Tag Archives: Blockchain

Gaming giant Atari partners with blockchain-powered entertainment platform Ultra

Gaming giant Atari partners with blockchain-powered entertainment platform Ultra

Gaming giant Atari partners with blockchain-powered entertainment platform Ultra
Per the release, Ultra operates an entertainment platform that enables gamers to play, discover,

buy, and transact on a blockchain-based network with other gamers and interact with in-game assets. Its previous partnerships include other gaming developers and software giants like Ubisoft and AMD.The new project will see Ultra team up with Atari to make its platform accessible through the new Atari VCS, a “PC/console hybrid” games, and entertainment system, which is scheduled for a launch later this year.Gamers will be able to play fan-favorite Atari games as part of the Ultra partnership, including hits like Asteroids, Missile Command, and RollerCoaster Tycoon.An old-gen Atari gaming console. Image: BBC

Atari Tokens to power in-game purchases

The Atari video computer system will also be available for purchase on Ultra using either UOS, Ultra’s in-game tokens, or Atari Tokens — giving crypto and gaming enthusiasts the perfect platform to purchase the new hardware. Atari Tokens run on the Atari Chain platform and are an ERC20 token based on the Ethereum network. They are currently undergoing pre-sale rounds (as listed on the Atari Chain website) and a public sale is expected later this year.

Meanwhile, the Ultra platform will directly integrate within the Atari VCS, allowing users to purchase, download and play PC games from Ultra on the system, and give gamers instant access to a huge array of titles from triple-A games to xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxlovingly-crafted indie gems. Ultra is also providing a full range of services to gamers, such as live streaming, in-game asset trading (of non-fungible tokens, NFTs), esports, entertainment, as well as participating in large scale esports tournaments, the release added.

 

The Ultra platform. Image: Ultra

Nicolas Gilot, CEO of Ultra, commented on the launch:

“[Atari] offers us the opportunity to show Ultra’s capabilities when it comes to platform integration, as well as exploring NFTs and blockchain technology with one of the best known names from the video game industry.”

Michael Arzt, COO of Atari VCS and Connected Devices, shared the sentiment:

“We look forward to working closely with Ultra to help make the VCS the most blockchain-friendly gaming and entertainment system and to introduce a huge network of gamers and hardware fans to this amazing new frontier.”

Gaming and in-game assets have been long heralded as the “killer app” for blockchain technology and cryptocurrencies, courtesy of their truly decentralized nature, and a potentially fair distribution scheme. And with Atari turning to tokens, blockchain, and Ultra to provide a next-gen experience for gamers, one could argue the widespread use of cryptocurrencies, apart from speculation, could be coming sooner than one thinks.

Gaming giant Atari partners with blockchain-powered entertainment platform Ultra

Shaurya Malwa · September 24, 2020 at 2:00 pm UTC · 2 min read. Command, and RollerCoaster Tycoon. An old-gen Atari gaming console. Image: BBC

Atari Tokens to power in-game purchases

The Atari video computer system will also be available for purchase on Ultra using either UOS, Ultra’s in-game tokens, or Atari Tokens — giving crypto and gaming enthusiasts the perfect platform to purchase the new hardware. Atari Tokens run on the Atari Chain platform and are an ERC20 token based on the Ethereum network. They are currently undergoing pre-sale rounds (as listed on the Atari Chain website) and a public sale is expected later this year.

Meanwhile, the Ultra platform will directly integrate within the Atari VCS, allowing users to purchase, download and play PC games from Ultra on the system, and give gamers instant access to a huge array of titles from triple-A games to lovingly-crafted indie gems. Ultra is also providing a full range of services to gamers, such as live streaming, in-game asset trading (of non-fungible tokens, NFTs), esports, entertainment, as well as participating in large scale esports tournaments, the release added. The Ultra platform. Image: Ultra

Nicolas Gilot, CEO of Ultra, commented on the launch:

“[Atari] offers us the opportunity to show Ultra’s capabilities when it comes to platform integration, as well as exploring NFTs and blockchain technology with one of the best known names from the video game industry.”

Michael Arzt, COO of Atari VCS and Connected Devices, shared the sentiment:

“We look forward to working closely with Ultra to help make the VCS the most blockchain-friendly gaming and entertainment system and to introduce a huge network of gamers and hardware fans to this amazing new frontier.”

Gaming and in-game assets have been long heralded as the “killer app” for blockchain technology and cryptocurrencies, courtesy of their truly decentralized nature, and a potentially fair distribution scheme. And with Atari turning to tokens, blockchain, and Ultra to provide a next-gen experience for gamers, one could argue the widespread use of cryptocurrencies, apart from speculation, could be coming sooner than one thinks.

Article Produced By
Shaurya Malwa -Analyst at CryptoSlate

Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.

https://cryptoslate.com/gaming-giant-atari-partners-with-blockchain-powered-entertainment-platform-ultra/

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Advertising, PR, Guest Post Scams in the Blockchain & Crypto World

Advertising, PR, Guest Post Scams in the Blockchain & Crypto World


Well the World is strange but if you fall to Scammers the World can be more strange for you and your Business.

 
Many Businesses publish Press releases and Guest Posts, ok so far no problem but most of them Deal with Scammers and dont know that! The Internet have so much offers for Advertising your Business and you can find in any Forum or Classified Ads offers who promise you Guest Posting and Sponsored Advertising on Bitcoin or Blockchain websites. But is it True you can buy it here cheaper than on the Websites direct?No it is, the new Scams promise you to get your Articles published for less Money than on the website self to order! They call themself PR Agencies – Be carefull!
 
Serious websites not accept reselling there Advertsing offers! If you find PR services they offer you to publish your PR on half of the Internet Blockchain sources, be warned! And the Scammers are many, we self get about 100 Emails per Week with requests for Guest Posts from 3th part not affiliate with us! For that Please note: Do not Deal with any other sources to Advertise on TheBitcoinNews.com, we do not Authorise any Resellers or Affiliates to sell Online Advertising for our Website anymore! Most of this offers are Scam and your Press release, Guest Post or Sponsored Post will not published if you not Deal direct with us!  Double check Email addresses and website URLs, the Scams even copy easy and fast full website contents to harm your and our Business!
 
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TheBitcoinNews.com
Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

https://thebitcoinnews.com/advertising-pr-guest-post-scams-in-the-blockchain-crypto-world/

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Persisting Problems: Will Blockchain Be Used in the Next US Election?

Persisting Problems: Will Blockchain Be Used in the Next US Election?

