Cryptocurrency
China Wants Communist Party Members to Pledge Loyalty on Blockchain
As reported by CoinDesk, “China’s Communist Party (CPC) is taking its leader’s support for blockchain to heart. “Following Xi Jinping’s bombshell speech last week urging his countrymen to ‘seize the opportunity’ created by the technology, the CPC released a decentralized app (dapp) for members to attest their loyalty on a blockchain. “According to a post […]
As reported by CoinDesk, “China’s Communist Party (CPC) is taking its leader’s support for blockchain to heart.
“Following Xi Jinping’s bombshell speech last week urging his countrymen to ‘seize the opportunity’ created by the technology, the CPC released a decentralized app (dapp) for members to attest their loyalty on a blockchain.
“According to a post from the CCP’s propaganda office on Saturday, the dapp, in literal translation called ‘Original Intentions Onchain,’ allows members to pledge their allegiance to the party and store it on a blockchain, which can be shared and seen by others.
“The term ‘Original Intentions‘ is a specific phrase mentioned by Xi during his remarks at the 19th National Congress of the CPC in 2017, after which it became a significant propaganda and educational campaign for party members to stay committed to their party.
“According to the post, the technology behind the dapp was developed by a Beijing-based company called Lingzhu Technology, which says it’s a blockchain developer without much detail on its tech or the team behind it.
“The company’s registration data shows it has received investment from state-owned capital tied to China’s Tsinghua University and claims it has developed a blockchain called OF.
“In fact, this company issued a little-known cryptocurrency dubbed OFCoin and got it listed on exchanges like OKEx and CoinMex early in 2018, months after China cracked down on initial coin offerings and fiat-to-crypto trading.
“OFCoin’s price jumped by as much as 90 percent to $0.000326 on Saturday just hours after the CPC released the dapp and said that Lingzhu Technology is behind it. As of writing, the coin has fallen by 35 percent from that peak with just a few million dollars in daily trading volume.
“It’s not clear if Lingzhu has conducted any public sale of the tokens. The listing profile on CoinMex states that OFCoin planned a private token sale of 20 percent of its 51.2 billion OFCoin in January 2018 at a ratio of 300,000 OFCoin to 1 ether, when the ether price was about $1,000…”
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