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Nov 30, 2019 at 12:30 // News

A Chinese internet writer has developed a practice of uploading and storing her literary works on tamper-proof blockchain-powered storage

One superb Chinese online author identified as Chen Hongyan aka Lingchen has developed a practice in her innovative method of frequently uploading and storing her literary works onto a tamper-proof blockchain-powered store. When she uploads a piece of work, she by design gets a series of data as the digital ID for the work.

Building Walls with Disruptive Technologies

She is actually a great legatee of the distributed ledger tech (DLT) being applied by the Hangzhou Internet Court, that was created in Sept 2018, to
improve the safety of IP rights. This was the pilot use of DLT and blockchain in China in the arena of judiciary.

The judicial DLT has the potential to reserve proof for copyright holders to safeguard them properly from any sort of encroachments and violations. As per the court officials, the DLT platform has been used to securely keep information about time, locality and individuality.

Several encroachments are as a result of Hongyan’s fame. Chen’s internet literary works have got over 100 million views and record has it that her audiobooks were used over 1 mln times.

Using Blockchain to Shield Sensitive Information

Chen unveiled in the recent past that if she visited the court, she had to give enough proof with backed facts. But now she can wake up one time and prove for example Lingchen was the real writer of the work thanks to blockchain technology. Before then, she also had to look for clear proof before the malevolent violators erased the material.

Generally, if an author or any copyright owner has a certain special blockchain-based ID just like Chen, then it becomes very easy to claim her/his IP right beforehand.

The Internet Court in China revealed that the judicial blockchain and DLT has so far managed to register over 2.1 bln pieces of information from its inception hence simplifying efforts to search for the proof. Now, other internet courts in some parts of the country have started to follow suit by rolling out judicial applications of DLT.

Just two months ago, the Supreme Court of China also set up an integrated topnotch judicial DLT platform so that courts, notary bureaus, scientific and forensic bases can be easily brought. However, remember China is very friendly to blockchain technology but very hostile to cryptocurrencies including Bitcoin.

Do you think other countries will copy what China is doing as far as the use of blockchain technology is concerned? By Coin Idol , 2019-11-30 14:30:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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