will gather in these virtual spaces and it would be exclusionary to use one country’s currency in a digital world.

In addition the Coinbase executive believes that digital currency will create an additional incentive for people to spend more time in these worlds where they can earn money which in turn they exchange and take back to the real world.

Justin Sun Aims To Rescue Ethereum And EOS developers

In a recent twitter post, Justin Sun, the founder of Tron, has recently expressed his desire to help Ethereum and EOS developers from the collapse of their platform in the condition that they move their development to the TRON network.

This comes at a time when Ethereum and EOS have been adversely affected by the recent market down turn.

Whiteblock, a blockchain research and testing company revealed that EOS is not really a blockchain network but more of a distributed homogeneous database which is suffering from significant security failings and lower-than-advertised network performance.

On the other hand, ConsenSys, one of the major Ethereum development firm has recently announced restructuring to eliminate underperforming projects and focus on projects that can create tangible value.

It seems that Justin Sun is wasting no time to leverage an opportunity to onboard developers to TRON targeting developers who are the most affected by the persisting market downturn.

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