Canadian Company Launches a Blockchain-Based App for Coronavirus Detection

Josselyn Avila
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Canadian Company Launches a Blockchain-Based App for Coronavirus Detection

The tool would notify health authorities of possible contagions through a report based on blockchain technology.

VitalHub Corp., the renowned Canadian technology company, announced the launch of an application that would be able to perform a coronavirus detection test using blockchain technology. The Canadian company reported that Sunny Side Home would use the tool in the care area intended for pandemic control in the Waterloo region.

The developers of this application followed a request that the authorities of the care center prepared. In this way, according to the official statement, the company developed a solution called DOCit.

This tool is responsible for evaluating the symptoms of Covid-19 and offers a probable result on the infection. The use of blockchain technology supports the creation of this new method and could be a quick solution to prevent the increase of contagions in that place.

A report that the solution conducted revealed that DOCit ​​will have the main function of helping to elaborate “detection tasks”. This, in turn, will create a preliminary report on possible infections. Besides, it would allow notifying the medical authorities of the care center, as well as the health agencies of the country and the region.

In a recent interview with Julie Wheeler, Administrator for SunnySide Home, the representative of the company commented on how it is necessary to have an electronic detection tool like this one available to the care center.

“When we reached out to VitalHub to help us with resident screening they were able to develop and implement something in 24 hours. Every minute counts when it comes to safety, having the capacity to respond to our needs so quickly is what every Long-Term Care Home needs”, Wheeler said.

One of the most outstanding characteristics of DOCit ​​is having a complete record of each person, evaluating in real-time risk factors such as previous respiratory diseases, as well as the known Covid-19 symptoms, such as cough, fever, headache, and breathing difficulties. Because the tool shares this record in real-time with the authorities, these authorities could work to stop the number of future infections.

On the other hand, the CEO of VitalHub commented that solutions like this one are useful since the countries must do everything they can combat the Covid-19.

“As a home-specific, configurable assessment, the DOCit solution provides more in-depth analysis of COVID patients, equipping care providers with the ability to identify trends in symptoms and groups of affected individuals quickly and early on, which we have learned is of critical importance in fighting against the pandemic”.

Blockchain ​​Solutions to Fight Against Covid-19

The World Health Organization (WHO) has shown a deep interest in using blockchain-based tools for the detection and prevention of the new disease. In recent weeks, the organization gave its approval to use these applications in some places where the use of clinical detection tests could be scarce, this would serve as identification for possible contagions, and prevent their spread.

According to a press release published on March 28th, the WHO had already contacted some of the most important blockchain technology companies to develop tools that facilitate the work of detecting Covid-19.

In this way, it is possible that shortly there will be blockchain solutions that help detect possible infections without the need to leave home. Then, it will be possible to alert the competent health authorities.

By María Rodríguez

New Zealand Warns Its Citizens About Possible Scam in “Profit Bitcoin”

Maria Rodríguez
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The platform promised its users earnings of up to USD 13,000 per day in less than 20 minutes if using its alleged BTC trading software.

The number of scams is increasing while the world is experiencing the Covid-19 pandemic. This situation happens since some criminals want to take advantage of this delicate situation. For this reason, some government entities have taken strong surveillance measures to avoid thefts on digital platforms.

In this way, the New Zealand regulatory body issued a statement raising an alert about a possible scam on the website called “Profit Bitcoin”. The regulator further reports that the number of cryptocurrency scams has increased since the start of the pandemic. Therefore, the public body warns its citizens about possible Bitcoin (BTC) investment scams.

The New Zealand Financial Markets Authority (FMA) published the statement last Tuesday, April 6th. This document claims that the web platform “Profit Bitcoin” conducts actions that may be suspicious. Besides, it suggests to the population to avoid investing in Profit Bitcoin.

The FMA statement indicates that the website promises its users a new method to get rich with Bitcoin. According to FMA’s indications, the platform explains that by using advanced software the user could obtain gains up to 99.4% accuracy in the BTC “trades”.

