Korean Lawmakers Hasten to Regulate Cryptocurrency, Legalize ICOs

Korean Lawmakers Hasten to Regulate Cryptocurrency, Legalize ICOs

Lawmakers in South Korea, one of the world’s biggest cryptocurrency trading markets,
are set to submit draft bills to legislate regulations for burgeoning sector.According to a report by the Korea Times, a number of lawmakers across different political spectrums are seeking to fast-track cryptocurrency regulations that could plausibly lead to lifting the current ICO ban in the country. The drafts will be submitted during ‘an extraordinary session of the National Assembly from July 13 to 16’ to address the legal status of cryptocurrency and regulatory guidelines for crypto exchanges, Notably, the report suggests that the submitted regulatory drafts are expected to play the role of a ‘catalyst’ in triggering discussions toward regulation and the subsequent the legislative process of turning bills into law.

Representative Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party, is perhaps the most prominent politician pushing for regulations, alongside Rep. Chung Tae-ok of the primary opposition Liberty Party Korea (LPK) and Rep. Choung Byoung-gug of the Bareun Mirae Party, a minor opposition camp.

As reported previously by CCN in July 2017, Park proposed at least three new bills to build a regulatory framework for cryptocurrencies despite previously comparing last year’s surging prices to Europe’s tulip mania in the 17th century. Rep. Hong Eui-rak, also of the political camp in power, is notably pushing for the legalization of ICOs after authorities enforced a ban on the radical new form of fundraising in September last year.

Further, Rep. Song Hee-kyung of the opposition LPK party is set to host a policy debate on the security framework at domestic cryptocurrency exchanges on July 19, in a year of noteworthy major security breaches and thefts at Korean exchanges. Last month, domestic exchange Coinrail was the victim of a hack with a reported 40 billion won ($37 million) in cryptocurrency stolen. A little over a week later, Seoul-based Bithumb – the country’s biggest crypto exchange – suspended Unlinktransactions after losing $30 million in cryptocurrency following another hack.

The proposed draft regulations coincide with a previously-set deadline by G20 nations that aims to enact a uniform regulatory framework for the cryptocurrency sector among member nations.

Article Produced By
CNN

https://www.ccn.com/korean-lawmakers-hasten-to-regulate-cryptocurrency-legalize-icos/

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Already More ICOs in 2018 Than All of 2017: $6.3B

The amount of money raised in initial coin offerings (ICOs)

in the first quarter of 2018 has blown past the amount raised throughout all of 2017, according to data from Coindesk. In the first three months of the year, a total of $6.3 billion raised from digital coin offerings represented 118% more than that of last year's total, suggesting that despite increased scrutiny on the cryptocurrency space, ICOs aren't going anywhere soon.

ICOs have been a major source of controversy in the cryptocurrency space as regulators struggle to combat illegitimate business and protect investors against buying into the frenzy without proper consideration. Since just about anyone can create digital currency: Over 15,000 cryptocurrencies have been launched. Often, the means by which crypto-related startups raise money is by selling virtual coins as an alternative to raising stock. Regulators have tried to crack down on the surge in fraudulent ICOs, which prompt many to buy in due to false advertising and other schemes. Many investors have also fallen victim to "FOMO," or fear of missing out, getting into crypto-investing simply because others have bought in, and not in response to the actual details of the startups that they are funding. 

Digital Token Projects Continue to Gain Popularity 

Of course, not all ICOs are schemes, and many are legitimate. On Wednesday, Basis (formerly Basecoin), landed $133 million in an ICO, with participation from high-profile investors such as Alphabet Inc.'s (GOOGL) GV, Andreessen Horowitz, former Federal Reserve governor Kevin Warsh and billionaire hedge fund manager Stanley Druckermiller. The funding round marked the first time that venture capital firms Bain and Lightspeed had ever bought a digital token.