Have you ever stepped inside a voting booth, submitted your choice electronically, and wondered,

"Did the vote actually go through? What if a malicious party changes my vote?" Those kinds of doubts dominate discussions about election security. As voting increasingly happens via computerized equipment, cybersecurity experts often warn how it's easier than someone may think to hack into a system and wreak havoc. Some people wonder then, might blockchain technology bring about a more secure way for people to vote? Let's look at that possibility.

Politicians Bringing More Visibility to the Issue

Presidential hopeful Andrew Yang increased awareness of the idea that blockchain technology could solve some voting security and convenience issues. One of the central points of his campaign centered on modernizing voting by letting people cast ballots through mobile apps, then the blockchain verifying them. The idea on its face sounds great, especially since many individuals don't like the prospect of waiting in long lines and taking time out of their already-busy schedules. Also, the Permanent Subcommittee on Investigations, which is associated with the US Senate Committee on Homeland Security & Governmental Affairs, recently held a virtual roundtable to assess the feasibility of allowing Senate members to vote via online means due to the crises caused by the COVID-19 pandemic. 

Among the topics brought up were end-to-end encryption, along with a blockchain-based voting tool. The memorandum about the meeting mentioned how the blockchain could reduce instances of incorrect vote tallies by providing a tamper-free record. It also brought up how Estonia is one of the countries already using the blockchain to run entirely-online elections. The information acknowledged, as well, that the blockchain is not a foolproof system. It discussed cryptographic errors, software bugs, and majority control of the blockchain falling into the wrong hands as possible risks. Everyone consulted during the discussion agreed with the necessity of a senator verifying their vote after casting it. The attendees discussed a variety of ways to make that happen. We are not at the point where senators or anyone else in power is ready to approve any method of voting with help from blockchain. The fact that it's in discussions as a viable option is a positive development, though.

Why Could the Blockchain Work Well?

Blockchain-supported voting could be a smart move because it may increase voter turnout. People often think of cryptocurrencies and the blockchain together. Younger and tech-savvier individuals often find cryptocurrency appealing due to how it keeps identities private. Plus, the idea of voting through an app attracts anyone who may experience difficulty getting to a polling station. Plus, as the discussion above mentioned, the blockchain offers a transparent system that allows verifying a person's votes and preventing tampering. The blockchain is not perfect, but it could give a voter more visibility to help them ensure they have their voice heard. Many people worry about the US voting system's vulnerability. They assert something must happen soon, or we risk compromising our democracy. Moving ahead with the blockchain for voting would give the impression of progress made. 

Obstacles Associated With Voting Via the Blockchain

The blockchain is like most other technologies in that it has flaws. Some experts warn that it's not ready for the kind of widespread usage a national election requires. Those are not unfounded concerns, either. Earlier in 2020, MIT researchers published a report about Voatz. It's an app claiming to record votes on a permissioned blockchain. However, the group found no evidence that the app uses the blockchain to confirm genuine votes. Even more worrisome was that the investigation revealed how a party with remote access to the app could view a person's vote and change it. Voatz is not the only app for voting with blockchain, but the MIT researchers showed hesitations that apply to them all.

They mentioned how the people working on the apps might have good intentions but lack knowledge of election security. Also, another issue affecting the tech industry at large is that many new offerings reach the market before getting thoroughly reviewed. Companies race to be first, and security may get overlooked in that rush. Another recent development concerns an open letter penned by experts in cybersecurity, science, and computing to address officials at all levels of government. They insist that no internet voting system has the required security, and relatedly, that blockchain cannot "mitigate the profound dangers inherent in internet voting." The authors backed up their claims with two decades worth of science-based research. An initiative from the Kaspersky Innovation Hub uses blockchain differently. It resulted in a blockchain-secured voting machine that lets people submit ballots in person if desired. That setup still has an online component, so it does not eliminate the concerns expressed in the open letter. Kaspersky's invention could ease the minds of people who balk at voting through a smartphone or computer, though.

Likely a Too-Short Timeframe

Voting with blockchain is undoubtedly on the table as an option for future consideration. Anyone excited about possibly sending their votes to the blockchain in the upcoming US presidential election likely has their hopes up far too high, however. That event is less than six months away, after all.

Something that seems more likely is that voting in many places around the country may happen differently than usual. The COVID-19 pandemic and the need for social distancing already means candidates cannot hold in-person rallies, and it's difficult to imagine the circumstances changing enough before election day happens. People already encounter extremely long lines at polling stations, and they especially would if required to stay six feet apart. 

Voting by mail seems a much more viable option to use around the nation in November, mainly since some states already use it, as do American citizens living abroad. Rolling that system out to everyone is still far-fetched due to the timing, but it's arguably more feasible than blockchain voting as things stand now.

Article Produced By
Caleb Danziger

Caleb Danziger is a tech blogger and freelance writer.

https://cryptocurrencynews.com/blockchain-voting-us-election/

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LINE Launches LINE Blockchain Developers and BITMAX Wallet

LINE Launches LINE Blockchain Developers and BITMAX Wallet


TOKYO – August 27, 2020 – LVC Corporation (“LVC”), operator of LINE’s cryptoasset and blockchain businesses,

and LINE TECH PLUS PTE. LTD. (“LTP”) announce the launch of LINE Blockchain Developers—a developer platform for blockchain services—and the BITMAX Wallet service for managing digital assets.In April 2018, LINE established the LINE Blockchain Lab team to develop blockchain-driven dApps and research P2P network-based distributed systems and encryption technologies. With that purpose, the team has worked on a wide range of blockchain projects across the LINE Group: developing the proprietary LINE Blockchain (formerly known as LINK Chain) and issuing its own cryptoasset, LINK, as well as operating the BITMAX and BITFRONT cryptoasset exchange services. Additionally, they built an ecosystem based on LINE Blockchain, aiming to generate co-creative relationships between users and service providers under the “LINE Token Economy” concept.

Although blockchain is a new technology that has massive potential, LINE believes its practical and widespread use as still a ways off because of the costs and complexities involved with building and deploying it. Against this background, LVC and LTP decided to share LINE’s blockchain technologies. This led the companies to launch LINE Blockchain Developers—a development platform for companies to build blockchain services—and BITMAX Wallet, a wallet service for users to manage their digital assets.

LINE Blockchain Developers: A development platform for blockchain services

LINE Blockchain Developers is a development platform that provides an easy and efficient way for developers to build blockchain services based on LINE Blockchain. Blockchain technology can also be readily added to existing services for one-of-a-kind token economies. The developer console itself is a web-based environment offered through LINE’s own developer web portal, LINE Developers. With this platform, companies and developers can focus their attention on improving UX and other facets of their service instead of the technical aspects of blockchain and security.

