The Associated Press (AP) news agency registered Joe Biden on the Ethereum and EOS blockchains as the winning candidate in the recent US presidential elections, held on November 3.
The Democratic candidate Joe Biden was announced as the winner of the recent election, defeating Donald Trump in the United States presidential race. Biden is now the new president of this world economic power, with 290 points in favor. The American news agency, Associated Press (AP), which closely followed the outcome of this tight electoral process, recorded the electoral results in an immutable and irreversible manner within the blockchain networks of Ethereum y EOS, thanks to its association with Everipedia y chainlink.
The recording of Joe Biden's victory, as president of the United States within these blockchains, marks a milestone in history, as Everipedia points out, arguing that the Associated Press is making history by “call the winner of the US presidential election on the blockchain using Everipedia OraQle.”
The results of this electoral process are the first in the world to be recorded within a blockchain, and Joe Biden's victory is the first to be recorded immutably within Ethereum and EOS, although some are already beginning to point out and put into question doubt the process and immutability offered by these two blockchains.
It may interest you: Associated Press publishes US election results on Ethereum and EOS blockchains
A milestone in history?
Everipedia used a node in the Chainlink oracle network, connected to the Associated Press API, to have exclusive access to the results published by this agency and register them in different blockchains, such as Ethereum and EOS. The online encyclopedia assures that the registration of this data on these two decentralized networks marks a milestone in history, although many users are already expressing their concern. disagreement, stating that the writing of these results does not represent a great advance for the electoral process, otherwise if the votes had been cast in a blockchain.
On the other hand, there are those who highlight that the immutability of Ethereum and EOS is not entirely reliable, remembering that in the first the blockchain was reversed, when it was the victim of a hack in 2016, to return the lost funds and continue with the network before the attack. The decision to return the funds led the network to fork, giving rise to Ethereum Classic, the network that continued with the original blockchain, since Ethereum, the network that deleted a certain number of transactions to ignore the attack and return the stolen money.
Likewise, other users question the immutability of EOS, since in this network the block producers can control the actions of the participants, as a user points out in Forocoin, «EOS IS NOT IMMUTABLE, block producers can control who does what». Due to its governance system, in this blockchain network individual interests can prevail instead of community development interests.
Influence on cryptocurrency policies
The United States is one of the strictest nations in regulatory policies on the use of cryptocurrencies and technology blockchain, and although Biden does not have a well-known track record within the crypto space, there are those who hope that the new president-elect will promote policies in favor of and development of new technologies.
In a report, Bloomberg maintains that the price of Bitcoin could be favored with the election of Biden as president of the United States, since he can implement new policies that promote and stimulate the adoption of the ecosystem, favoring digital markets.
“A possible Joe Biden presidency should favor further Bitcoin price appreciation, in our opinion.”
According to Bloomberg, Biden can break with the “hands-off” policy that Trump adopted in relation to the crypto space, leading changes that, perhaps in the not-too-distant future, increase the chances of approving a Bitcoin ETF.
Impact of election results
The president of ProChain Capital, David Tawil, noted that the longer the US election results are delayed, the more benefits cryptocurrency markets would see.
“The longer we don't technically have a president and the longer we don't have an agreement among the population, the longer it will be positive for cryptocurrencies.”
Likewise, Tawil highlighted that if the results of the elections were controversial, and the participation of the courts became necessary to contest the presidency, the prices of cryptocurrencies, especially Bitcoin, would have greater volatility and benefit. However, it seems that the transition of power will take place in a stable manner, which seems to be disappointing the markets. Before the publication of the election results, which announced Joe Biden as the new president of the United States, Bitcoin enjoyed a value of over $15.800 USD, while on Saturday, after the results were published, the value of Bitcoin fell below $14.700 USD.
However, the value of Bitcoin is recovering and remains relatively stable thanks to the interest of several institutional players, who began investing and adopting Bitcoin and cryptocurrencies this year, such as MicroStrategy, Square, Paypal, among others. At the close of this edition, the cryptocurrency has a value of $15.500 USD.
Continue reading: Everipedia and The Associated Press will use blockchain to publish results of the Trump Vs. Biden votes