In 2018, the size and speed of ICO funding rounds have also accelerated, according to the Coindesk report. Q1 saw 59% as many ICOs raise capital as all of 2017. The report noted that without Telegram's record-breaking $1.7 billion token sale, ICOs in the first three months of 2018 would amount to $4.6 billion, or 85% of last year's total. Coindesk notes that given most ICOs in Q1 have garnered less than $100 million, "a number of projects are still eager to sell tokens, despite the regulatory risk." The report pointed to a recent ruling from the Securities and Exchange Commission (SEC), which acknowledged some ICOs as securities offerings and required that they be registered with the agency.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrency.

Article Produced By
Shoshanna Delventhal

As a digital nomad based out of New York City, Shoshanna enjoys reporting on business and finance, with a focus on consumer products and technology companies. Shoshanna is passionate about enhancing the future of work by harnessing productivity and adopting transparent, flexible work cultures.

After graduating from UNC Chapel Hill with a B.A. in Economics and International Relations, Shoshanna worked in international business advisory at KPMG. When she’s not writing, you can now find Shoshanna leading yoga, mindfulness and creative workshops around the world. Shoshanna’s enthusiastic about forward-driving projects that advance social entrepreneurship, conscious consumerism and sustainability movements.

https://www.investopedia.com/news/already-more-icos-2018-all-2017-63b/

 

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MarketHive is a Market Network a hybrid mixture of a full suite of inbound marketing tools and people

MarketHive is a hybrid mixture of a full suite of inbound marketing tools and people
 

 

and a dynamic integrated social network designed for entrepreneurs.

Since 1996, I have been building and developing inbound marketing systems. Inbound Marketing has become the most effective marketing method for doing business online. Instead of the old outbound marketing methods of developing traditional “come do business with us and here is why hype” type ads, sending fear of loss and hard pitched ads via email lists, paying for disconnected non responsive leads, subscribing to lead development systems that produce names, emails and phone numbers to people who really don’t know you or care to talk to you, MarketHive inbound marketing focuses on creating quality results, via quality content and systems that pulls people toward your company and product, where they naturally want to be and want to do business with you. By aligning the content you publish with your customer’s interests, you naturally attract inbound traffic that you can then convert, close, and engage over time.

Teaching, sharing, educating, revealing, collaborating, with the world is at the core of the MarketHive inbound marketing matrix. By creating content, offering beneficial wisdom, and delivering stability with integrity in the method and the message, you will find yourself attracting your dream customers. MarketHive’s inbound marketing systems attract qualified prospects to your business and keep them coming back for a life time.

From the outside in, build a Social Neural Network by attracting cognitive leads. MarketHive offers the most comprehensive suite of inbound marketing tools far superior and much more inclusive than anywhere else (at any price), and all of this for free (A $3000+ per month value).

You have the option to offer this service, as an advertising upgrade, to build a huge cognitive lead database. Let me explain.

Traditional lead development (the life blood of any company or venture) produces a disconnected lead database, where as a simple process by either buying leads, or subscribing to a lead system requires an additional process of calling or connecting with that lead, who may recall subscribing to some news report, video presentation, requesting more information in that regard, etc. (the long honored traditional lead type process). But the moment you vary from that message, 99% of the time, the lead is alienated by your message, has no connection to you, other than they vaguely recall giving you a name, email and maybe phone number. The result is a clear rejection of any further attempt to do business.

In contrast to this traditional option to building leads is the MarketHive inbound marketing alternative to build a cognitive lead database. By attracting likeminded, interactive respondents that not only are seeking what you offer, but are instantly integrated into your social neural network, plugged into your group(s) and also are set up to receive your automated messages as well as your published and current messages from your platform. This type of lead is what we call Cognitive Lead production.

So what is a Cognitive Lead? Dissecting the term, Cognitive means (relating to, or being conscious intellectual activity as thinking, reasoning, remembering, imagining, or learning) A lead in the traditional sense, is someone we have contact information on that we want to do something, buy, respond, engage or act according to our agenda.

