The new eCash feature addresses the cryptographic shortcomings of the Freedom Convoy, Canadian Business Journal.

Vancouver, British Columbia, March 12, 2022 (GLOBE NEWSWIRE) — Recent protests in Ottawa and the blockade around the Canadian-US border have created tensions in a three-week tug of war between people and the state. Truck drivers have come out in opposition to pandates and forced vaccination, attracting large numbers of supporters directly and online. Even fiat and cryptocurrency donations flowed into crowdfunding campaigns and wallet addresses. Shortly thereafter, the Government of Canada instructed banks to freeze 206 accounts related to the protest. With an unprecedented move, Trudeau signed an emergency law. In a tweet from the Ottawa police, they threatened economic sanctions as an impact and considered all support criminal liability. Recently, bank accounts have remained frozen and wallet addresses have been blacklisted, but the emergency law has finally been revoked.

Due to the easy tracking nature of Bitcoin, the Government of Canada was able to easily blacklist 253 wallet addresses. Growth of public ledgers shared across the Internet “(Bohannon). This is why criminals cannot hide behind Bitcoin and even Ethereum because of the identity authentication process (Know Your Customer). Bitcoin may not be the answer if another crypto fundraiser takes place — its address is too transparent on the blockchain.

The only way to avoid central authority overkill without relying on it is to get away from the centralized exchange wallet. In response to the urgent law, Kraken CEO Jesse Powell advised worried users: We cannot protect you. Take out the coins / cash and trade only p2p, “he tweeted. That certainly sounds like a simple point, but it takes a little more knowledge and patience to understand how distributed works. Small token swaps in Uniswap can cost hundreds of dollars for gas charges in Ethereum, which is also impractical for small traders. If Free Convoy uses the revenue of such cryptocurrencies for water, food, or materials to mobilize ongoing support, customers and vendors will need to open their wallets and exchange them with each other. Inevitably, they have to deal with high fees and slow transaction speeds in order for the transaction to be successful.

Altcoin, which implemented technology to solve government tracking and fee issues, was relatively overlooked in the 2021 bull market. Bitcoin’s former fork, eCash, implements larger blocks, virtually eliminating throughput shortages. Privacy is available through the opt-in CashFusion protocol upgraded in the latest release. This maintains the auditability of the supply. eCash also has the same supply caps and low inflation characteristics as its predecessor, Bitcoin. With the latest release of eCash software, all nodes have quietly turned into Invisible Internet Project nodes, allowing users to participate in a separate, uncensored private layer of the Internet. Many other altcoins, such as Monero, claim to be a “private cryptocurrency” that can protect their wallet addresses, but due to high inflation, low auditing capabilities, and their relationship with the darknet, they have been adopted. There is growing alertness to support.

The Canadian Truck Driver Free Convoy paved the way for Bitcoin’s ambitious, near-perfect case study. However, the success of the government’s intervention in the blacklist of wallet addresses has revealed its flaws and the problems that other altcoins still face. Bitcoin and Ethereum could not overcome state opposition to their use in crowdfunding campaigns. Next time, we will learn which cryptocurrencies can be successful.

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The new eCash feature addresses the cryptographic shortcomings of the Freedom Convoy, Canadian Business Journal.

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