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Bitcoin, Other Cryptocurrencies Could Surge in the Next Financial Crisis Says ShapeShift CEO

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The cryptocurrency sector might end up becoming the biggest winner should the next global financial crisis happen. Shapeshift CEO Erik Voorhees argues that with the high debt level of most governments, a crisis could force them to print more money which will decrease the values of their respective currencies. This could, in turn, make cryptos more attractive as an investment option.
ShapeShift CEO’s Surprising Prediction
Most crypto investors believe that it’s only a matter of time before the next crypto market rally happens. Experts say that the rally could be caused by a number of factors such as the increasing adoption of cryptocurrencies, the entry of institutional investors, or SEC’s approval of Bitcoin ETFs.
But there is a recent prediction that is even more surprising. ShiftShift CEO Erik Voorhees believes that the next financial crisis might actually result in the prices of Bitcoin and other cryptocurrencies skyrocketing.
In a tweet, Voorhees announced:
“When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back, and thus must print it instead, and thus fiat is doomed… watch what happens to crypto.”
Why Cryptos Might Be Preferable to Fiat in a Crash
Based on Voorhees theory, the debt of most of the world’s economies has already ballooned to unsustainable levels. When the next global financial crisis happens, governments will be under a lot of pressure on how to pay off their enormous debts. The only way they could handle the situation in that scenario is to print more money to pay off their obligations.
Of course, everyone knows what printing more money could bring. With more money in circulation, it could actually decrease the value of that particular fiat currency. This puts the pressure on investors – they can‘t just watch idly as inflation eats up the value of their wealth.
That is where cryptocurrency could come in. Some investors and savers might opt to place a large chunk of their holdings in cryptos to counter the diminishing value of fiat, creating a crypto market rally in the process.
Are people willing to risk the volatility of cryptocurrencies just to escape fiat currency’s dwindling value? They may and, in fact, it has already happened in Venezuela. Faced with record-setting inflation at 13,860 percent, Venezuelans have been buying Bitcoin and other cryptos to preserve the value of their wealth.

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Binance to Suspend Trading for Eight Hours Due to System Upgrade
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Cryptocurrency exchanges need to keep their infrastructure up-to-date at all times. For Binance, tomorrow marks such an important day. Although the company isn’t changing anything major, the company will temporarily suspend all services. During this eight-hour period, users will need to look for other trading alternatives.
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Binance System Upgrade Announcement
On Monday, popular cryptocurrency exchange Binance announced that it will go offline for an eight-hour period beginning at 2:00 am UTC on November 14. A system upgrade will be performed, albeit no details of the upgrade have been made public at this time. As the platform will be offline, no deposits, withdrawals, or trading will be completed.
It is unclear if this Binance upgrade has to do with the upcoming Bitcoin Cash hard fork. The platform will support this fork through a balance snapshot to be taken on November 15th. The potential network split focuses on two different implementations of B*H. As such, a separate client and node will need to be run to support Bitcoin SV alongside Bitcoin ABC.
A regular maintenance takes place quite often, but those are less severe. Most of these maintenance procedures are completed within one hour or less. For the exchange to go offline eight hours is unusual, although seemingly necessary. Being the world’s largest cryptocurrency exchange requires making proactive upgrades to the infrastructure. The last system upgrade took place in June of this year.

Remaining Ahead of the Competition
For exchanges, competition has begun heating up recently. Hundreds of platforms all vie for market traction at this time. Entities such as Binance need to do everything they can to remain ahead of the other provides. How they plan to do that exactly, remains a bit unclear at this time. Its solid reputation alone should, in theory, be sufficient to keep the momentum going.
Upgrades to the internal systems are a vital part of running a cryptocurrency exchange. Some of the major platforms have suffered in this department over the years. It is safe to say that has cost them customers in the long run. Many people flock to Binance because of its stability and the vast offering of different trading markets.
This is also why the company’s Trading Strategy Competition turned out to be a success. During that contest, the exchange distributed 37,000 BNB to the winners. Efforts like those make Binance a “home” for cryptocurrency traders, rather than just another service to use. Engaging with clients is something few crypto companies pursue in this day and age. That situation needs to change prior to Bitcoin entering into the mainstream.
Are you at all concerned about the Binance system upgrade? Do you think it is related to the upcoming Bitcoin Cash fork? Let us know in the comments below.