The cognitive lead is a person who has elected to join you through your MarketHive system, that is attracted to your offer, the system, becomes integrated within your social neural network, is able to respond within your network to your stimuli as well as others stimuli in your network and in turn offer and cause stimuli, integrate in the greater cause of the network. This makes for a lead system that has never been accomplished before.

Case study number 1: Emailing a sales letter to 25 million recipients. The typical results of sending a series of emails to a list of 25 million promoting an mlm offer is dismal at best, even with a strong active emailing list. Say you get 500 to sign up. Sounds good right? Let’s do the math. That is .0002% which is a statistical ZERO. Now imagine sending a series of emails to that same database offering a free for life inbound marketing system worth $3000 per month. Even if only 5% respond and sign up, that is 1.24 million subscribers. These will also become Cognitive Leads as part of your Social Neural Network and overtime will become your huge responsive sphere of influence for the rest of your life.

Case study number 2: This is a common sense exercise. But bear with me as it makes total sense. You create a Facebook advertisement to drive prospects to your capture page to promote an opportunity to sell a popular and branded facial product to build your distributorship business. You get a reach of 20,000 for $200 per week and receive around 300 prospects (.02%) signing up into the lead capture page. You still need to email them auto responders pitching the deal and make attempts to call them up on the phone. Out of the campaign of 30 days, you accomplish 1200 signups in your capture page, manage to talk to 100 of them from that 100 you recruit 3 people into your business. You are pretty proud of yourself. You spent $800 for 3 distributors that purchased $500 to come into your deal and you received a $500 bonus for doing so. You know that the odds are 2 of that 3 will be gone within 3 months, but by then you have managed to make a few hundred in profit, so you justify the same process month after month.

Now let’s shift the campaign to attract entrepreneurs by advertising MarketHive in place of the capture page. Same reach of 20,000 per week for $200. But instead of the small percentage of candidates signing up, let’s assume we get 20% of the reach (4,000) to join MarketHive through our Alpha program, thereby, they are integrated into the MarketHive system with a portfolio of valuable inbound marketing tools and connected to you through the various social neural network functions of the system. These entrepreneurs are now returning and staying within your sphere of influence as you offer assistance to integrate them into the platform and slowly building friendships and exposing them to your primary business. People like to do business with people they know and trust. This does make sense right?

Summary: When you develop a proprietary suite of advanced, effective inbound marketing tools, and integrate the entire system into a FaceBook like social network and interface, you have the world’s first entrepreneur business person’s social network. Then offer the entire system for free to the entire worldwide market of entrepreneurs. That includes, small businesses, local businesses, regional businesses, global businesses, cottage industries, real estate agents, mortgage brokers, insurance agents, affiliate marketers, software innovators, musicians, churches, political platforms, political candidates, distributors, network marketers, innovators, and dreamers!

 



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Jack Ma & Ant Financial Implementing Blockchain Technology.

Jack Ma-led Chinese e-commerce giant Alibaba’s fintech conglomerate Ant Financial considers blockchain technology as one of the five key technologies that will dominate every industry in the long-term.

Ant Financial Hopes to Use Blockchain in its Core Businesses

At the TechCrunch International City Event held in Hangzhou this week, Zhang Hui, the director of Blockchain Department at Ant Financial, stated that alongside AI, Security, IoT, and computing, blockchain is a key technology the company is actively developing and testing to implement it at a large commercial scale.

Zhang noted that in terms of immutability and decentralization, blockchain technology in its current form is impeccable. Using blockchain enables the ability to process sensitive data and personal information in a peer-to-peer manner without the involvement of intermediaries. However, Zhang emphasized that scalability is a major issue of blockchain technology that needs to be addressed to bring in conglomerates and industry leaders into the blockchain sector.

In the long-term, Zhang and the rest of his team at Ant Financial believe the company will implement blockchain technology onto its core businesses and platforms, as Alibaba founder and chairman Jack Ma suggested in 2017. However, for the technology to have significant impact on existing financial infrastructures, its capacity will need to be improved exponentially to handle tens of thousands of transactions per second.

