IMF & World Bank to Launch Coin to Study DLT

In the future the IMF can launch a system based on smart contracts and use the blockchain in the fight against money laundering
15 April 2019   244

The World Bank and the International Monetary Fund have joined forces to create the so-called "learning coin" or "quasi-cryptocurrency" on their own blockchain with limited access, Finance Magnates reports.

The emitted asset has no cash value and is not a “real cryptocurrency”. With its help, the IMF and the World Bank expect to understand the principles of operation of the blockchain technology and explore the areas of use of cryptocurrencies.

The cryptocurrency of the two international financial organizations has its own application, used to store research notes, articles, videos and presentations. Its coins will be credited to the accounts of the World Bank and the IMF for achieving certain educational goals. After that, they can be exchanged for some rewards "in the real world."

The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it. This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology.

IMF Representative

After the end of the current stage of the project, the IMF can launch a system based on smart contracts and use the blockchain in the fight against money laundering.

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.