DWA

Crypto Word Of The Day

Decentralized - According to the Cambridge dictionary, decentralisation means organizations or their activities which are not controlled from one central place, but happen in many different places: This in 'crypto-sphere' means that It resists the control of central authority. That means that if you’re holding a currency like Bitcoin or Ethereum in a private wallet it can’t be taken or seized by an outside authority, or even the developers of those currencies themselves. You can store your funds knowing that they are safe as long as you protect your private keys. Decentralized systems can function without a third party to manage them while a centralized system is controlled by a central authority such as an exchange owner.

Crypto News

Binance's world dominance threatened as they face regulatory woes

In a shocking turn of events, Binance has encountered intense scrutiny from financial regulators in several countries. They are currently fighting a criminal complaint from the Thai Security Exchange Commissions. Financial regulators in the UK, Japan, the Cayman Islands and South Africa have also sent out warnings against the popular cryptocurrency exchange.

In response to the negative developments, Binance CEO Changpeng Zhao published a letter on the regulatory challenges the company was facing stating that:

"During the four years, we have seen regulators take a more active interest in the industry as-a-whole as the industry goes mainstream. We welcome this development, however, there is still much to do to harmonize the treatment of crypto-currency around the world. We aim to continue our efforts in working with regulators collaboratively to meet their concerns as the industry continues to grow," the letter read.

Crypto Trivia

The smallest unit of Naira is Kobo, the smallest unit of Dollar is Cents. What is the smallest unit of Bitcoin?