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VideoCoin debuted its blockchain-powered video infrastructure platform dubbed the VideoCoin Network this week, along with the listing of the native VID token on KuCoin and Beaxy cryptocurrency exchanges. This launch enables VideoCoin users to live stream video content, as well as be compensated for hosting the streaming services.⠀⠀⠀⠀⠀⠀⠀⠀⠀
We got a chance to interview VideoCoin Founder Halsey Minor on what this announcement means for the video streaming industry, obstacles his team faced in the past few months, and a few subjects off the beaten path such as Facebook Libra. Halsey Minor borrows from an amalgam of unique high-level entrepreneurial experiences to pioneer yet another industry.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Minor started one of the world’s largest media publications (CNET), co-founded one of the most successful cloud-based software companies (Salesforce), founded a cryptocurrency exchange (Uphold), and founded a virtual reality company that created the first live-stream 360-degree virtual reality camera (Live Planet).⠀⠀⠀⠀⠀⠀⠀⠀⠀
“We built the VC Network from the ground up as a next-generation solution to allow anyone to stream video using our blockchain-powered video infrastructure platform,” said Devadutta Ghat, CTO at Live Planet – strategic services and technology provider to the VideoCoin project – and Principal Architect at VideoCoin Network. “I’m thrilled to officially unveil the VideoCoin Network today, marking a major milestone on our journey to revolutionizing the multi-billion dollar video streaming market.”⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The trade war between the United States and China is reaching new highs recently as the Chinese yuan keeps falling in value. Because of this, some signs that Chinese investors are starting to buy Bitcoin are starting to appear these days.
According to a recent report made by Bloomberg, the negative correlation between the Chinese national fiat currency and the largest crypto asset in the world, Bitcoin.
Before now, the Chinese government constantly tried to keep the value of the yuan afloat. It should be worth above 7 CNY to 1 USD, but now the government has decided not to protect the currency in order to hurt the U. S. This made the yuan reach its lowest level in around 10 years.
This was an escalation of the trade war, which got heated after the U. S. President Donald Trump threatened to impose 10% tariffs on all Chinese products.
Another sign that Chinese investors are buying a lot of Bitcoin is that exchanges that cater to the Chinese market such as Huobi are trading with a premium right now because there are a lot of people who want these assets at the moment.
According to Garrick Hileman, the research director at Blockchain, the trade war has caused tension in China and the devaluation of the national currency has affected the population, which is looking for more stable assets right now. Some see Bitcoin as a safe haven asset, so they are investing in it.
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Bitcoin has been declared legal property in China after a court ruling by the Hangzhou Internet Court. The declaration was made following an injunction on a legal dispute between crypto exchange FXBTC and a client who lost funds when the company closed down.⠀⠀⠀⠀⠀⠀⠀⠀⠀
The customer claimed that he bought bitcoin through the platform which had then been listed in the Taobao marketplace. He apparently bought 2.675 bitcoins and left them in a wallet on the exchange.⠀⠀⠀⠀⠀⠀⠀⠀⠀
The customer reportedly attempted to log into his account in 2017 but was unable to do so as the company’s services had already been wound up.⠀⠀⠀⠀⠀⠀⠀⠀⠀
The FXBTC closed its doors in 2014 citing pressure from the Central Bank of China. It also reported having issues accessing its bank accounts following a change of policy by the People’s Bank of China (PBOC).⠀⠀⠀⠀⠀⠀⠀⠀⠀
The plaintiff who had also enjoined TaoBao in the lawsuit was unsuccessful in proving that the e-commerce giant was directly involved in the loss of his funds.⠀⠀⠀⠀⠀⠀⠀⠀⠀
The Internet Court, which deals with online-based cases, however, made the asseveration that bitcoin is considered legal property according to the country’s statutes because it can be traded as an asset, and has scarcity and value attributes. The following is the actual pronouncement made by the court regarding this.⠀⠀⠀⠀⠀⠀⠀⠀⠀
“It is worth noting that this is the first time that our court has determined the attributes of the virtual property of digital currency such as Bitcoin. The Hangzhou Internet Court stated that Bitcoin has the value, scarcity, and disposable nature of property as a right object, and should be recognized as its virtual property status.”⠀⠀⠀⠀⠀⠀⠀⠀⠀
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