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National Blockchain Day on 24 October proposed by Chinese industry association

Posted: 31 October 2019 1:50 pm

Advocates say Blockchain Day commemorates an important event. Critics say it's getting too commercialised.

On 24 October 2019, China's president Xi Jinping declared blockchain to be "a key breakthrough that can facilitate China's progress in core technologies".

And the people rejoiced.

The announcement spurred the great cryptocurrency bullrun of 26 October to 31 October. It was an almost full week that will live forever in the memory of those who witnessed it.

The momentous occasion shall be forever more commemorated by China's National Blockchain Day on 24 October every year.

At least, that's the idea.

The Communications Industry Association, an affiliate of the government Ministry of Industry and Information Technology has proposed that 24 October become a national Blockchain Day, the South China Morning Post reports.

"[President Xi] blew the horn of progress for the future," the Association waxed. "It is our full aspiration that we will start our businesses with the [Communist] Party, speak out for the technology, and applaud its applications."

"It's a milestone for us, as blockchain researchers, to carry out related projects and support the real economy."

But others highlight the need to remain on guard against excessive speculation.

"It's certainly a good technology and can be used for many good causes, including the prevention of financial fraud. But it’s definitely not for the purpose of crypto speculation," said Wu Qi, a senior fellow at the Beijing-based Pangoal Institution.

In other words, some people are saying blockchain has real importance, while others complain that it's becoming too commercialised.

The suggestion of a Blockchain Day is a solid indication of how organisations across China are taking Xi Jinping's speech to heart. Although it has been clear for a while that China has been strongly pro-blockchain and anti-crypto, developments like the proposal of a national Blockchain Day show that attitudes towards blockchain in China have clearly turned another corner. Things have decisively progressed from "maybe blockchain" to "definitely blockchain".

Most importantly, this means it's now time to think about how to celebrate a Blockchain Day.

How to celebrate national blockchain day

Traditionally, Blockchain Day has been a time for families to come together in a digital space and renew their bonds by verifying their genetic similarities based on a blockchain-based DNA registry.

Children are given non-fungible tokens as gifts, which integrate with blockchain-based mobile games. While the children play on their phones, the grown-ups drink beers whose provenance and ingredients have been tracked on the blockchain from start to finish, then turn their attention to the inter-blockchain sporting events of the day.

These popular spectacles are when each public blockchain randomly selects a node operator and pits them against the other randomly selected participants in contests of strength, endurance and bug testing.

It's expected that people turn out to support their blockchains on the day. Rivalries can run deep, especially between the NEO fans in green and TRON fans dressed in black.

Viewers will customarily place bets on these matches in a trustless environment, where bookmakers transparently post their rates and payouts are made by smart contract.

Happy belated Blockchain Day!

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Disclosure: The author holds BNB, BTC at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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