Companies can use LINE Blockchain Developers’ main features to issue their own tokens, tokenize in-game digital assets (such as characters, items, and currency), ensure transparent transaction histories, and monetize data. For services that have been developed with the platform, token and item trades can also be verified on LINE Blockchain Explorer (formerly known as LINK SCAN).

LINE Blockchain Developers’ main features

1. Building an independent token economy

Use the LINE Blockchain Developers’ developer console to easily create a unique token economy. Tokens can also be issued on Testnet first to test them out before official release.

2. Managing various things and rights by tokenizing

Various things and rights —whether intangible or tangible—can be tokenized, making it possible to manage them with blockchain services.
* Must comply with applicable laws for tokenization

3. Protecting blockchain asset securely

Each service uses private keys to securely manage blockchain assets.

4. Straightforward blockchain access

Use RESTful API to easily link services to a blockchain—no knowledge of smart contracts needed.

5. Fully managed blockchain network

Does not require to operate nodes to participate in the network. Easily create and manage the network by using open APIs.

6. Link with LINE

Tokens issued by services made with the platform can be linked to and managed with BITMAX Wallet (which is in turn linked with LINE IDs), opening up the option of creating services that fully or partially leverage LINE’s userbase.

About LINE Blockchain Developers

·         Operator: LINE TECH PLUS PTE. LTD.

·         Availability: Global (excluding certain regions)

·         Supported languages: Japanese, English

·         URL: https://blockchain.line.biz/#/

·         Inquiries on LINE Blockchain Developers: biz@link.network

BITMAX Wallet: A wallet service for managing digital assets BITMAX Wallet is a blockchain wallet for managing digital assets. Users can centrally manage all the digital assets—tokens, items, and more—that they have obtained from various blockchain services within the one wallet. The difficulty of creating and managing conventional blockchain wallets has hereto been a barrier for users wanting to use blockchain services—and ultimately, played a part in holding back the growth of blockchain services overall. BITMAX Wallet on the other hand, is linked to LINE IDs. This means that users only need a LINE ID to get started right away and can easily send and trade digital assets with their LINE friends.

About BITMAX Wallet

・Operator: LVC Corporation

・Availability: Japan

・Supported languages: Japanese

・URL: https://wallet.bitmax.me (Web browser)

・How to use BITMAX Wallet: https://note.com/line_blockchain/n/n6aa0765fe51e (Japanese) Under the concept of “LINE Blockchain: Designed For Everyone,” LINE will continue striving to provide blockchain services and technologies that can be integrated into users’ daily lives.

About LINE Corporation

Based in Japan, LINE Corporation (NYSE:LN/TSE:3938) is dedicated to the mission of “Closing the Distance,” bringing together information, services and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more.

Article Produced By
guest Crypto Mode

https://cryptomode.com/line-launches-line-blockchain-developers-and-bitmax-wallet/

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SERIAL INNOVATORS HOLD ALL THE ACES THE DIFFERENT DIMENSIONS OF INNOVATION EXPLAINED

SERIAL INNOVATORS HOLD ALL THE ACES
THE DIFFERENT DIMENSIONS OF INNOVATION EXPLAINED

Did you know a typical S&P 500 company in the 1960s, was estimated to be in business for more than 60 years? But nowadays the average lifespan is only 18 years? In order to survive in today’s rapidly changing world of technology, it’s imperative that companies stay relevant, so it’s become increasingly more important for businesses to be innovative. Innovation is an ongoing priority and the creation of innovation systems to perpetually foster creativity and agility is a purposed and proactive process, however, when done right the benefits for everyone involved can be tremendous. 

Where does this innovation come from? Doblin owned by Deloitte is a company with a focus on innovation, found that after examining over 2,000 business innovations throughout history, most breakthroughs aren’t always new products, startups, or rare discoveries. They observed that innovation can be categorized within a range of 10 distinct dimensions (as shown in the infographic) and applying a combination of these 10 types of innovation has resulted in well-known, long term businesses staying ahead of their competition.

 

What Does Innovation Look Like In Practice

Companies that have been around for years have leveraged each of these 10 types of innovation in the past as well as integrating new technologies to consistently create breakthroughs of new products and services. 

Image adapted from Visual Capitalist

 

Innovation Dimensions 1-4. “CONFIGURATION”

The first four types of innovation (according to Doblin) center around the configuration of the company, and all the work that happens “behind the scenes”. Tesla’s Elon Musk said back in 2016 that “the machine behind the machine” is more important than the product. The point here is that companies with strong innovation draw on the strength of their underlying innovation systems that integrate strategy, ecosystems, development, performance management, and more, making it into one seamless and mutually supportive whole. 

Have you heard the parable about the blind people and the elephant? Each person can feel and describe a part of the animal, but none of them can get a sense of the whole, because elephants are big and so are innovation systems. They are complicated and multifaceted involving people and teams from multiple functions. Innovation systems can’t be a one-hit-wonder. They need to be designed and consistently reworked to deliver the desired level of organic profitable growth. 

An effective innovation system takes time and experience to build, also practice as well as learning from successes and failures is essential. A company needs to reassess and revalidate all the elements of its innovation system which is the “machine that makes the machine”, to ensure that it is delivering maximum value. How a company along with its products and services are organized have a crucial downstream effect and enables innovations in other categories.  

Image adapted from Visual Capitalist

Two of the most interesting examples in the infographic are Google and Markethive. Both companies made internal innovations that empowered both their people and users resulting in further advancements downstream. 

In the case of Markethive, an inbound marketing company since 1996, embraced Blockchain technology 4 years ago addressing privacy issues for the user, cryptocurrency payment solutions, along with incorporating systems and all tools under the Markethive umbrella, required for the complete inbound marketing experience. Being the first Market Network of its caliber there is very little competition that provides users with an opportunity to earn an income within the platform along with their own private endeavors and cottage businesses. 

 

Innovation Dimensions 5-6. “OFFERING” 

People or users are likely to put an emphasis on a company’s offering above all other innovation categories. The way a product performs is important and more important are the improvements to product performance which can be a difficult type of innovation to uphold. A company with a deeply ingrained culture towards innovation with a focus on continual advancements will have a distinct advantage over the competition. 

This is where all dimensions of innovation come into play. Doblin recommends that all companies need to focus on combining multiple areas of innovation together. It creates a much more stable economic moat. 