The Russian branch of Raiffeisen Bank partners with major oil industry company, Gazprom Neft, and others to issue a bank guarantee via blockchain.
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The Russian subsidiary of Raiffeisen Bank International has partnered with local state-owned oil giant Gazprom Neft to issue a bank guarantee on blockchain, Russian business newspaper Kommersant reported Nov. 12.
According to Kommersant, the bank guarantee was issued to conduct a trade finance transaction involving four parties, Raiffeisen, Gazprom Neft, Belarusian firm Mozyr Oil Refinery, Priorbank of Belarus. Raiffeisen acted as an advising bank for the Russian oil company, while Priorbank of Belarus, which is part of Raiffeisen bank group, issued a bank guarantee for the deal via blockchain.
The system used was reportedly developed by Raiffeisen, on the basis of the bank’s blockchain platform R-chain, which it released in 2017. According to Tatyana Ivashkova, head of documentary transactions and trade finance at Raiffeisen Russia:
"Four nodes participated in the transaction, that is, all parties were fully connected to the platform.”
Normally the banks would release a guarantee via their internal system, notifying the client only after the fact, Ivashkova states. Using blockchain, however, reportedly allows all participants to have access to the documents simultaneously, allowing the deal to be finalized as soon as the payment is made, shortening processing time.
Raiffeisen has already tested blockchain before, issuing an electronic mortgage using local blockchain platform Masterchain — a Russian interbank platform created by major market players to transfer valuable data via a decentralized network. The bank then revealed its plans to connect Rosreestr, the Russian state agency that collects data on real estate, to streamline e-mortgage issuance.
As Cointelegraph reported Nov. 12, a group of major global oil companies have recently announced the launch of a blockchain-driven platform for energy commodity trading. The decentralized network, which includes banks ABN Amro, ING, and Societe Generale, along with major trading houses, will officially begin operations by the end of November in the North Sea oil market.

