When will the ycc Mainnet be launched?

08/12/2023 22:24 • Metaverse Matters • 76 views

When will the ycc Mainnet be launched? When will the ycc Mainnet be launched?

In August 2019, the China Blockchain Technology and Industry Innovation Summit and the Global Blockchain Leaders Annual Meeting were held in Beijing. The conference released the “2018 Blockchain Industry Development Report”, which introduced the application prospects and development trends of blockchain in various industries. The report believes that “the rapid growth of blockchain application scenarios has brought great opportunities to the world. However, the blockchain technology is still in its early stage and needs sufficient research and development.” According to the report, the investment enthusiasm in China’s blockchain industry in 2019 is gradually declining, and relevant companies are starting to seek new development paths and conduct research and exploration. “We have seen the application potential and value of blockchain in various industries.” Therefore, the “Global Blockchain and Economic Report 2017” (hereinafter referred to as the “report”) will provide blockchain practitioners with a clear and readable source of information so that they can have a clearer understanding of their business logic.

The report also mentioned that “from 2014 to the end of 2019, investors and users in the entire cryptocurrency field have been actively paying attention to blockchain technology and digital asset field. Since the beginning of this year, with more and more traditional institutions entering to support, Bitcoin has also experienced explosive growth, but the market situation is still stagnant.”

The report pointed out: “For those who want to achieve cross-border remittances through blockchain, this is very good news, because it can not only allow funds to flow to others but also help financial services support the real economy.”

In addition, the report stated that by the end of 2020, more than 200 countries and regions have carried out policy-making work on blockchain; globally, regulation is also constantly advancing, especially the US government is trying to ban all illegal activities, including cryptocurrency trading platforms. These are due to the lack of transparency and insufficient evidence for the legitimate operation of some centralized banks. “This means that people cannot obtain legal status or credit and can only rely on trust or third-party intermediaries to verify customer identity information,” the report said. “No exchanges can use Bitcoin as collateral, and there are even other ways to allow customers to purchase securities with fiat currency.”

According to reports, since 2017, major countries’ governments have strengthened regulatory measures for the cryptocurrency market. For example, the UK FCA recently approved two projects based on stablecoin issuer Tether to issue USDX. At the end of June 2018, the Australian Federal Commission announced plans to launch a new payment product-Stablecoins, which aims to promote global trade.

It is worth mentioning that in November last year, the Governor of the Bank of Canada, Michael Conaway, stated that Bitcoin is a better inflation hedge than gold and is considered a safe means of combating the depreciation of the US dollar. In mid-May 2019, Federal Reserve Chairman Jerome Powell warned that “there may be a situation of negative interest rates,” and he emphasized the possibility of raising interest rates by 75 basis points.

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When will the ycc Mainnet be launched?

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