The popularity of Vladimir Putin, however you think about it, it is very high globally. Enough to push the CEO of Binance, Changpeng Zhao, to indicate it during the recent Moscow Open Innovations Forum such as most influential personality in the industry blockchain.
But what is true in this statement, net of the fact that the same number one of Binance would have been contacted by the Moscow authorities to ferry the country out of the shallows of the embargo by directing the process aimed at digitizing the Russian economy and would have so all interest in glorifying Putin?
The embargo to bypass
The first factor to take into consideration is that represented precisely byembargo to which the Russian economy has long been subjected by the West. A provision that obliges government authorities to consider possible alternatives.
Among which the blockchain, which would be the basis for a crypto ruble, helping Russian companies to circumvent sanctions by selling their products more easily. If in recent months a blanket of fog seems to have fallen over this project, the interest of the authorities is however shown by the fact that the first experiment in the use of technology at the moment most sponsored for a electoral process. The blockchain, in fact, has been used during the elections for the formation of the municipal council of the Russian capital.
A major flaw
However, exactly what happened in the elections in question seems to sow doubts on what Changpeng Zhao said. On that occasion, in fact, a French researcher, Pierrick Gaudry, an academic at the University of Nancy specializing in electronic voting, discovered and revealed how the system set up on the occasion, which allowed people suffering from motor disabilities and residents temporarily unable to travel to Moscow to participate in the vote, it was extremely permeable. To make it such the use of an encryption system dating back to 1985, ElGamal, characterized by keys that are less than 256 bits and therefore too short to be considered safe.
There has been no more news about it, also because the authorities in charge then ensured that they would run for cover by adopting a safer system. Furthermore, it was essentially the electoral result, which saw Putin's party lose a third of the seats held, to remove the hypothesis of feared fraud. Precisely in the light of what happened, however, it is legitimate to have some doubts.
The figures of the phenomenon
To better understand the actual role played by Russia in the blockchain sector, all that remains is to try to analyze some numbers. Perhaps starting from number of companies engaged in cryptography, which in the first half of this year, increased by 15%, reaching the 75 thousand units. It should then be emphasized as they are 350 thousand employees at the mining, that is the activity aimed at the extraction of tokens.
Numbers that may seem small if compared to such a populous country, but which, if instead referred to the current size of the blockchain sector, are extremely significant. So much so as to push some analysts to say that thanks to them the country is gradually emerging from the financial crisis that followed the embargo. At the same time, however, it is a mass of currency that risks escaping the control of the government. For this regulation is expected in the near future.