What Is Wanchain? Introduction To WAN Token
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What Is Wanchain?
Wanchain is a cross-chain blockchain infrastructure designed to facilitate asset transfers and host dApps for the financial industry. From investments to banking, payments, and more, Wanchain hopes to replace legacy banking systems around the globe with blockchain-based solutions using Wancoin, the proprietary cryptocurrrency of Wanchain.
Cryptocurrencies in general are often seen as a decentralized alternative to traditional banking. Wanchain is a project that’s dedicated to making this a sustainable reality, and in the interest of full disclosure, Han Kao, our CEO at Crypto Briefing, is an advisor. It’s part of the new class of blockchains enabling asset transfers across chains.
What this means is support for OTC currency transfers, without the middlemen of exchanges, banks, etc. It also supports payment platforms, investment platforms, and other financial tools.
Enterprises like Bank of America and JP Morgan Chase are involved in all manners of financial tools for both consumers and businesses. Regulators need access to this information too. So do independent brokerages and third-party vendors and everyone else in the financial ecosystem.
There’s an entire supply chain for finances, and it works much like the supply chain in other industries, except the product is money. Finances and insurance are a $1.45 trillion industry that represents 7.5 percent of the U.S. GDP. That’s just in this country, and Wanchain is focused on the Southeast Asia market.
Introduction To Wanchain
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Wanchain was created by Wanglu Tech, a $560 million Chinese firm founded by Jack Lu, the co-founder and CTO of Factom. It’s a fork of the Ethereum code, although it didn’t fork the blockchain, just the code.
Wanchain joined the Blockchain Interoperability Alliance (IOA) in November 2017 with a goal of promoting interconnectivity among individual blockchain networks. Unlike most ICOs, it has thus far met every scheduled deadline in its roadmap and is actively seeking more strategic partnerships.
Recent financial partnerships with Wanchain include Formosa Financial and Chainlink, which is providing real-world Oracle data to the Wanchain network. This will greatly increase Wanchain’s viability as a platform with interoperability across different platforms.
Before exploring whether this collaborative focus is viable on the global marketplace, let’s look at Wancoin, Wanchain’s proprietary cryptocurrency.
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About Wancoin’s Crypto Market Performance
Wancoin has a circulating supply of 106,152,493 WAN (out of a total supply of 210,000,000). Its peak price so far was $9.75 on May 3, 2018.
The Wanchain ICO completed October 4, 2017, and the team sold 107.1 million tokens, raising over 120,000 ETH. These tokens represent 51 percent of the total supply, and of the money raised in the ICO, 60 percent goes to research and development, while 10 percent each funds community development, marketing, infrastructure, and daily operations.
The Wanchain mainnet launched in January 2018. It’s currently on Wanchain 2.0, which launched June 2018, and Wanchain 3.0 is due by the end of 2018. Prior to January 2018, Wancoins existed as ERC-20 tokens on the Ethereum blockchain. WAN is now its own cryptocurrency coin.
WAN is used similar to GAS on the NEO network. It’s used for security deposits for cross-chain transactions, and fuels tokenized transactions on the network.
Wanchain uses a modified Proof of Stake consensus algorithm, and three types of verification nodes maintain the overall network, thus splitting transaction fees paid to the network:
Vouchers – Vouchers hold security deposits for cross-chain transactions in exchange for providing proof of the original account and Wanchain account. For example, if you deposit BTC, you receive WAN at the exchange rate, and the voucher stores your BTC and WAN addresses to record the transaction.
Validators – Validators earn a portion of the transaction fee by recording transactional data to Wanchain’s digital ledger.
Storemen – Storemen are WAN balance holders that must be online with a minimum threshold of WAN to verify transactions. If the minimum threshold isn’t met, you can still be an online node, just not a verification node. Storemen hold key shares, which is discussed two sections below.
Over 3 million WAN is traded on a daily basis.
WAN is listed on Binance, KuCoin, Bitrue, and Huobi, and the WAN Wallet will soon act like Apple Pay and other mobile wallets, allowing you to manage different cryptocurrencies. This is done (in simple terms) by creating proxies of other cryptos on Wanchain to streamline tracking.
Wanchain is also like NEO and Ethereum in that it hosts other tokens (which are discussed in more detail below). So, by hodling Wancoins, you’ll also potentially receive airdrops of other tokens, especially when using official Wanchain-backed wallets like CryptoCurve and its CURV token.
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The Wanchain Foundation and WANLab
Wanchain is supported and maintained by the Wanchain Foundation, a Singapore-based nonprofit that raises capital and serves the open-source community.
In early 2018, it launched WANlab, a blockchain accelerator and incubator, because, as Wanchain President Dustin Byington says, “The future of finance is at stake, and we don’t have time to wait for adoption and risk low-quality applications in our ecosystem.”
Both organizations are dedicated to raising blockchain awareness and promoting an open-source blockchain replacement of current technologies. WANlab specifically trains and funds startups on developing useful Dapps.
Projects currently in development in WANlab’s accelerator program include UTour, a blockchain-based travel booking platform, GameBank, a blockchain-based gaming platform, and CryptoCurve, a multi-coin tracking wallet. Each of these projects will have an individually issued token on Wanchain, much like Ethereum’s ecosystem.
One of the more interesting features of the CryptoCurve wallet is its Nuke functionality, which converts tokens to BTC, ETH, etc., and can reverse convert back to the original currency. This is a game-changer for many who rely on centralized exchanges to “cash out” or convert currencies.
CryptoCurve announced support for ICON and AION in October 2018.
And Wanchain isn’t just stopping at currencies – the smart contract technology allows any asset to be digitized, whether a mortgage lien, insurance binder, song, or work of art. Every blockchain has a niche, and Wanchain is aiming to be the skeleton for all forms of value and asset transfer, both public and private.
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Offering a Real Banking Alternative
Wanchain isn’t the first blockchain looking to disrupt the banking industry. OmiseGo, for example, is developing a platform to act as the Swift network for point-of-sale crypto retail transactions. Zcash is a pure cryptocurrency that focuses on privacy.
None of these crypto projects is a competitor to Wanchain, however. It sees itself as the glue holding all the rest together, a niche that isn’t covered by OMG or ZEC. OmiseGo has a similar vision, as do many blockchain projects at this point.
Instead of looking at each individual blockchain as industry disruptors, these three (and many others) will work together to form a new modular financial structure. Wanchain borrows many elements from its competitors.
Wanchain is built on the promise of interoperability between other blockchain projects and legacy systems. To do this, it secures funds transferred on the network using a Locked Account Generation Scheme.
Without getting too wonky, the keys used in typical blockchain transactions are split and distributed to all Storemen on the Wanchain network. Funds are locked in both the sender and receiver accounts until the transaction is verified, validated, and completed.
Think of it like the processing hold times when transferring money from your bank account to another bank or a service like PayPal. Except instead of taking 48 hours up to five business days or more, Wanchain transfers are completed in minutes.
And this isn’t the only layer of security – Wanchain is also one of the first blockchains to use privacy within smart contracts using ring signatures and one-time address generation. It’s similar to technology used by privacy coins, except adapted for a smart-contract network. Think of it like encrypting every cell within your SQL database.
Smart-contract anonymity also helps create more secure P2P connections and data transfers for dApps created on the Wanchain blockchain. Think of it like a blockchain-based VPN.
The Wanchain team is no stranger to cryptocurrency and blockchain – they’re well-versed in what it takes to launch a successful ICO. That’s why they’re busily working on facilitating more strategic partnerships and collaborations across the board. Moving forward, Wanchain established itself as a blockchain to watch.
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Wanchain Summary
Wanchain aims to decentralize the financial industry by moving all value and asset transfers onto the blockchain. The Wanchain is a blockchain that connects other blockchains, facilitating value trades between any of them using proxies. It’s working hard to integrate with all legacy banking systems, and is succeeding so far because of these key ingredients:
• Wanchain started as an Ethereum ERC20 token but is now a standalone hard-fork network.
• Like Ethereum, Wanchain is a smart contract blockchain that hosts dApps. It’s specifically aimed at the financial industry.
• Wanchain connects other blockchains to each other using on-chain proxies to facilitate fast, cheap asset transfers.
• The Wanchain Foundation and WANlab are actively working with small businesses and developers to create a thriving dApp community.
With these pieces in place, Wanchain is positioned for a successful future, but it won’t be an easy road. It still has a lot of work ahead to forge partnerships and spur more development. If it succeeds, however, it can become a solid fintech company to watch in upcoming years.