The Crypto Basic

Two different cryptocurrency users made almost the same mistake, losing a total of 50 thousand dollars in ChainLink (LINK) and Ethereum (ETH). These users who sent money to the wrong chain are now trying to find a way to get those coins back.

Cryptocurrency users can store their digital money in wallets such as Celcius, in addition to trading platforms. Celcius that has more than 340 thousand users, two of them lost a total of 50 thousand dollars due to the wrong transactions they made.

a Binance user named ‘ollout’ decided to transfer his Chainlink funds to Celcius wallet. He checked the wallet address and the withdrawal amount but did not noticed that he was using Binance smart chain, BEP-20, instead of ERC-20 (Ethereum).

As Binance has its own chain, BSC, this binance chain is not compatible with Celcius wallet. This person who tried to send 50 grand in his wallet is now looking for a way to get it back. Community is telling to contact Binance or Celcius, but such transactions cannot be reversed.

Almost the same error was made by another user named KhaSuoo, a Binance user tried to send ETH to his wallet. But mistakenly send them to BEP 20 address.

KhaSuoo is calling for help:

“I’m a rookie. I sent $900 Eth from Binance to Celcius. I thought it didn’t matter what method of transfer I use. And then I found out that my wallet didn’t support the BEP-20 standard. I spoke to the support team, but they said they couldn’t do anything. Is there anything I can do, please help…”

Information on the Celcius network site confirms that these transactions are lost forever.

The company’s instructions says:

“Please do not send Crypto Assets to your Celcius wallet using Binance Smart chain. Cryptocurrencies sent in this way will not be accessible.”

The UK National Health System (NHS) has announced it will use blockchain technology for its Covid-19 vaccines. The NHS has contracted with Hedera Hashgraph to monitor vaccines in cold storage.

The UK will be able to track covid-19 vaccines regularly and efficiently with Hedera’s distributed ledger technology (DLT), thanks to the agreement with Hedera Hashgraph.

CoinDesk reported that the UK has contracted a software company called Everyware to monitor the temperature of existing vaccines. Along with the software that Everyyware offer, temperature monitoring of vaccines will take place around the clock. Hedera Hashgraph will ensure that vaccine temperature data is recorded smoothly.

Strong follow-up is essential to ensure vaccines are not disrupted.
Covid-19 vaccines are a sensitive product that must be stored at a certain temperature. For this reason, temperature monitoring must be carried out regularly so that vaccines don’t deteriorate. Engineer Steve Clarke, of the South Warwickshire NHS, said that as they monitor the temperature requirements of vaccines, they also began to understand the importance of using new technologies.

 Hospitals in the South Warwickshire, Stratford, Avon county, and Warwick of England will be the first regions to experiment the blockchain technology. According to the statement, as the vaccine’s distribution area expands, so will the use of the new technology.

What is Hedera Hashgraph?

Hedera is a blockchain platform using distributed ledger technology. With this feature, Hedera believes that users will be more secure in all transactions they make on their network. Similar to blockchain networks such as Bitcoin and Ethereum, Hedera is a faster, safer, fairer and energy-saving platform. Hedera works with large companies such as Google, IBM, Boeing, LG.

The International Monetary Fund (IMF) has announced that countries in North Africa, Central Asia and the Middle East can turn to technologies such as cryptocurrencies and blockchain. It was stated that illegal transaction tracking can be controlled with cryptocurrencies and, administrative processes can be made more efficient with blockchain technology.

On 13 January, the International Monetary Fund published a paper entitled Economic Management reforms that would promote inclusive growth in North Africa, Central Asia and the Middle East. The article, written by Christopher J Jarvis, Gaelle Pierre, Benedicte Baduel, highlighted the importance of cryptocurrencies and blockchain technology.

States have begun to turn to digital technologies to make official transactions more efficient and transparent. Experts noted that procurement processes and tax transactions are beginning to digitized, and digital payment technologies are gaining importance.

Technology and innovations such as machine learning and automatic information sharing have been emphasized, while cryptocurrencies were also brought to the forefront. The IMF’s article stated that cryptocurrency technology “could be used to track the flow of illegal money”.

Governments Will Be More Transparent With Blockchain’

When talking about Blockchain technology, The article stated that states can make administrative processes more transparent with blockchain.

Cryptocurrencies Bring Risks

The IMF’s article showed not only the advantage but also the disadvantage of cryptocurrencies. Although Blockchain-based cryptocurrencies make it easier to track illegal money flows, they also offer users anonymity. It is said that this feature of cryptocurrency can be used to launder money.

The advice given by experts to states at this point is to create an institutional structure, establish control mechanisms, conduct independent audits and prepare transparent processes.

Developers of the Trezor hardware wallet have warned Android devices users about the fake Mobile Manager Wallet application that is present on the Google Play Store.

The company warned that the malicious application is not related to Trezor or SatoshiLabs and recommended not to install it.

Warning to all Trezor owners using Android devices!

This app is malicious and has no relation to Trezor or SatoshiLabs. Please, don't install it.

Remember that you should never share your seed with anyone until your Trezor device asks you to do it! pic.twitter.com/6C3iKfPDnR

— Trezor (@Trezor) January 18, 2021

At the time of writing, the fake app is still available on Google Play. It was downloaded by over a thousand people.

Creators of the fake app, gave themselves some positive reviews, and raise their rating to 4.7. In the comments, some user’s complain that the app freezes after entering the seed phrase.

“Never share your seed phrase until the Trezor device asks you to,” Trezor reminded.

The Trezor team published a guide to using a hardware wallet for Android users, which they as the only official manual.

At the end of November 2020, a fake application of the decentralized exchange Uniswap appeared on Google Play, which stole cryptocurrencies from users. One of them lost $20,000.

China’s state-backed blockchain project has unveiled a new plan for  central bank digital currency (CBDC). Blockchain-based Service Network (BSN), which combines different blockchain networks under one roof, aims to bring CBDCs together on a single platform in the future.

Blockchain based Service Network (BSN) is a blockchain project established with the support of companies such as China UnionPay, China Mobile, China Merchants Bank. BSN receives government support as well as private companies. According to Coindesk editor David Pan, the BSN project is a proof that ”China wants to be a superpower on blockchain”.

The central bank, the European Central Bank, the Fed, the Central Bank of Russia, the Central Bank of China and many other different banks are aiming to develop their own digital money. The goal of the BSN team in China is to combine these different CBDCs, which are supposed to be produced, into one roof.

Read: Mobile Money And Bkash Have Joined The Ripplenet Network

BSN will collaborate with international banks and technology firms to try to develop a universal digital payment network where digital currency produced by different states can be included at one place. It is announced such a payment network will be used for many different purposes, from banking to insurance.

BSN team announced that this framework is in the design stage, beta work will begin in the second half of 2021. And work is expected to continue until 2026.

Blockchain-based Service Network was launched in October 2019. Xinhua reported at the time of launch, that the main goal of the project was to improve the concepts of smart city and digital economy. The project is known to be overseen by private companies as well as the State Intelligence Center in China.

BSN uses not only blockchain, but also technologies such as 5G, artificial intelligence, Internet of things. The project aims to reduce the costs of small and medium-sized enterprises under the Smart City roof and to extend the use of commercial blockchain to wider scale.

BSN is known to integrate Tezos, NEO, Nervos, EOS, IRISnet and Ethereum networks into BSN on a global scale. Developers working on these networks can transfer their work to BSN to develop DApp (Decentralized Application).