Image adapted from Visual Capitalist

According to Boston Consulting Group (BCG), Apple is on top of the leaderboard with a reputation for innovation, however, its company’s strategy is underappreciated. Intrinsically, Apple has put a great deal of thought into its ecosystem of products, ensuring they work together flawlessly creating additional utility. It also makes it harder for consumers to switch away from Apple. 

Markethive is also one-stop-shop creating ease of utility for newbie marketers and savvy entrepreneurs. It offers collaboration within the Markethive ecosystem as well as access to various platforms externally that serve a similar purpose. Historically, a leader in the field of inbound marketing, with its proprietary tools, has bundled individual products and services together along with integrating newer technologies to create a robust, scalable system, bringing more value to the user. No need to go anywhere else, it all comes to you. 

 

Innovation Dimensions 7-10. “EXPERIENCE”

The experience innovations are the ones where the users or consumers are most involved. It puts the company in the limelight as innovations in experience all get trialed by the users. It stands to reason that intense care is needed when rolling out these ideas.    

Service innovations enhance the utility, performance, and value of an offering, making the product or service easier to use. Customer engagement innovations are about understanding the aspirations of consumers and users and using those insights to develop meaningful connections between them and the company. 

 

Image from Visual Capitalist

Brand innovations help to ensure that customers and users recognize, remember, and prefer your offerings to those of competitors or substitutes. Great ones infuse a “promise” that attracts users and conveys a distinct identity. Channel innovations encompass all the ways that you connect your company’s offerings with your customers and users.

 

A Collaborative Platform And Ecosystem; A Serial Innovator

More than ever collaboration has become an important part of innovation. Digital technologies enable collaboration platforms that create an ecosystem by bringing a group of organizations to build a new capability, product, or service offering. Ecosystems are dynamic environments and contain lots of varied entities with multiple sources of influence and can offer users a powerful way to build new revenue streams. 

Ecosystems trade in multiple currencies, not all of which are financial, because they exist to create value through collaboration. When an ecosystem wins, the participants and users win as well, always evolving, acquiring new members, and realizing new missions as and when they come to light. 

Markethive has done that by utilizing the Blockchain and cryptocurrency collaborating with high profile coin exchanges, along with upcoming joint ventures to streamline and provide a lucrative platform for all involved. Markethive’s platform is currently live in public Beta with the first of many unique initiatives being the Banner Impressions Exchange. A franchise for Markethive Entrepreneurs and a uniquely innovative, free-market way for all advertisers to gain exposure across many domains with substantial traffic.  

 

Entrepreneurial Collaboration Within The Markethive Ecosystem 

Collaboration is an integral part of the Markethive culture when it comes to user engagement. The first Market Network with a collaborative social media interface offers all the marketing tools, digital media, live training, and tutorials allowing entrepreneurs, marketers, commercial artists, and the novice to aspire and succeed in a fluid, collaborative and nurturing environment. 

Markethive saw a need and what is lacking in the existing stand-alone social and marketing platforms and created a blockchain-driven ecosystem with its own consumer coin. A decentralized platform in which all users’ data is protected which means;

  • compromising users’ data becomes impossible. 
  • A meritocratic system negates being banned or suspended
  • Blogcasting and messaging cannot be tracked across the web

By storing your data, information, activities, and publications across a network of computers, known as data centers, the task of compromising your data becomes literally impossible.

Markethive’s infrastructure also facilitates;

  • A free marketplace where all artists and entrepreneurs can showcase and distribute their products, monetize, and get paid without the fear of reducing or losing their revenue or Markethive account. 
  • Protects the users’ against losses as transactions are done within the Markethive Platform.
  • A complete turnkey financial system within Markethive which enhances economic velocity.
  • A free market media and content publishers with a reach well beyond existing social and market networks. 

All users have the opportunity to increase their brand awareness and financial status within the Markethive Ecosystem while building and monetizing their own private businesses. Coupled with its data centers and plans to deploy a multitude of mining hives distributed globally that will create massive surplus electricity built on a total 100% green energy that supports the core distributed decentralized data-based systems using dWave or quantum computers which utilizes the advanced theoretical technology of multiple parallel universes. 

That core of decentralized dWave database systems has a matrix/network of the blockchain around it. Monitoring, securing, and facilitating the massive database system. As it’s built on a higher generation blockchain that makes it possible to handle large social groups.

 

Conclusion

This is all very Web 3.0 and we are just at the beginning of a monolithic venture of innovation. Markethive’s culture is one of innovation, based on the power of Organic Intelligence (OI); other social and media cultures’ are one of subordination and intrusive Artificial Intelligence (AI). 

The online world where a large portion of the global population now exists is perpetually and rapidly advancing. People’s attitudes are changing with a rebellious nuance as they wake up to the dictatorial and harvesting for profit and control of Web 2.0. Markethive with its divine ethos is on a powerful mission to change this narrative and with its finger on the pulse of innovation will surely make it happen. 

The rise of the entrepreneur and the fall of destructive forces in our social platforms are here now.

The Markethive team is working around the clock on the wallet, KYC protocols, and exchange listings. We have some extremely exciting systems in the making so come to the weekly meetings on Sundays. The link to the meeting room can be found on the Markethive Calendar

 

ecosystem for entrepreneurs

 

References: Visual Capitalist DOBLIN

 

 

 

Deb Williams
A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept, and move forward with enthusiasm to achieve their goals. 

 

 

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CoinDesk columnist Nic Carter is partner at Castle Island Ventures, a public blockchain-focused venture fund based in Cambridge

CoinDesk columnist Nic Carter is partner at Castle Island Ventures, a public blockchain-focused venture fund based in Cambridge,

    

Mass. He is also the cofounder of Coin Metrics, a blockchain analytics startup.What was once an idle supposition is now concrete.

Public blockchains are destined to privilege the largest, most fee-tolerant transactions, at the expense of non-financial uses. When a robust block space market emerged on Bitcoin in 2017, some wrote it off as an aberration, believing the future was #FeeLess. Since then, Bitcoin’s bite-the-bullet approach to fees has taken hold: low-fee chains have suffered from bloat and irrelevance, and the second-most valuable blockchain, Ethereum, has effectively embraced the reality of meaningful fees. This heralds a shift in how major blockchains are perceived, moving away from generic computation layers and towards their destiny as financial infrastructure.