The Scam Included Government Authorities with Fake Movements

New Zealand authorities highlighted that the platform does not have the necessary permissions to operate in the country. The authorities also said that the platform, in turn, has all the signs of a common scam.

The official New Zealand regulator said in the statement that Profit Bitcoin committed serious infractions by including images of government authorities in its promotions. According to investigations by Theprofitbtc.com, which is the regulatory authority’s office, the platform would have used photographs of Jacinda Ardern, who is the Prime Minister of New Zealand, to promote the use of the software on some social networks such as Facebook.

Regarding what Profit Bitcoin specifically does, the statement reports that the platform is engaged in trading businesses with some of the most widely used cryptocurrencies on the market. But the alleged scam can be found in the software that the platform offers its users.

Once the user downloads the software “free of charge” (or free), some kind of deception could occur when giving personal data or trying to conduct a transaction. The false promise includes that the user could receive up to $ 13,000 in daily earnings just by registering on the page.

Besides, the software also includes the premise that “users will have a minimum of work”, so the platform offers its users less than half an hour of effort. “Profit Bitcoin members generally earn a minimum of $ 13,000 per day. Our members work an average of 20 minutes a day or less. Because the software handles trading, the amount of work required is minimal”, the stamen explains.

In this way, New Zealand authorities want to prevent its users and avoid more scams that could affect users.

By María Rodríguez

Deutsche Bank Company: Coronavirus Pandemic Could Benefit CBDC Development

Maria Rodríguez
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Deutsche Bank Company: Coronavirus Pandemic Could Benefit CBDC Development

Governments could boost digital money alternatives to prevent the spread of the disease.

The current crisis that the lung disease Covid-19 generated could boost the development of Central Bank Digital Currencies (CBDCs). This virus has caused serious economic problems worldwide. However, CBDCs can become the most viable option to face the limitations resulting from the quarantine that citizens are facing in recent months.

In this sense, the macro strategist of the financial company Deutsche Bank, Marion Laboure, stated her opinion regarding this situation on her Twitter account. According to Laboure, the pandemic could be the reason why the world’s largest central banks are considering promoting digital alternatives.

The increasing risk of Covid-19 spreading more strongly may lead banks to think about more efficient solutions, according to a series of tweets published by the expert last April 3rd. CBDCs could benefit the most since governments need reliable and safe alternatives.

CBDCs Could Prevent Coronavirus from Spreading

One of the main measures that China took last February to prevent the spread of Covid-19 was to suspend the use of cash. These types of protocols emerged after an investigation discovered in 2008 that the Influenza virus could survive up to 17 days on cash.

According to Laboure, this action shows that governments can consider the use of cash as a risk factor in circumstances such as the ones we see today. Therefore, some financial institutions may be looking for new ways to boost digital money transactions to avoid risks. This decision could be another opportunity for digital currencies.

Mentioning the same idea, the official Deutsche Bank also supports the solution. “A once-in-a-century pathogen demands once-in-a-century solutions. An obvious place to start is to accelerate the inevitable shift toward (digital cash)”. The institution sent this message through its official Twitter account at the beginning of April 2020.

Supporting the thesis on the risk associated with the use of cash during the pandemic, Laboure published an article last March 19th. She explained, along with other experts in the field, that it is imperative to take digital measures to prevent the spread of the Covid-19.

“While Chinese authorities have been destroying banknotes that have potentially come into contact with the coronavirus, Western countries remain woefully behind not just in their response to the pandemic, but also in adopting digital payments. One silver lining to the Covid-19 crisis is that this may soon change”, the article says. Laboure considers that Western countries are having problems, this way, to face the pandemic that has killed 108.614 people around the world.

Although collaborators of Laboure supported her words in the article, the affirmation contrast with the research of the Deutsche Bank. The research published in January only recognizes the decrease in cash payments in China. However, the study details that money can still spend a long time in circulation and Central Bank Digital Currencies would not replace fiat money in a short time either.

