According to reports, Popula, the subscription-based news platform has made history by offering its first fully stored news article on the Ethereum (ETH) Blockchain. Earlier in the week, the editor of Popula Maria Bustillos announced the placement of a news article published on their website is now stored on the Blockchain.
As per the report, the article was first published in Death +Taxes magazine before it was stored fully on Ether Blockchain. While it’s hash was stored on IPFS. The article is expected to remain on the Blockchain forever that is for as long as the IPFS protocol and the Ethereum Blockchain continue to operate.
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Civil Stored the Article on the Ethereum Blockchain for Popula
From the report, it was further deduced that the article was stored on the Blockchain with the help of engineers from Civil, a blockchain-based startup that has backed Popula from the onset. Bustillos cited that the idea had been in motion six years ago with the objective been to ensure the appropriate storage and preservation of articles.
According to the journalist, from the onset working with the Blockchain technology, she was certain that the technological innovation had the capacity to initiate a truly decentralized global setting, offer unchangeable records and make sure of the integrity of articles.
However, Bustillos also had to admit that she didn’t really know that the technology could actually serve as a means of protecting or ensuring freedom of the press inevitably allowing only the right individuals to have freedom of speech.
The Popula editor gave examples of libraries that have been destroyed in the past, citing that creative works preserved on the Blockchain will make it difficult to destroy or stain the records. Additionally, she confirmed that every article on Popula would be stored and preserved on the Blockchain.
Is Wall Street Leaving Crypto?
In other news, Wall Street is reportedly moving out of the crypto space quietly. While the digital asset market has been continuously battered by reports of fraud and regulatory crackdowns by the authorities, it has become difficult to actually believe that there was once a time that Wall Street was warming up to take advantage of the rise of digital assets.
Huge names in the financial industry including Goldman Sachs, Barclays Bank Plc and Fidelity Investments have all been affiliated with reports of opening digital currency divisions. These speculations have sent ripples throughout the financial industry. Yet to this day, nothing has changed regarding the plans of these players in the space. In fact, there are reports that they are set to back out of the space.
How did it Come to This?
As per the report, there are two primary reasons for the gradual withdrawal of Wall Street from the crypto space including the market downturn and the lack of an adequate regulatory framework. The first facilitator is simple. The past year has been horrible for crypto with at least $700 billion wiped off the total value of assets.
Crypto-based firms have started to feel the brunt of the bear market, with reports of retrenchments, startups folding up and even manufacturers of mining rigs drowning in profit losses every day making headlines. As for the issue of regulation, many have cited that the continued lack of a unique regulatory framework on digital assets will continue to deter institutional investors from entering the sector.