CoinBase, one of the biggies in the cryptocurrency exchange and wallet industry has claimed that it has transferred a record-breaking crypto transfer of $5 Billion. The company has moved 5 percent of all the Bitcoin (BTC), 8 percent of Ethereum (ETH), and 25 percent of Litecoin (LTC) among other crypto assets from generation 3 to generation 4 of the company’s cold storage infrastructure. Here are the views of the VP of the company expressed in the company’s blog post which was published recently,
“Last week we successfully completed an on Blockchain migration of approximately 5 Billion dollars (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure. To our knowledge, this is the largest movement of cryptocurrency (certainly in USD terms, potentially in absolute terms) ever undertaken.”
Cold storage is basically a system that safely stores assets, currency and other valuable things in an offline environment which is off limits for an automated system. After a number of iterations over the last six years, the company’s cold storage system has evolved into a highly controlled system with is safeguarded with audited key generation process. The company thinks that the standard for effective cold storage should enable many geographically separated humans to perform physical actions to make the transactions once they have revived the transaction details. It should happen in real time. If these aspects are not met, the company doesn’t think the storage in question is indeed cold storage.
The original plan for this system, according to Coinbase, was to use it in place for its custody service. As per reports, the custody service was launched in July this year.
On the other hand, today the company has launched an educational project. Through this project, the users can earn cryptocurrency as they progress in learning about cryptocurrency.
The reach of Blockchain on every sphere of life can’t be overlooked. Still, the industry has not managed to become widespread for an average user. Some of the reasons behind this are the lack of awareness about the new digital landscape and the verge of entry. For the same reason, the crypto education and Blockchain technology education sectors are gaining popularity. Following the same suite, giants like Sony, and IBM are busy creating Blockchain based educational services. As per the reports from Cointelegraph,
“[…] Austrian high schools gave a cryptocurrency educational presentation and the Hyper- ledger project, which includes more than 200 companies like IBM, Intel, and Airbus, describes cryptocurrency education as one of the primary goals of the platform.”