The logic for this shift is simple. Satoshi included the combination of fees and the blocksize cap in Bitcoin as both an anti-spam mechanism (to prevent the injection of arbitrary amounts of data that would make the chain impossible to validate) and as a method to compensate miners in the long term. Satoshi envisioned a future where fees alone would support miners, after the subsidy had run out. Today, that doctrine is largely unchanged; Bitcoiners still expect fees to eventually grow to 100 percent of miner revenue. (Bitcoin miners currently make 9.7% of their income from fees, according to Coin Metrics.) Capped block space is critical to make this work. In a finite system, transactors are willing to pay up for inclusion in a block. In uncapped alternatives, fees are effectively zero – and one can imagine that these chains will be forced to rely on perpetual inflation to finance security, or fall back to permissioned validators.

Aside from paying for security and warding off perpetual inflation, fees have additional emergent impacts. Effectively, they force transactors to think hard about what they are using the blockchain for. This encourages higher-value transactions and discourages frivolous use cases. In fee-bearing blockchains like Bitcoin, marginal, spammy, or non-monetary usage simply gets priced out over time. As Bitcoin Core developer Greg Maxwell says, there is infinite demand for highly-available perpetual data storage. As a result, low-fee alternatives become great big garbage patches. If you imagine fees as attaching a weight to transactions, you can see how fee-bearing transactions would force out more marginal ones from the auction for block space, like a lead weight displacing water from a bucket.In fee-bearing blockchains like Bitcoin, marginal, spammy, or non-monetary usage simply gets priced out over time.

One great example of this displacement is Veriblock. Veriblock is a protocol which bids a fixed amount of its token, VBK, for Bitcoin block space. At its peak Veriblock transactions accounted for more than 30% of Bitcoin transactions. But, as Bitcoin fees perked up in May 2020, and VBK fell in value (and hence so did the amount of BTC it was bidding for block space), Veriblock transactions were squeezed out. Ordinary Bitcoin transactors ultimately outbid the more fee-sensitive use case.Consequently, many Bitcoiners believe that, in the long term, the base layer will come to resemble Fedwire or CHIPS, large-scale settlement networks with large average transaction sizes. This has been the working assumption among developers for a long time on Bitcoin, and it’s part of the reason why Bitcoiners speak derisively of SatoshiDice and coffee payments: They don’t expect these would be suitable for base-layer transactions at maturity. You don’t send a wire transfer to pay for a stick of gum; payment methods are a function of your convenience and settlement needs.

On Ethereum

Mirroring Bitcoin’s high fee epoch in 2017, Ethereum has witnessed in 2020 the emergence of a healthy block space market. Driven by the popularity of stablecoins (most of which rely on Ethereum as the underlying infrastructure) and the rapid growth of DeFi, Ethereum fees have skyrocketed this year, peaking at 60% of miner revenue. Transactors on Ethereum paid $8.6m in total fees on Aug. 13, with per-transaction costs coming in at a median of $3.60.

Vitalik Buterin once stated in reference to Bitcoin that “the internet of money should not cost 5 cents a transaction.” It’s safe to say his attitude to fees, and that of Ethereans more broadly, has moderated with time. Delays in ETH 2.0, a growing understanding that unlimited block space has negative externalities, and a newfound appreciation for fees as the backstop of a potentially deflationary force have caused many Ethereans to embrace a higher-fee world.The explosion of new liquidity mining opportunities on DeFi and the continued growth of crypto-dollars have priced out other use cases on the platform. The cost to deploy complex contracts has skyrocketed to hundreds of dollars in some cases. Today, a user sending a multi-million-dollar Tether transaction will most likely outbid someone deploying an Aragon DAO or minting an NFT. 

This is sobering for some Ethereans, as it has punctured some of the more expansive visions of what Ethereum could become – at least in its present form. With high fees, the most economically dense transactions come to occupy block space to the exclusion of all else.Ever since the departure of the big blockers, Bitcoiners have made their peace with this, prioritizing a layered approach in which the base layer is reserved for larger settlements. Bitcoin scales not by increasing the available supply of block space, but by minimizing the quantity of data registered on chain. Lightning scaling amortizes potentially thousands of transfers into a handful of on chain transactions. 

Meanwhile, physical bearer instruments like Opendimes are funded once but can be passed around arbitrarily many times. Sidechains like Liquid hit mainnet for pegs in and out and thereafter allow asset issuance and transfer off chain. Even exchanges and custodians – many of which allow “on-us” transfers between users solely on their own database – can be understood as trusted sidechains. If exchanges move from a real time gross settlement model to a net settlement model, yet more block space will open up. The commonality here is the introduction of deferred settlement to save on fees (by bundling many off-chain transactions together) and winning efficiencies.

Keep in mind, the above methods rely on an array of trust models, and they are not all equivalent to base-layer bitcoin transactions. But this is how payments work: some high-assurance payments require immediate final settlement, whereas in other cases users are content with deferred settlement. In fact the latter is often preferred, because deferred settlement introduces efficiency and allows for recourse if something goes wrong. The important thing is that bitcoin users have the option of making a base level transfer should they need to.Today, a user sending a multi-million-dollar Tether transaction will most likely outbid someone deploying an Aragon DAO or minting an NFT.

It’s critical to understand that large-scale block space consumers have a strong incentive to minimize their footprint if wastefulness leads to higher fee liabilities. The rigidity of the blocksize and vibrant block space market means that Bitcoin punishes profligacy. This is why providers like Coinbase have latterly come to embrace space-saving measures like batching, after several years of demurral. Batching reduces the average size of a payment by incorporating many payments into a single transaction (which has a fixed cost in terms of bytes).

Ethereum’s relationship with fees is more complicated. Ethereum 2.0 is a specter that might produce a superabundant quantity of block space, although the execution of this vision remains in doubt. Ethereum itself is far more malleable in its key properties than Bitcoin, with the supply of available block space constantly changing. Increasing the gas limit effectively socializes transaction costs from users to node-operators who must shoulder a costlier validation burden.

Perversely, increasing block space means that heavy users have a reduced incentive to optimize their usage. The Ethereum technical community has devised multiple deferred settlement systems that could reduce the mainchain data impact of transactions, many of them falling under the ‘rollup’ designation. But for industrial consumers of block space, lobbying the developers or miners to increase the gas limit might prove cheaper than rearchitecting their backend to be more parsimonious. 

In a sense, the willingness of the protocol architects to rapidly iterate on the core protocol parameters makes investing heavily in efficiency-enhancing processes less attractive. And the looming prospect of massively abundant block space threatens to derail this newly pragmatic attitude. Ethereum must choose between two visions: the low-fee, endlessly creative and resource intensive world computer, or the more economically dense financial settlement network.

