US Senate Blockchain Voting; China DCEP Could Menace USD; LBRY Views Reach 2.5 Million

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US Senate explores blockchain voting to operate remotely. China DCEP could endanger dollar superiority. LBRY reaches 2.5 million users in April. Coinbase insists bitcoin is more convenient than gold. Binance introduces 8% APY on BUSD lending products, and OpenBazaar introduces ethereum support.

US Senate Explores Blockchain Voting Amidst Coronavirus Pandemic

US Senate

The US Senate is exploring options to keep functioning amidst the coronavirus pandemic. A leaked memo concerning a “Roundtable on Continuity of Senate Operations and Remote Voting in Times of Crisis,” examining the possible tools for establishing a remote voting platform, believes blockchain can be a useful technology for contributing to that end. “Blockchain can provide a secure and transparent environment for transactions and a tamper-free electronic record of all the votes,” the US Senate memo stressed.

China DCEP Could Mean Trouble for the US Dollar

US Senate

Experts are warning about the dangers the Chinese DCEP (the digital yuan) could represent for the superiority of the the US dollar as the world reserved currency in the near future. Glen Goodman, a former journalist and cryptocurrency investor, explained, “the big battle for global financial supremacy could be between the digital yuan and Facebook’s libra dollar, a digital version of the U.S. dollar.” DCEP is already testing in several cities inside China, and it will be released later this year even with delays from the coronavirus pandemic.

LBRY Tops 2.5 Million Users in April

LBRY, the decentralized video and publishing platform, experienced a growth of 250% in its monthly number of users, according to a report of its CEO Jeremy Kauffman. LBRY has been growing as an alternative to bigger video platforms like YouTube as a result of the restrictive content policies which de-platformed and banned several channels (including crypto-based ones). LBRY is beginning to gain traction with its usage roughly doubling in the 5 months.

Bitcoin More Convenient Than Gold, According to Coinbase

US Senate

Coinbase, the most popular US-based exchange, released a new report comparing bitcoin and gold as investment vehicles. The report states bitcoin and gold are fundamentally similar in scarcity and unit of value but acknowledged that “Bitcoin does not rely on fragile physical supply chains and is truly globally accessible.” Gold has been scarce in different markets all around the world as a result of being a safe haven commodity for investors looking to protect their assets and investments.

Binance Offers 8% APY on BUSD Savings

Binance, the world’s biggest cryptocurrency exchange, is offering up to 8% APY on deposits for their new stablecoin BUSD, a high number for platforms of this kind. Binance is clearly trying to battle the slew of DeFi lending applications that have grown immensely this year and, at the same time, attempting to get a piece of the traditional market bombed with low-interest yields since the coronavirus pandemic started. Binance offers products of 7, 14, 30 and 90 days for locked BUSD deposits on its platform.

OpenBazaar Rolls Ethereum Support

OpenBazaar, the decentralized cryptocurrency marketplace, introduced support for ethereum transactions in its platform. OpenBazaar announced they would be integrating ethereum back in 2018 to broaden their audience, but it took them longer than they estimated. Ethereum support is already rolled into the Android-based Haven and desktop apps, while iOS users will have to wait for approval. ERC20 token support is still not available, but might be added featuring Dai support.

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