By María Rodríguez

Twitter’s Privacy Policy Undergoes Changes that Cryptocurrency Community Rejects

Alexander Salazar
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Twitter’s Privacy Policy Undergoes Changes that Cryptocurrency Community Rejects

Many people indicate that they prefer to pay for the service rather than to transfer their data. Some users favor the use of decentralized microblogging platforms.

The cryptocurrency community used social media to react against the changes in Twitter’s privacy policy. Last April 8th, the microblogging platform notified its users about the removal from the accounts of the option that allowed citizens to prevent their data from being shared for commercial purposes. “Your control over the information that Twitter shares with its business partners has changed,” the message stated.

After Twitter adopted that measure, there have been multiple reactions of rejection on the social networks. Among the comments, members of the cryptocurrency community have stated that they prefer to pay for the service rather than to lose their privacy. Many people said that they would pay for privacy and free advertising on Twitter. Some others would pay USD 5 per month to use Twitter without advertisements.

Zooko Wilcox, creator of the privacy-based cryptocurrency Zcash, had previously posted a tweet rejecting the Twitter notification. He told the company that he would rather pay so that it would stop sending advertisements that seek to manipulate people’s thoughts and emotions. Zooko’s comment triggered a reaction from the cryptocurrency community, which has received multiple responses.

In its notification, Twitter added that the update will help the company to continue operating as a free service. The Twitter change affects a setting through which users were able to decide whether or not to share data with Twitter’s business partners.

In the past, the setting prevented Twitter from sharing advertisements that users saw or clicked, as well as from using advertising identifiers to track their movements and the applications that they used for their phone devices. Twitter will now share that information by default and most users will have no other option to decide on this feature in the future.

Twitter stated that the measure is part of its continued “work around transparency and control.” They add that the data that they share allow them to show the effectiveness of advertising on the platform. In other words, it helps them to show that people are interacting with the advertisements for which advertisers pay. The company clarifies that it does not provide information to third parties about user names, e-mail accounts or phone numbers.

Other comments from the cryptocurrency community indicate that Twitter is not a service: “When we get something for free, it generally means that we are the product rather than the consumer.” Meanwhile, other users favor abandoning Twitter and opting for decentralized social media platforms like Hive.

The Zcash Foundation contributed in December last year to ​​finance the development of a more decentralized messaging application, which has privacy as one of its top priorities. The project found inspiration in market research on sex workers and LGBT+ communities, who experienced censorship and malicious surveillance. The same as social media users, they required more privacy in their messaging system.

By Alexander Salazar

Highest Point in Number of Bitcoin Whales after More Than Two Years

Alexander Salazar
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Highest Point in Number of Bitcoin Whales after More Than Two Years

As the halving approaches, large investors are accumulating BTC. The figure had not reached this level since late 2017 when the price of Bitcoin was USD 20,000.

Big Bitcoin investors, known as whales in the community, are accumulating an increasing amount of BTC as the halving of the first cryptocurrency, scheduled to occur in May, approaches.

An analysis by the firm Glassnode indicates that there are currently almost 1,850 entities or operators that have at least 1,000 BTC, which confirms that the whales are in the accumulation phase. The figure had not reached that level since the end of 2017 when Bitcoin had a value of USD 20,000. However, the behavior of large investors at that time was one of capitulation, that is, that of selling or taking the profits.

No one in the ecosystem had seen the current level in the number of whales, in the accumulation phase, since the beginning of 2016, just before the second Bitcoin halving event. The third will occur next May, with a reduction of the reward to miners from 12.5 BTC to 6.25 BTC per mined block.

The report highlighted that the behavior of investors to acquire more BTC has not changed, despite the fluctuations that the market has experienced and the collapse that the price of Bitcoin had on March 12th. In this regard, the agency highlighted that the growth in the number of whales, that is, entities with at least 1,000 BTC, increased before last month’s market crash and accelerated during and after the crash.

That growth suggests that the biggest players in the market are accumulating BTC, which sends an optimistic signal. This trend implies that, despite an uncertain market environment, the whales still trust that now is a good time to accumulate BTC.