Article Produced By
Nic Carter

https://www.coindesk.com/ethereums-fees-mean-choosing-between-a-world-computer-and-a-financial-network

 

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LGBTQ+ in Blockchain/Crypto: A Safe Space With Room for More Inclusion

LGBTQ+ in Blockchain/Crypto: A Safe Space With Room for More Inclusion

LGBTQ+ people in the sector say crypto is a welcoming space: “The crypto sector is more than supportive of LGBTQ+ rights.”

Technology has become central to everyday life. From finding new ways to make money smarter to communicating

with each other, humankind is reliant on technology companies to provide these services for us. But despite its great influence over modern life, tech still faces a diversity problem. While some progress is beginning to be made, a cursory glance across the C-level ranks of most companies shows a strong oversupply of straight white men. Emerging tech sectors have not historically been the most inclusive or open-minded, but projects such as LGBT Token, TransTech Social Enterprises and StartOut show that there is both representation and support for LGBTQ+ people in tech. Nonetheless, it’s no secret that cryptocurrency’s unique nature and ideals can draw in a wide range of interested parties, many of whom have strong, and occasionally extreme, political beliefs. Despite this, crypto appears to be a welcoming place for LGBTQ+ people, according to industry leaders.

Crypto is supportive of LGBTQ+ rights

The global financial industry and many of the world’s most prominent tech hubs are not famed for their inclusivity. But for Sarah Jamie Lewis, the executive director of the Open Privacy Research Society, the disruptive nature of crypto and other emerging technologies has the power to destroy oppressive structures. Decentralization gives individuals and minority groups power that wouldn’t otherwise be available. For Paul McNeal, a self-described Bitcoin (BTC) evangelist and prominent Twitter commentator, the crypto sector has been supportive

of LGBTQ+ rights:

“Not once have I had anyone on Crypto Twitter or any other medium make an issue of my sexual orientation or LGBT issues. I’ve lived my life by treating others with respect and it’s been returned 10 fold.”

Joe DiPasquale, the CEO of multistrategy blockchain and crypto fund BitBull Capital and one of the founders of StartOut — a nonprofit that empowers LGBTQ+ entrepreneurs in tech — echoed McNeal’s view that crypto is supportive of LGBTQ+ rights and emphasized that the technology’s impact on the way people govern themselves has an impact on social issues: “The crypto sector is more than supportive of LGBTQ+ rights — crypto is pioneering new forms of governance that can bring about advances in society more quickly,”

adding:

“From projects like Tezos which has developed more efficient ways to vote on-chain through delegates, to thought leaders who believe the blockchain and virtual nations can empower people and correct exploitation, many projects in the sector mirror the support that we see more generally from most forward-thinking technologists. While crypto is apolitical, Bitcoin itself bypasses the need for government control over money and central banks.”

Claire Lovell, the associate director of product management at Gemini, also outlined her view to Cointelegraph that crypto supports LGBTQ+ rights and that the philosophy behind cryptocurrency has the potential to shift power away from centralized institutions and norms that had previously been impervious

to change:

“I do think the crypto sector is supportive of LGBTQ+ rights. The crypto ethos is to remove those existing power structures that would seek to limit the rights or privileges of people. Personally speaking, of the five years I’ve been working in this space, I have not once experienced any homophobia from other members of the community.”

Empowerment

While several experts have reported the crypto sector to be supportive of its LGBTQ+ members, some are skeptical about crypto’s purported ability to help minority groups in particular. McNeal explained to Cointelegraph that what crypto does best is create a level playing field rather than appeal to particular demographics: “I do not believe digital assets or Blockchain Technology does anything unique for the community than it does for any other demographic,” adding: “It has no respect for the person, it was and is created for all.” For BitBull’s DiPasquale, blockchain not only has the potential to change the way that people manage their finances but also to bring about political change. “There are already projects applying the blockchain to voting and creating communities through it,” DiPasquale explained, adding that this presents an opportunity for

the LGBTQ+ community:

“So, blockchain is already involved in enabling more people to vote. When we enable greater access and improve the diversity of those at the polling booth, we’ll empower the LGBTQ+ community as well.”

According to a survey conducted by WNYC Studios, LGBTQ+ people have a worse financial outlook than their cisgender and heterosexual peers. More than half feel anxious about their finances, with up to 42% reporting that their financial prospects have caused them to feel depressed. A further 25% of LGBTQ+ respondents say that their sexual orientation has caused them to suffer financially.

For Gemini’s Lovell, continued attempts to increase inclusivity could help LGBTQ+ people improve their personal finances: “Targeted outreach to the community with more education around the benefits of crypto and why it’s an inclusive asset class could help open up the space to more people in the LGBTQ+ community.” Lovell also told Cointelegraph that using cryptocurrencies and blockchain-based financial products can help sidestep some of the barriers that affect the LGBTQ+ community, as well as that using nontraditional banking methods such as decentralized finance can actually be more financially rewarding than banks found

on Main Street:

“Participating in cryptocurrencies and blockchain projects allows one to opt out of the financial power structure of big banks to create your own economic network. This helps increase access to financial tools. For example, one can use DeFI tools to earn much higher interest on their capital than they can receive from banks, and anyone can participate. Compounding returns is an important part of creating wealth.”

Representation

While the crypto sector may well be supportive of LGBTQ+ rights, there is still a lack of visible representation among company leadership. And while this is due in part to a lack of diversity, for many, being LGBTQ+ is something completely private and is kept as part of their personal lives. While BitBull’s DiPasquale told Cointelegraph that many crypto companies have LGBTQ+ staff already, McNeal said that representation should be increased

based on merit:

“I am not a fan of hiring for hiring sake, if a person can show up and compete — they should lead. That said, we can’t truly know if the representation is up or down since many may not be public about their sexual orientation.”

Gemini’s Lovell told Cointelegraph that it is perhaps not overly surprising that minority groups are not overwhelmingly represented in niche industries such as crypto but added that she felt LGBTQ+ engagement would grow in tandem with

wider adoption:

“LGBTQ+ minorities are a small percentage — just 10% — of the population, and crypto is also a small community of workers. Right now there aren’t that many LGBTQ+ people in the crypto community. That being said, as digital currencies continue to grow and new opportunities arise, I have no doubt we will be represented at every level. I’m proud to say that at Gemini there are several senior employees who identify as LGBTQ+, including me!”

