Hey everyone. Between the first signs of spring: caused by climate change increase pollen and an increase new Covid variant. Can we have six more weeks of winter?
Plain view
Sergey Vasylchuk knew that trouble was coming when Russian troops began to gather at the border. People assure him that the massive armies are just paranoia, but the CEO of Everstake, a blockchain company based in Ukraine, doesn’t believe it. “I’m paranoid; I’m an engineer,” he said. He begged his staff to leave the country—Call it a holiday if you like, he told them, promising to pay to retire to a sunny climate abroad. Not everyone accepts the offer. Vasylchuk himself had plans to travel to Florida to attend flying school, a passion of hers. When the invasion happened – two days after he arrived in the US – he worked from outposts outside his state to make sure that his parents, who were still in Ukraine, were safe and what he did. possible for its employees. Some are now fighting the Russians. “My house was probably destroyed,” he said. He’s in South Florida indefinitely — not partying with blockchain colleagues, but working “24/7,” he said, to help his country. With cryptocurrency.
“I can only do two things in my life – crypto and aviation,” he said. He chose the first, determining that the best way to serve his country was to fund it through digital currency. Not long after the invasion, he established a DAO. It’s a decentralized autonomous organization, a trusted entity can be verified using a trusted blockchain ledger. Vasylchuk partnered with the Ukrainian Ministry of Information and a currency exchange called FTX to set up a system for the government to accept cryptocurrencies directly from donors. Hitherto fund has grossed more than $65 million, distributed between the country’s defense efforts and humanitarian aid. This effort is one of a number of attempts to use blockchain-based technology to help Ukraine and its people during these nightmare weeks. Some even call this conflict Cryptocurrency War.
It is unlikely that those who have lost their homes or loved ones will agree that cryptocurrency is the headline here. But the chaos of war often gives rise to alternative economies; in this case it is not a black market (such as the black market that helped rebuild Japan’s economy after World War II), but this is based on the unique virtues of cryptocurrencies. Apparently Ukrainian President Volodymyr Zelensky realized this, just this month he signed the law has benefited key activities in the crypto space, such as currency exchanges and banking integrations for crypto companies.
While the spoils of cryptocurrency are often enjoyed by privileged investors with an eye on Lambos, the technology seems almost exclusively built to overcome the challenges of a besieged Ukraine. “A bitcoin transaction takes 10, 20, 30 minutes compared to a bank transfer which can take two or three days and you can’t be sure about it — until then [the Russians] could have bombed a national bank,” said Illia Polosukhin, a co-founder of the blockchain company. Near the. Polosukhin is also one of the masterminds of a DAO known as Unpin, has so far raised $7 million in aid. Additionally, these crypto funds accept anonymous donations, which is particularly beneficial for any potential donors with ties to Russia, whose leader is known to be a relationship holder. hatred. Ultimately, the idea of using cryptocurrency in this way is absolutely appealing to people sitting on piles of bitcoin, ether, or other coins of extreme value.
But perhaps the most important aspect of wartime crypto in Ukraine is how private currencies are entering commerce on a daily basis. Because the banking system is shaky in Ukraine, some money-receiving providers are not interested in converting from crypto to fiat. “Unknown exchange rate between US dollar and hryvnia [the national currency]and therefore, having crypto is beneficial,” said Polosukhin. Cryptocurrencies can be especially valuable to people fleeing the country who don’t want to travel with cash or simply can’t get it from their bank accounts. For those staying in the country, Polusukhn said, Unchain is working similarly to a crypto ATM card, where people can buy supplies with their digital wallets.
