Never miss the Bitcoin beat with CoinGeek Pulse. This week, we check into the recent U.S. Senate committee hearing that explored the digitization of money, SeafoodChain’s pilot launch, and Twetch’s latest win.
The U.S. Senate Banking Committee hosted a hearing on June 30, to explore a range of policy topics on the digitization of money. Billed as a step closer towards a digital dollar, the hearing discussed a range of issues specific to digital currency and blockchain.
Noting the effects of the COVID-19 crisis on driving more consumers towards digital payments, committee chairman Senator Mike Crapo said the committee was keen to hear more about new technologies that could upgrade existing payments infrastructure.
Unfortunately, the digital dollar isn’t quite ready to meet the needs of this crisis, which would have allowed for faster, more efficient payment of stimulus checks to those who need them most.
The seafood industry came a step closer to disruption, with the news that SeafoodChain is now being tested in-market. The supply chain blockchain solution has been built on UNISOT, and is powered by Bitcoin SV.
In an interview with CoinGeek, founder Stephan Nilsson said the UNISOT platform gives apps an edge over competitor systems, such as IBM’s move into the seafood market.
“The good thing with our system is that we can compete very well with the IBM system because we have this public blockchain [BSV], which is much more secure, much more scalable and much more cost efficient.”
BSV social network Twetch announced that its user earnings had surpassed $50,000. The innovative model allows content creators to own and monetize their content directly, as opposed to centralized platforms like Twitter and Facebook.
The total amount earned by users on Twetch just broke $50,000! 🎉
Try doing that on Twitter. pic.twitter.com/M7eHimqNK8
— Twetch (@twetchapp) July 1, 2020
In another sign of just how far the startup has come, CoinGeek’s Kurt Wuckert Jr. spotted artwork having successfully sold on the Twetch platform.
Thought to be the first example of its kind on the platform, the painting attracted bids from other Twetch users, before being sold using the /pay function. According to hash data, the painting sold for 20 BSV—valued at $3,187 at the time of transaction.
Are you all set to join the upcoming Bitcoin SV DevCon 2020? The event, co-hosted by the Bitcoin Association and nChain, and powered by WeAreDevelopers, is taking place on July 18-19. Check out the full agenda and register to join the two-day Bitcoin SV DevCon 2020 event here.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