While it’s clear that efforts are being made to make both the tech and crypto sectors more inclusive and openly supportive of LGBTQ+ people, some argue that there is still a long way to go. For Open Privacy’s Lewis, more conservative views of sexuality and gender boundaries still prevail. Lewis told Cointelegraph that those hoping to challenge these preconceptions still face an

uphill struggle:

“Can people shed the chains the cisheteronormative concepts of sexuality and gender and begin to decentralize the power that they hold? Perhaps, but that is a slow process and one that is not for the weak or those that lack the will to power.”

Be sure to check out the live discussion titled “LGBTQ+ and Blockchain: Community-Powered Tech and Tech-Powered Community” on Cointelegraph’s YouTube channel.

Article Produced By
Joseph Birch

Joseph Birch is a freelance journalist. He’s interested in how blockchain has the potential to radically change the world we live in and the transformative power of crypto.

https://cointelegraph.com/news/lgbtq-in-blockchain-crypto-a-safe-space-with-room-for-more-inclusion

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Chainalysis Report: Tether Could Be Enabling Capital Flight From China

Chainalysis Report: Tether Could Be Enabling Capital Flight From China

The East Asia crypto market has reacted fast to news of Beijing’s national digital currency and regional economic tumult.

Cryptocurrencies — and Tether (USDT) in particular — could be playing a key role in recent capital flight from China,

according to a new report from blockchain analytics firm Chainalysis. The report states that over 44% of crypto transactions in East Asia are conducted with counter-parties within the region, making it “the closest we have to a self-sustaining market” in the industry. However, over the past 12 months, East Asia’s relative share of global crypto activity has begun to decline, with over $50 billion worth of cryptocurrency leaving China. Grayscale director of research

Philip Bonello said: 

“It appears that users in many regions use stablecoins to access U.S. dollars for cross-border payroll, remittance, and capital flight from local currencies.” 

Since Beijing’s 2017 ban on direct conversions of yuan for cryptocurrency, the U.S. dollar-pegged stablecoin Tether has served as a popular stand-in for fiat for traders in the Chinese market.  Relative to other regions, East Asia has the lowest share of on-chain volume devoted to Bitcoin (BTC), at 51% of transfers by volume. The rest consists of stablecoins, 93% of which is USDT. While yuan-USDT trades are, strictly speaking, also prohibited, OTC brokers continue to sell the stablecoin to enable traders to lock in their gains from crypto trades without worrying about price volatility. In June of this year, Tether outflanked Bitcoin to become the most-received digital asset by East Asian addresses. In the East Asian market, over $18 billion worth of Tether was moved to addresses based in foreign jurisdictions over the past year. How much of this reflects capital flight remains difficult to conclusively establish.

Analysts claim that the yuan’s fluctuating valuation over this year and tensions amid the ongoing U.S.–China trade war could be spurring local investors to evade capital controls. Beijing bars citizens from moving more than the equivalent of $50,000 out of the country each year. The government has meanwhile cracked down on routes for offshoring capital via foreign real estate investments and other assets, leaving cryptocurrency as a possible alternative.Other contributing factors include uncertainty as to how Beijing’s forthcoming national cryptocurrency will impact the private digital asset market. Chainalysis suggests this may be driving China’s cryptocurrency community “to move portions of their holdings overseas.” 

Primitive Ventures founding partner and regional expert Dovey Wan said that when it comes to Beijing’s approach to new technologies, “undertones matter”: “It’s important that [President] Xi talked about ‘the blockchain’ but not ‘Bitcoin.’ It implies that the digital yuan will be the only official, state-sanctioned cryptocurrency and dampens the view of crypto as a private asset.” Chinese state policy toward crypto has long been shaping which assets traders use and why. In commentary earlier this month, American broadcaster Max Keiser also claimed that geopolitical tensions were spurring capital flight out of Asia — though he cast the spotlight on Bitcoin, rather than stablecoins like Tether. “Capital flight out of Asia taking the Bitcoin express,” he said, as the asset rallied to hit $12,000.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/tether-could-be-enabling-capital-flight-from-china-says-chainalysis

 

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How blockchain could help banking institutions with identifying customers

How blockchain could help banking institutions with identifying customers

  • Making the banking process a lot simpler with HashCash. 

  • How blockchain adoption is growing in this industry.

HashCash Consultants, a well-known blockchain company has recently claimed that banks are chief arbiters of people's identities and that blockchain technology could do a much better job of keeping everyone on file in a secure and safe manner. An announcement was made earlier last week on the 11th of August

which said:

“Accurate identification of an individual is central to banking activities which makes them the chief arbiter of people's identities.” 

it went on to add:

“The existing manual processes make identification time-consuming and susceptible to errors. HashCash aims to streamline the process by helping the partner bank create digital identities for the customers over a decentralized network, where the customer data will be recorded on an immutable ledger, eliminating any chance of identity theft and forgery.”

The United Arab Emirates bank will be using blockchain-based digital identity systems provided by the company. This is a big move for blockchain adoption as with such a big company using such technology, who knows what the future will hold. A representative from the company has said that they can’t reveal what bank they are referring to. This is because of legal reasons involved in the contract. The company is hoping to create a digital identity architecture when it comes to the bank’s process. This would be a system that would simplify identity verification and make new customers experience significantly smoother. The CEO of the company Raj Chowdhury as at the following

on the matter:

"Accurate identification of an individual is central to banking activities which makes them the chief arbiter of people’s identities. Having a bank account is essential for buying property, securing a loan, and getting a job. But, the existing manual processes make identification time-consuming and susceptible to errors.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Article Produced By
Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

https://cryptodaily.co.uk/2020/08/how-blockchain-could-help-banking-institutions

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Live: Crypto, Blockchain Hearing at US Senate Banking Committee

Live: Crypto, Blockchain Hearing at US Senate Banking Committee

Cointelegraph has tuned in live to the United States Senate Banking Committee hearing on a regulatory framework for digital currencies and blockchain.

During today’s United State Senate Banking Committee hearing on the regulatory framework for cryptocurrencies and blockchain,

Cointelegraph will be updating live with the most important developments. The July 30 hearing, titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” follows the previous hearings in mid-July that examined the regulatory hurdles surrounding Facebook’s Libra. Circle CEO Jeremy Allaire will be a witness today in front of the Senate Committee on Banking, House, and Urban Affairs on behalf of The Blockchain Association, along with Rebecca M. Nelson, a specialist in international trade and finance, and Mehrsa Baradaran, a professor of law at University of California, Irvine School of Law.

11:25 a.m. EST

Crapo: I want the U.S. to stay at the forefront of this technology, which both has incredible potential and incredible risk.

