'Blockchain' is the new trending latest technology that is emerging nowadays. Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success. The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness. Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already.
The uniqueness of any organization becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box. The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time. These consensus algorithms have their own drawbacks and Libonomy believes in providing an error-free consensus engine that has been architectured carefully. It uses the Artificial Intelligence consensus algorithm, an automated computer generated engine that saves energy, time and gives high speed of the transaction.
And now the Chinese government is minting cash digitally in a re-imagining of money that could rock a pillar of American power.It may seem that money is already virtual, like credit cards and payment apps such as Apple Pay in the U.S., and WeChat in China eliminates the need of carrying money.
China is on the way to converting legal tender into computer code.
It has been observed that they have recently declared all crypto-currency transactions illegal in order to give a proper place to their digital currency.There could be another reason for this, cryptocurrencies such as bitcoin portend a possible digital future for currencies, but they exist outside the traditional global financial system.
On one side they are not legal tender like cash issued by governments and on another side, the government doesn’t have any control over them.
They can’t even access the transaction data and accurate holding details.As we are aware of the way the Chinese government operates, they like to have control over everything in their hands, and cryptocurrencies seem like a rebellion in their policy.
In this article, we will talk about some of the recent decisions taken by the Chinese Government on Cryptocurrency and their impact as well.
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