TechCrunch partner Technode, a technology publication in China, reported:

“Looking forward, Zhang hopes that blockchain will create new business models for the company and not just provide value-added services. Zhang also hopes to expand their blockchain-based cross-border payment services globally and explore more B2C use cases.”

Influence of Ant Financial in the Asian Market

In Asia, even outside of China, Ant Financial’s core platform Alipay is widely utilized as an alternative payment method to cash. By mainstream adoption, Alipay is ahead of Samsung Pay, Android Pay, and Apple Pay in most Asian countries including Japan, China, Thailand, and Taiwan.

In May, due to the rapid growth of Alipay, Ant Financial raised a staggering $10 billion from a group of global and local investors, valuing the company at $150 billion. One of the investors in Ant Financial is Khazanah Nasional, a sovereign wealth fund of the Government of Malaysia, which holds commercial assets of the government.

The interest towards digital assets and their underlying technology by Ant Financial may lead to the adoption of the technology by Alipay, which remains as the biggest fintech platform in the world as of July 2018, without major competitors.

Earlier in June, Alibaba chairman Jack Ma described the meteoric rise of digital assets and their exponential increase in value since 2017 a “bubble,” but noted that the blockchain is a revolutionary technology.

“It is…not right to become rich overnight by betting on blockchain. Technology itself isn’t the bubble, but bitcoin likely is,” Ma said.

As a controlling shareholder of Ant Financial, Ma also said that the technology should be used to solve data privacy, security, and sustainability issues, and not finance tools and concepts for making money, referring to ICOs and newly emerging tokens.

CREDITS: The post $150 Billion-Valued Ant Financial Makes a Bit Bet on Blockchain Technology appeared first on CCN:
https://www.ccn.com/150-billion-valued-ant-financial-makes-a-bit-bet-on-blockchain-technology

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Emergence of New Major Ecosystems: Ethereum & Beyond.

Emergence of New Major Ecosystems:
The Battle for Two Layer Protocols

Ethereum and Beyond

Ethereum  —  as the current incumbent among general-purpose permissionless blockchains  —  has to date offered the best resources, tooling, and incentives for developers to build on top of its protocol. These “layer-two” projects combine off-chain software with some number of smart contracts (which may include a native ERC20 token) to create markets in which users can trustlessly interact and exchange some digital resource. That resource might be the sMPC of private data, live streamed video, generic loan contracts, a CryptoKitty, or something else. These markets rely on the security guarantees and immutability of the underlying chain; so the success of a project is, to a degree, contingent on the effectiveness of the underlying chain.

For a developer seeking to build a blockchain project in 2016, Ethereum was the natural (or maybe the only) choice. If that same developer were to build a project in 2019, he or she would have significant optionality in choosing an underlying protocol.

One of the most exciting developments of 2019 will be the emergence of new “major ecosystems” and thus the beginning of the battle for layer two.

Major ecosystems are layer-one blockchain protocols that offer very compelling technical and architectural innovations such that they are likely to capture a significant portion of the technical mindshare within the space. As a number of these new ecosystems approach network launch, we can expect to see direct competition between protocols, each evangelizing its tech and incentivizing engineers to build on top of its stack.

How Will Ecosystems Compete?

There are any number of open questions around how this might play out. What factors are developers likely to prioritize in deciding which base layer to build on? Will developers who have already built layer-two projects on Ethereum migrate their tech to new protocols? The prediction is that they will.

Engineers will congregate on the chains that have the best performance (i.e. scalability, security guarantees, privacy), the most accessible and friendly developer environments, the best perceived long-term viability, and (perhaps) the most valuable cryptocurrencies.

Another variable is the degree to which decentralization or censorship resistance are important to a given use case. For example, a gaming application may make more sense on EOS than Ethereum if “platform-grade censorship resistance” is sufficient for its use. Conversely, a decentralized financial market may be better suited for a consensus protocol that allows any participant to validate and verify blocks.

