Chinese Internet Celebrity Explains Bitcoin, Blockchain Technology to Over 500,000 Viewers

A Chinese internet celebrity called Li Yongle (李永乐) has recently made a 15-minute long video where he tried to explain to his followers what bitcoin and blockchain technology are. The video reportedly went viral in the country.

According to local news outlet 8BTC, Yongle has over 900,000 followers on a popular Chinese video-sharing platform, 2.8 million followers on the country’s version of Twitter, Weibo, and over 270,000 subscribers on YouTube.

This, as he is a well-known math and physics teacher in China, that helps others understand complex topics by simplifying them. The video of him explaining bitcoin and blockchain technology, which has also been shared on YouTube, is said to have been viewed over half a million times, and racked up over 5,000 comments.

The video went viral, according to 8BTC, thanks to key opinion leaders in the Chinese community, who helped spread the word by retweeting it. Among the 5,000 comments were viewers trying to learn more, asking how they can use bitcoin with their bank accounts, or whether or not mining the cryptocurrency consumes huge amounts of energy.

While the Chinese government has in the past cracked down on cryptocurrencies, state-run publications reportedly often share Li Yongle’s work. Other Chinese celebrities have reportedly already promoted bitcoin and cryptocurrencies on their shows.

Chinese cryptocurrency billionaire Zhao Dong has, back in November of 2018, predicted bitcoin could hit $50,000 within three years. Per his words, the right time to buy bitcoin is during the bear market, as those who “make truckloads of money do not have a very short-term speculative driven investment mindset.”

Notably, China’s central bank, the People’s Bank of China (PBoC), has late last year said security token offerings (STOs) are illegal in the country, reinforcing its attitude towards the nascent sector. Despite the central bank’s attitude, a Chinese court has ruled that cryptocurrencies like bitcoin should be protected by law.

'Bitcoin Type' Privacy Enhancing UTXO Transactions Now Available on EOS

Omar Faridi

The developers of pEOS, a project focused on enabling private and “untraceable” transactions on EOS, one of the largest platforms for building decentralized applications (dApps), have noted that they intend to provide tools which will allow users to conduct efficient token transfer transactions while maintaining their financial privacy.

“Accelerating Any Aspect of EOS” in Direction of Providing Greater Privacy

As explained in pEOS team’s Medium blog post, published on May 16, 2019, the privacy-enhancing crypto project is "much larger than just delivering pEOS.” The development team wrote:

We consider part of our mission to help educate, provide support, provide tools, and accelerate any aspect of the EOS blockchain in the direction of providing privacy enabled features and technologies. We strongly believe in the multiplicative effect this can have to every aspect of the EOS ecosystem.

Bitcoin Type UTXOs for EOS

In order to add more functionality to the EOS blockchain, while promoting economic privacy, the developers of pEOS have introduced a new smart contract which “implements bitcoin type” unspent transaction outputs (UTXOs) for EOS-based tokens.

As mentioned in pEOS team’s blog, UTXO was first used by the developers of the Bitcoin protocol, and it is “one type of output which can be either unspent (UTXO) or spent.” The outstanding balance of a UTXO-enabled wallet can be calculated by adding up all its spendable UTXOs, pEOS’ blog noted.

A UTXO Needs to Be Spent “as a Whole”

Transactions are processed by spending a certain number of UTXOs while producing new UTXOs for the recipient (of a transfer) and for any change that is returned to the sender, pEOS’ blog explained. The pEOS team clarified that “amounts in UTXOs don’t mutate.” This means users cannot “spend only some part of a UTXO.” In order to conduct such transactions, users must spend the UTXO “as a whole.”

According to pEOS’ team, these “constraints on what a UTXO is and how it is immutable, is what allows for privacy algorithms to be built on top of them.” For instance, the privacy-centric CoinJoin algorithm can be used with the smart contract-based UTXO code released for EOS, pEOS’ developers revealed.

On May 17, 2019, Block.one, the Cayman Islands-registered developer of EOS, released new software development kits (SDKs) for both Swift and Java developers. The latest SDKs for EOS aim to provide more support for native smartphone applications in order to offer “richer, more engaging experiences.”