During the last few days, the movements of the whales could have also had an impact on the increase in the volume of transactions recorded in the week from April 1st to April 8th. Glassnode reported a 23% rise in adjusted transaction volume.

Around a month ago, the price of Bitcoin fell more than 40%, just one day after the World Health Organization (WHO) declared a global quarantine. The agency made that decision due to the expansion of the COVID-19, an infectious disease that attacks the respiratory system and can cause death. The health situation has already led to around 100,000 deaths worldwide since scientists have not yet been able to develop a vaccine against the disease.

Under this pandemic scenario, the potential global economic recession, the crisis in the energy market and devaluations of multiple fiat currencies, the volatility of Bitcoin will be evident, according to specialists.  The reason why this occurs is that a large group of BTC holders could release their positions to obtain cash in the face of possible contingencies.

At the time of writing this article, the price of BTC was USD 7,050 with a negative variation of 3.64% compared to its price 24 hours ago, according to data from CoinMarketCap.

By Alexander Salazar

Behavior of Bitcoin Cash Price in Face of Halving

Alexander Salazar
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Behavior of Bitcoin Cash Price in Face of Halving

A few hours after its first halving, the price of Bitcoin Cash fell. Below is an answer to why this situation occurs and whether or not this event should be.

Bitcoin Cash, the most important fork of Bitcoin, the 5th in the ranking of the largest by market capitalization, witnessed its Halving last April 8th. Even though many people consider it a positive event, its price has dropped a little.

Behavior of Bitcoin Cash on April 8th

Between March 12th and April 8th, BCH managed to increase its price by almost 100%.

At the time of writing this article, sellers have momentarily taken control, dragging the price toward USD 263, eliminating much of the profit after reaching a daily high of USD 280.

However, intraday time frames, mainly the 4-hour time frame, allow observing a bullish trend. This could be a setback to continue the upward structure that is still in force.

Buyers have been able to overcome strong resistance, but USD 275 was a good hurdle. If bulls manage to break it down, the path towards USD 300 will be completely clear.

The moving averages on the 4-hour candlestick chart support the bullish short-term outlook for the Bitcoin Cash price.

The exponential moving average (EMA) of 8 and simple moving average (SMA) of 18 are crossed to the upside, functioning as an excellent dynamic supports amid the price rise.

The 200 4-hour SMA is also bullish and its break has meant strong control by the purchased side in the short term.

In the daily candlestick chart, the view changes a little, since it is possible to see how the largest structure is still bearish. What currently seems to be a recovery may mean a deep setback for a subsequent bearish momentum.

At the time of writing this article, the Bitcoin Cash price is struggling with the important 200-day SMA, the current resistance. This also converges with the 61.8% retracement level of Fibonacci, so sellers may be about to take control.

Abrupt Drop in Price

Halving is the reduction by half of the speed of issuance of the remaining coins, as well as the reward per solved block.

The same as will happen with Bitcoin, the BCH blockchain will reduce its production of units from 12.5 to 6.25 per block. This adjustment should logically be positive in the long-term for the Bitcoin Cash price if there is an increase in the demand.

In case it does not occur in that way, BCH miners will need to increase transaction fees in the long term, as a result of possible losses from the block reward decrease.

Bitcoin Cash is attractive to many people because of its 32mb block size. This feature allows making more transactions per second than with its parent, which has a maximum block size of 1 mb.

However, this should not be the only thing for people to trust a project like this. Its development could stagnate as the adoption is not enough to continue. Meanwhile, those supporting the network (miners) find it more difficult to work in it.

BSV First Halving

The Bitcoin SV code, offspring of Bitcoin Cash, also underwent the Halving protocol.

Its developer, Brad Jasper, indicates that the halving event will be negative in the short term, even for BCH. He expects miners to temporarily migrate to more profitable chains.

However, he thinks that their utility will prevail in the long term, mainly due to the priority that these projects give to transaction capacity.

By Alexander Salazar

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