Evidently, the major ecosystems will need to compete on tech as well as on incentives to adopt the tech. Certain new ecosystems incentivize adoption by offering large pools of organized capital mandated specifically to invest in the development of infrastructure, UI/UX and developer tooling on their platforms.

These capital pools will act as growth drivers in their respective ecosystems, much like ConsenSys was a growth driver for the Ethereum ecosystem.

Technical Hurdles

For Ethereum projects seeking to move to a new chain, the process of porting a Solidity smart contract is not a trivial task. Theoretically, with new base-layer protocols using WebAssembly virtual machines, smart contracts scripted in any language that can be compiled down to Wasm (e.g. Haskell, C, Rust) should run correctly. In reality, a developer will need to customize their smart contracts for each chain’s VM, considering the security guarantees, unique native functionality, and idiosyncrasies of each.

This means projects will need to expend technical resources on adapting their codebase, run new security audits on the code for each chain, potentially hire new engineers, etc.

Given these technical and cost barriers, expectations are to see a mixture of layer-two projects that make dedicated bets on the adoption of a single chain (e.g. EOS maximalists) as well as layer-two projects that run implementations across two or three of the top chains.

What About the Tokenholders?

If a tokenized Ethereum layer-two project decides to launch on top of a new protocol, what does this mean for the project’s existing tokenholders?

The answer to this is unclear today and may differ project to project. It also depends on whether the project is “abandoning” its Ethereum implementation or simply launching a concurrent implementation on top of another chain.

Here are a few approaches likely to be seen:

Multiple TDEs. A project may elect to run alternative token distribution events (either airdrops or token sales) separately for each base-layer chain it has an implementation on. The tokenholders of a layer-two project could therefore differ from chain-to-chain.

Airdrops to ERC20 Tokenholders. A project may elect to airdrop its tokens for each new base-layer chain directly to its ERC20 tokenholders (much like BTC holders receive all of the forks of BTC). This could concentrate economic value to, and incentivize the HODling of, the original ERC20s. The downside of this approach is that the project would not raise any additional capital to finance the costs of porting onto new chains.

Sidechain Bridges. Instead of creating additional sets of tokens for each new ecosystem, a layer-two project may elect to facilitate token transfers from Ethereum to other ecosystems via sidechain bridges. This would effectively turn an Ethereum layer-two project into a “meta protocol.” The process would be conceptually similar to the DOGE-ETH Bridge launched by the Truebit team earlier this year: A user could lock up their ERC20s in an Ethereum smart contract, provide proof of such a transaction on the alternative chain, and then either mint or otherwise receive new equivalent tokens on the alternative chain. For example, a 0x user on Ethereum can lock up their ZRX tokens in a smart contract and, by providing a proof, receive DFINITY ZRX tokens on the DFINITY chain. These bridges can also be bilateral, allowing tokenholders to move their balances across chains while still maintaining a fixed total supply of tokens irrespective of the number of cross-chain implementations.

The Bet.

To be clear, it is not necessarily perceived that the battle for layer two is that of an adversarial process or a zero-sum game between the major ecosystems. It’s impossible to imagine that there will only be a single winner in the development of permissionless blockchains.

Simply put, it’s a safe bet that the market for developer mindshare is about to get a lot more competitive  —  and that this competition will inspire a great deal of innovation, more efficient capital allocation, and even some consolidation across chains and companies (which we are beginning to see with the recent M&A in the space).
 

CREDIT: Tekin Salimi, a VC at Polychain Capital:
https://venturebeat.com/2018/07/07/beyond-ethereum-the-battle-to-own-blockchains-layer-two

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Facebook Co-Founder: Tax The Rich @ 50% …

 … to give $500-a-month free cash and fix income inequality.

Facebook co-founder Chris Hughes thinks the government should give cash handouts to people with the lowest incomes in order to fight income inequality. And he thinks the money should come from higher taxes on wealthy individuals and even big tech companies, like Facebook.