11:22 a.m. EST

Nelson: Facebook has changed the debate about cryptocurrencies

11:15 a.m. EST

Barabadan sees similarities in the resistance of tech companies to regulation in the same way that big banks are resistant to regulation.

11:16 a.m. EST

Brown asks what lessons we can apply to tech companies after the 2008 financial crash, and Barabadan says that there is a fear that the U.S. will lose its tech edge if it doesn’t let these companies grow unfettered.

11:13 a.m. EST

Brown: “If there aren’t really new products, why would we need rules and regulations?”—Brown going off the idea that the ideas are the same for financial instruments, just new technology backing them.

11:10 a.m. EST

Crapo: how does Libra gain global acceptance if it’s facing every country’s different regulatory climate? Allaire: some of these cryptocurrencies are just open source software that exists on the internet and runs everywhere the internet exists (“even interstellar”). Allaire: “Digital money will move frictionlessly, everywhere in the world, at the speed of the internet, hopefully with a high level of security and data protection.”

11:08 a.m. EST

Allaire notes that there are larger opportunities for digital assets and blockchains outside of the United States. When looking for locations, Circle wants a high bar from a regulatory perspective, from a custody risk in particular, as well as clear definitions. 

11:04 a.m. EST

U.S. Senator Jon Tester of Montana appears concerned about Libra being compromised the same way that a credit or debit card can be. “Would it kill cryptocurrency in the laws that we are probably going to be passing […] if we stipulated that it had to be a 1:1?”

11:02 a.m. EST

Nelson brings up money laundering as a big concern for cryptocurrencies around the globe, but says that some licensing, reporting, and transparency requirements can help with these concerns.

11:01 a.m. EST

Nelson thinks that some crypto hubs are using regulation as a way to attract crypto to their borders, using clarity and certainty to bring people in to their jurisdictions.

10:58 a.m. EST

U.S. Senator Christopher J. Van Hollen of Maryland on real-time settlement: “Our failure to have moved forward with this technology […] is costing millions of Americans, billions of dollars every day.”

10:56 a.m. EST

Cortez Masto asked Baradaran why digital currencies cannot bank the unbanked. She responds that the problem is that these people live in “banking deserts.” Baradaran: “How does any digital-based currency help when people are operating in cash?”

10:53 a.m. EST

U.S. Senator Catherine Marie Cortez Masto of Nevada believes in the potential of blockchain, and the importance of leading in this technology over China.

10:51 a.m. EST

Schatz: “I don’t doubt the potential for this tech, I just don’t think that it’s going to actually bank low-income communities, and I don’t think you’ve persuaded anybody here that it’s going to do so.”

10:49. a.m. EST

Schatz keeps bringing up the idea that not everyone has a smartphone, and so it’s hard to place bets on this technology to solve all of our problems and “leap over all existing ones.” Allaire rebuts by saying that technological innovation can be slow, comparing now to the beginning of the internet, of the slow implementation of broadband.

10:48 a.m. EST

U.S. Senator Brian Schatz of Hawaii asks if we are anywhere close to democratizing the use of technological products, following up on the overall financial inequality topic. Schatz: “What it sounds like to me is tech people wanting to wave a wand and skip a bunch of steps and avoid the tough political of doing things for people.”

10:42 a.m. EST

U.S. Senator Mark Warner of Virginia is asking about the literal meaning of the 1:1 backing of the Libra. Allaire comments that while the first wave of these types of digital currencies were focused on establishing a global digital currency, the critical mainstream use cases for the financial services sector has needed the development of stable coins, with Libra as an example. Allaire now brings up the Circle consortium’s USD Coin as another example. Warner responds by asking: if there is a basket of currencies backing the Libra, doesn’t that create currency risk? Warner: “If you have a 100% reserve, where is Libra going to make money on this?”

10:36 a.m. EST

Baradaran is now speaking about the ways that people have tried to bank the unbanked and how those past attempts have failed, aligning those past failures with some of the stated goals of cryptocurrencies. Baradaran admits that while  blockchain is “amazing,” the hearing is about digital assets and the blockchain, and what is really going on in these markets. She repeats that the problems of the unbanked are policy problems, not technological.

10:34 a.m. EST

Allaire notes that we should regulate digital assets, but that we need new definitions of them as an asset class.

10:31 a.m. EST

Allaire: “Regulations around the custody of assets is a really critical need.” Crapo then brings up Poloniex moving to Bermuda, and Allaire says that there is a big problem for digital assets fitting into definitions in our current financial systems. “Unfortunately, in the United States, the guidance that the SEC has given is extremely, let’s just say, narrow, in terms of what they deem to not be a security.”

10:29 a.m. EST

Professor Mehrst Baradaran: “There is yet to be an innovative technology that has eliminated the risks and frauds and crimes that regulation is meant to combat.” Moving to the blockchain doesn’t protect from these risks, in Baradaran’s opinion.

10:23 a.m. EST

Professor Mehrst Baradaran believes it’s natural that people have embraced Bitcoin in the aftermath of the 2008 financial crisis. However, she adds that the current problems in our economy are issues of policy, not of technology, so blockchain is not necessarily the answer. According to Baradaran, we already have a public ledger, it’s called the Federal Reserve.

10:22 a.m. EST:

Dr. Rebecca M. Nelson thinks Facebook could be a game changer for cryptocurrencies, but it has raised both regulatory and systemic concerns before it can be implemented.

10:18 a.m. EST:

Allaire thinks that current restrictive atmosphere has led companies to domicile overseas, rather than in the U.S, and that Congress should define digital assets as a new asset class.Allaire: “We are in the process of moving our international facing services and products out of the United States.”

10:15 a.m. EST:

Jeremey Allaire speaks about his views on the troubles of our current financial system, including cybercriminals, hostile nations, and a lack of equal access. Allaire: “There absolutely can be a better future ahead, one built on digital assets and blockchains.”

10 a.m. EST: 

Senator Michael Crapo of Idaho: These technologies are inevitable, they could be beneficial, and the United States should lead in this sector. Senator Sherrod Brown of Ohio: “Facebook has proved over and over […] that they can not be trusted. But they don’t care. They move fast, they break things. Minor things, like our political discourse and journalisms and relationships and privacy. Now they want to break our currency and payment systems, hiding behind the phrase ‘innovation.”’

Article Produced By
Molly Jane Zuckerman

Molly Jane is a Russian Literature major from California with a background in writing. She joins Cointelegraph after working as a freelance journalist and blogger.

https://cointelegraph.com/news/live-crypto-blockchain-hearing-at-us-senate-banking-committee

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