Venezuelans to be Able to Send BTC Offline

Local developers are creating two device in the framework of the Locha project - Bitcoin mesh network, based on radio
22 January 2020   441

In Venezuela, the development team is preparing a Locha solution that will allow Bitcoin operations without connecting to the Internet.

The solution is a mesh network. The developers are also working on two devices that will allow you to connect to the Bitcoin blockchain using long-range radio waves.

The first, dubbed Turpial, is a simpler version of a radio transmitter that works at distances of one to two kilometers in urban areas. The second, Harpia, is a limited radio module for small computers.

Both devices are portable and run on battery power.

It is reported that in the future the solution can be integrated with any other blockchain, as well as messaging and file transfer systems such as IPFS.

We are making something for the situations where you don't have Internet at all, either due to lack of infrastructure, targeted censorship or in case you want to be completed anonymous so you don't want to expose your home/phone IP address that is linked to your identity.

 

Randy Brito

Member of the Bitcoin Venezuela 

He also explained that the network would not necessarily rely on nodes connected to the Internet via a landline telephone. Users with satellite dishes can also act as gateways and relay data.

It is expected that the development of devices will be completed by the second quarter of 2020. However, how much time will be required for their further production is still unknown.

Locha will be an open source project so that developers can use it in the future to create similar solutions.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   169

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.