Cryptocurrency news

China Launches Blockchain Apps to Combat the Coronavirus

The first few weeks of February saw China launch 20 blockchain-based applications to combat the coronavirus. The technology helps manage medical data, check supplies, and consult the public of new updates about the epidemic.

The apps also manage personal data as more workers head back to work in the country. Blockchain allows local authorities to track and secured collected information effectively.

Xi’an, the capital of Shaanxi Province, utilized the tech for online consultation. Hangzhou-based tech firm Castchain Technology used a WeChat program, Access Pass, which generates QR codes for access to gated communities.

A partnership with Zhejiang Provincial Health Commission and the Economy and Information Technology Department allowed Alipay to collaborate with charities. Organizations and initiatives alike can exchange more efficiently and transparently within the payment platform.

The blockchain app enables users to track the allocation and donation of relief supplies. Consumers can also review, record, and trace their demand and supply chains.

Fcoin Halts Operations, Unable to Return Owed Bitcoin

Meanwhile, the crypto exchange platform Fcoin’s Transaction Mining strategy just took the best of its founder. Namely, Zhang Jian disclosed that the company might not be able to pay 7,000-13,000 Bitcoin it owes users.

The announcement came days after the platform suspended its entire program due to a “risk-control issue.” Zhang said he will now personal and manually process withdrawal requests made via emails.

Zhang claimed the exchange isn’t a scam nor did it get hacked. He explained that the problem had too grave complications to explain. He said the issue came from internal system errors that credited users with more mining rewards than necessary.

Furthermore, Zhang said the system coped with “decision errors,” which gave users a large opportunity to excessively sell and withdraw. This led to a significant loss on FCoin’s assets in its own balance sheet.

However, evidence proves him wrong.

Is Fcoin a Scam?

The exchange reported trading volumes following its launch in May, becoming one of the largest in the world overnight. A Redditor later revealed that its Transaction Mining strategy was fake, spotting Fcoin filled with bots.

Another Redditor said Fcoin continually manipulated the price of FT and described the firm as a scam.

The business model was suspicious from the start – there was no airdrop nor ICO at launch.

Fcoin then distributed 51% of its native tokens to users for reimbursing transaction fees after incentivizing them to transact often. Approximately 80% of its daily revenue from transaction fees were paid back to users after the platform refunded 100% of each transaction fee.

Moreover, Binance CEO Changpeng Zhao called FCoin a Ponzi Scheme in mid-2018. He responded to the withdrawal to boast his early suspicions in a tweet that followed Zhang’s.