Thursday, October 5, 2023

Blockchain in Turkey’s Digital Future


However, Turkey’s high inflation rate has increased the use of digital assets despite unclear legislation and taxation.

However, despite Turkey’s high inflation rate, the lira’s volatility could be based on Bitcoin (BTC) and Ether (ETH). Mid-December saw the TRY/USD exchange rate rise to 10 liras per dollar before sliding back to 13.87 liras at the time of writing. TRY/USD

Recep Tayyip Erdoan, Turkey’s president, cut interest rates against central bankers’ advice, contributing to the lira’s instability.

Inflation drives investors like George Soros and other well-known hedge fund managers to digital currencies like bitcoin and ether. Cointelegraph news editor Erhan Kahraman stated that severe inflation drove up Bitcoin and other cryptocurrency usages in Turkey in 2021.

Bitcoin and Ethereum entered the bear market as the cryptocurrency market unexpectedly fell during the first trading week of 2022. Three elements caused the catastrophe.

The US Federal Reserve’s December meeting minutes were publicized. They suggested that the US central bank would begin raising interest rates sooner than previously anticipated. In response, worldwide financial markets sold off, causing a 40% drop in Bitcoin’s value from its November 2021 peak. Ether, too, fell over 13% to as low as $3,300 as a result of the news.

Due to anti-government rallies, Kazakhstan’s government resigned. Suspension of internet connections also occured.

This is a good sign for the network: Bitcoin miners’ resilience to geopolitics.

Topping it all off was a global pandemic of COVID-19’s Omicron version that sickened hundreds of thousands of people. Putting a strain on healthcare systems that were already creaking under the weight of the previous surges. Despite the virus’s long-term presence, COVID-19 variants are becoming regulated, and BioNTech is looking for new virus strains.

Turkish investors believe cryptocurrency can protect them from falling lira and double-digit inflation despite the unexpected market decline.

Eco-friendly and Safe Crypto

In 2006, Emin Gün Sirer, a Cornell professor and co-director of the Initiative for Cryptocurrencies and Smart Contracts, created the first cryptocurrency. Proof-of-work (PoW) based cryptocurrency known as “Karma” was created in 2013.

Sirer has been working on Avalanche, an eco-friendly blockchain with high transaction throughput using a new consensus method, since 2019. “Avalanche” is a high-performance blockchain that is also eco-friendly.

Less communication between validating nodes means less hardware and power utilization, protecting billions of dollars in network value. Avalanche is also a “quiescent” protocol, which means that nodes won’t utilize energy forever if network traffic slows. Nodes will wait for another transaction to broadcast before making a judgment.

To be sustainable, blockchain must be able to replace old infrastructures and use innovation for the benefit of people.

Many of the climate campaigners have met lethargy due to incumbents who hold much too much influence, according to Sirer. Individuals, not organizations, should be in charge of more of their own money, rather than institutions. Users realize that a blockchain network’s high performance and environmental friendliness are not mutually contradictory aims. Achieving widespread acceptance and doing what is best for people and the environment will be impossible without their help.

Eren and Fatih Ozmen’s Sierra Nevada Corporation (SNC) collaborated with Ultra to upgrade their AN/PYQ-10 Simple Key Loader devices’ cryptography. SNC has joint ventures with state-owned defense, software, and electronics corporations Aselsan and Havelsan.

Turkey’s primary goal, according to Erdoan, is to create all of its high-tech and aerospace systems, including cyberdefense.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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