Communist Party of China
China Wants The Members of Communist Party to Pledge Loyalty on Blockchain
October 29, 2019
Communist Party of China
China Wants The Members of Communist Party to Pledge Loyalty on Blockchain
October 29, 2019

Communist Party of China (CPC) is taking its leader’s support for blockchain to heart.

Following Xi Jinping’s surprised speech last week urging his countrymen to “seize the opportunity” created by the technology, the CPC released a decentralized app (DApp) for members to attest their loyalty on a blockchain.

It has been reported that the DApp, in literal translation called “Original Intentions Onchain,” allows members to pledge their allegiance to the party and store it on a blockchain, which can be shared and seen by others.

However, the term “Original Intentions” is a specific phrase mentioned by Xi during his remarks at the 19th National Congress of the CPC in 2017, after which it became significant propaganda and educational campaign for party members to stay committed to their party.

The technology behind the DApp was developed by Lingzhu Technology, a Beijing-based company, which says that it is a blockchain developer without much detail on its tech or the team behind it.

Likewise, the company’s registration data shows that it has received investment from state-owned capital tied to China’s Tsinghua University and claims that it has developed a blockchain called OF.

ALSO READ :  GSX Group Launches Its Grid Tokenized Securities Platform

In fact, this company issued a little-known cryptocurrency dubbed OFCoin and got it listed on exchanges like OKEx and CoinMex early in 2018, months after China cracked down on initial coin offerings and fiat-to-crypto trading.

However, OFCoin’s price jumped by as much as 90 percent to $0.000326 on October 27 (Saturday) just hours after the CPC released the DApp and said that Lingzhu Technology is behind it. Similarly, the coin has fallen by 35 percent from that peak with just a few million dollars in daily trading volume.

It’s not clear that if Lingzhu has conducted any public sale of the tokens or not. The listing profile on CoinMex states that OFCoin planned a private token sale of 20 percent of its 51.2 billion OFCoin in January 2018 at a ratio of 300,000 OFCoin to 1 Ether, when the Ether price was about $1,000. Thus, the rally in OFCoin is just one ripple effect in China from Xi’s speech.

ALSO READ :  Drive home a brand-new car with JuanCash Grabehan Raffle Promo

So, after the Xinhua News Agency published Xi’s comment on October 26 (Friday), Xinwen Lianbo, the country’s most-watched prime-time daily news program on China Central Television (CCTV), devoted five minutes of its 30-minute broadcast to the remark.

Likewise, on October 27 (Saturday), the People’s Daily, an official mouthpiece, published a front-page article with Xi’s comment on “accelerating” blockchain development.

China's President
Xi Jinping, President of China

Though state-owned media focused on blockchain technology, the market took it as an official endorsement for Bitcoin. However, its price jumped more than 12 percent on Friday and surged to five-week highs above $10,000, before falling back to above $9,000.

So, the CCTV cautioned viewers on Saturday to calm down and not take Xi’s words as an endorsement for all cryptocurrency. But the market surge continued anyway.

Chinese crypto projects

It has been analyzed that there were other signs of increased blockchain and bitcoin interest in China.

Searches for the terms in Chinese on Baidu, the country’s biggest search engine, jumped 200 percent on Saturday, before falling back on Sunday. 

ALSO READ :  Ledger Obtains Successful System And Organization Controls Type 1 Test

Similarly, searches on WeChat, China’s dominant mobile messaging platform, saw strong gains following the news on Friday.

And, several major Chinese-born cryptos, including Qtum, Vechain, Ontology, NEO, Tron, and Bytom, were enjoying strong gains on Monday, ranging from 25 percent to 90 percent.

However, the ripple effect has gone beyond crypto, with traded stocks tied blockchain or cryptocurrency seeing even more significant growth.

In the US, the price of Xunlei, a cloud computing firm listed on NASDAQ, shot up by 107 percent. The Shenzhen-based company said that it has developed a proprietary high-throughput distributed network based on blockchain technology.

Thus, when the market opened in mainland China on October 28 (Monday), the prices of more than 100 public companies that are somewhat tied blockchain in their business operations or product offerings, all grew by 10 percent on the day. | | | |


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

AXA To Offer Its Customers Pay With Bitcoin

AXA To Offer Its Customers Pay With Bitcoin

AXA, Europe’s second-largest insurance firm, has planned to offer its customers the option to pay their bills with Bitcoin (BTC) through a collaboration with the established cryptocurrency broker Bitcoin Suisse. It has...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.