Hughes, 34, was one of Facebook’s co-founders, along with Mark Zuckerberg and three of their Harvard classmates, in 2004. He was Facebook’s spokesperson for the company’s first three years, before leaving to finish his Harvard degree and then to work on Barack Obama’s 2008 presidential campaign as a media strategist.

He says he's made "half a billion dollars for three years of work" based on the value of his initial stock in Facebook, and his "lucky break" is exactly what's wrong with America today.

“That is indicative of a fundamental unfairness in our economy. Income inequality in our country has not been this bad since the Great Depression. And even though we’re reading the headlines that unemployment is at 3.9 percent and the stock market is at record highs, what’s actually happening is that the median incomes in our country haven’t budged in nearly 40 years. At the same time stories like mine create an illusion of economic opportunity," he told Techcrunch contributors Adriana Stan and Tom Goodwin on their "Interesting People in Interesting Times" podcast.

Mark Zuckerberg: Alaska's cash handout program "provides some good lessons for the rest of the country" from CNBC.

Hughes, author of “Fair Shot: Rethinking Inequality and How We Earn," is not necessarily a believer in the idea of universal basic income (UBI) — championed by entrepreneur Andrew Yang and also supported by billionaires such as Richard Branson and even Facebook’s Zuckerberg — which would see a standard cash payment handed out to all citizens no matter their employment status. UBI “is infeasible in America today,” Hughes explained on the podcast, because making payments to everyone in the U.S. is an “unaffordable” proposition.

Pay close attention to this in particular, as it pertains to the current state of affairs with respect to privacy and security or personal data and Facebook:

Hughes also proposed further changes to the U.S. tax code that could generate enough money to guarantee an income floor for working Americans. “You could tax data and distribute a check to everybody,” he said, which would see the government tax companies on the data they collect from customers, which is often sold to third parties such as marketers and advertisers.

For more information, and the rest of the article: http://hive.pe/z0

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Facebook Switching Focus? Too Little, Too Late?

Keeping a Watchful Eye on Facebook.

It was already known that Facebook had set up a group within the company to "explore" blockchain tech, headed up by long time Messenger chief David Marcus. However, the latest executive reshuffle appears to point to the social networking behemoth getting more serious about developing on top of blockchain technology.

According to his LinkedIn profile, Evan Cheng, a director of engineering at Facebook, has moved to the position of Director of Engineering, Blockchain. A well-respected "low level" computer engineer, he was previously responsible for heading up Programming Languages & Runtimes at the company, a position he held for nearly three years.

Prior to that, Cheng spent nearly ten years working at Apple, most recently holding the position of Senior Manager, Low Level Tools. He also worked on compilation technology and other back end engineering.

He also tweets about blockchain and is reportedly an advisor to a number of blockchain startups/projects, including Zilliqa and ChainLink.

"It means it’s not just an exploratory project," is how one source who tracks the blockchain space speculatively framed Cheng's move to Facebook's blockchain team. His reasoning was that in recruiting Cheng (who knows more than a thing or two about performance and scalability) to the blockchain group, it signals the importance of the project.

Meanwhile, Marcus and Cheng aren't the only Facebook execs to be have been tasked with building out the social network's burgeoning blockchain work. In a recent executive reshuffle, we reported that Instagram's former VP of Product Kevin Weil has taken up the position of VP of Product, Blockchain at Facebook. See TechCrunch's in-depth analysis of those moves and how Facebook could utilise blockchain.

I've reached out to Facebook for comment and will update this post if and when I hear back.

  • This article originally appeared on TechCrunch.

 

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Another Creative Blockchain Rewards Concept.

Demistifying Blockchain with Free Coffee App

Kudos for thinking outside the box! The possibilities for blockchain = ENDLESS! Another example of rewarding people to learn.

Gowling WLG has launched a new incentives scheme designed to introduce staff to the basics of blockchain technology while also offering them tokens for free drinks. The 'Gowling WLG Reward Token Scheme' scheme, which launched this week, enables employees to exchange tokens on a blockchain platform, which can be cashed in for hot drinks at the firm’s onsite restaurants in London and Birmingham. 

All UK-based Gowling WLG employees have been invited to download an app onto their mobile phones, register with the firm’s blockchain platform, and set up a digital ‘wallet’ in which the tokens are held. Before employees can start trading tokens, they are required to watch a two-minute introductory video on blockchain technology, after which they will earn two tokens, which they can exchange for a drink or anonymously gift to colleagues. The firm believes blockchain technology will play a key role in the UK's professional and commercial future and wants to ensure staff are up to speed with the basics of a subject that has attracted much attention but remains a mystery to many. The scheme has been led by corporate partner David Brennan, the co-chair of Gowling WLG's tech group. Gowling WLG architecture and innovation head Jody Jansen added the scheme was about showing staff that, while the tech might seem difficult and inaccessible, "using it isn't". Take-up of the scheme has been strong, with 200 employees across both the City and Midlands bases already registered – a trend which Jansen expects to continue. "In addition to our existing reward schemes, we wanted an instant reward scheme, where rewards can be made not just up-to-down, but upwards too – a 360-degree reward scheme. "On Monday, we held a lunch-learn session, and it's been a hit topic. People have been asking questions, and now it is all much more visual to them." 

For further information: https://finance.yahoo.com/news/gowling-wlg-aims-demistify-blockchain-113056780.html

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Facebook Reveals Its Data-Share VIPs.

Facebook has revealed which businesses it gave special rights to access users' data after it had shut others out.

It listed the companies as part of a lengthy response to US politicians' questions about its practices, which it published at the end of last week.

It said 61 companies had been given a temporary exemption to a block on apps accessing details about users' friends.

And it identified a further 52 it had authorized to tap its data to "recreate Facebook-like experiences".

The social network had faced criticism last month from some US lawmakers after it emerged several Chinese companies – including Huawei – had been included in the latter list, despite the fact that Facebook had not sought explicit consent from its users to do so.

Mark Zuckerberg's company has been under pressure to disclose more details about its data-sharing habits in light of the Cambridge Analytica scandal, which involved a UK-based political consultancy obtaining personal details about Facebook users in breach of the platform's rules.

Details of the latest revelations were first published by the Wall Street Journal on Sunday

For a list of those with "special privileges" and those reviewed and approved, and who still have access to Facebook's data, and who were not previously identified, see: https://www.bbc.com/news/technology-44682364

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Facebook Shared Private Data With 61 Companies.

Facebook continued to share data with more than 60 companies (that we have been told about, anyway) despite concerns about the quiz app that mined data which was handed to a political campaign business: Cambridge Analytica.

The social network gave 61 companies a year to wean themselves off the rich data provided by Facebook through its API, including Nike, UPS, dating app Hinge, a social marketing service, a Russian internet giant and a variety of news networks after it grew concerned that developers could be abusing the function.

This conflicts with repeated assurances from Mark Zuckerberg since the data scandal came to light earlier this year. The Facebook founder has stood in front of European Parliament and US lawmakers to insist that the function which allowed apps to receive detailed, personal information including photos and friends lists had been shut down in April 2014. 

The documents presented to Congress over the weekend reveal that in addition to the companies granted a cooling off period, five apps had access to users' friend's data. This included Activision, the games published behind the Call of Duty series and streaming apps PeekSocial and Fun2Shoot, along with defunct apps Golden Union Co, quiz app IQ Zone.

The documents state that the true scale of data collection by rogue apps may never become apparent, and the above list was comprehensive only to the "best of our ability", adding that early records may have already been deleted from the system.

Later on Monday, Facebook admitted it had uncovered a bug which temporarily unblocked people on Messenger who had previously been blocked by users.

At least 800,000 people were affected by the glitch, which it became aware of today and which had been active between May 29 and June 5.

For more: Excerpted from article by Margi Murphy, The Telegraph, July 2, 2018

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When you have 100 customers per Distributor