World Wide
- by Jakobo Gimeno
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Use Case: Here's how blockchain is going to fundamentally change our lives ... (business-standard.com)The use of the internet has undergone rapid evolution in a matter of a few decades.
In the 1990s, the internet was described as "a wide-area hypermedia information retrieval initiative aiming to give universal access to a large universe of documents" or simply put, 'The Internet of Information' which was primarily used to access data resources and services administered on the web browsers.
Back then, no one would have thought how it would fundamentally change our daily lives in the future. It has rapidly evolved from a platform to gather information to a space where we can shop, bank and communicate.
The digital revolution has made the world realise the value of the internet and its implementations.So, today we are gradually moving towards what Canadian strategist Don Tapscott calls 'The Internet of Value'; that is the fountainhead of digital assets.
Blockchain, which allows us to enable the exchange of any asset across the globe in real-time, ranging from stocks and bonds to music and art, is the next inevitable step in the global progress towards 'The Internet of Value'.
Various applications of the internet have been made possible which are efficient like peer-to-peer money transfer, because internet reduces the transactional and communication cost to a bare minimum.
This is the same force driving the new platforms that have emerged to deliver goods and services at levels of efficiency previously unimaginable, and blockchain is leading the revolution in redefining the new-age internet.
Like a traditional ledger, blockchain is essentially a record of transactions. These transactions can be any movement of money, goods or secure data -- for example, a purchase at a supermarket, or the assignment of an Aadhar number. It works in three basic steps.
First, it gathers data that the user has provided in forms of smart contracts, transactions IDs. Second, it orders the received data into blocks and finally chains them together securely using cryptography making it decentralised and accessible via any computer/mobile device across the network.
Now the question here is why do we need it? What is it that will change the way groceries are bought, stocks are purchased, money is transferred, bills are paid, and land deeds are made? The answer possibly can be the demand for trust and security emerging from both people and enterprises alike.
Blockchain best serves these purposes as the trust factor is native to the medium. For example, if you are transferring money online to your friend, then your medium becomes the internet and to secure your transfer, a clever programming code is written.
The same concept is applied by blockchain, but the security is made more secure by cryptography.Blockchain has the potential and can be implemented across diverse sectors such as banking, education, and health. For instance, we keep our savings, assets and cash with banks because they are trustworthy and secure.
However, their data is centralised, making them quite prone to cybercriminals that can bring the entire banking system to a halt. Now consider a person working abroad who wants to send a remittance to his family back home but has to encounter multiple clearances before his family receives it.
With blockchain technology, the concept of crypto currency comes into picture, thus resulting in an open-access registry of monetary flows which makes the intermediation of financial institutions unnecessary and even costs less.
Second, in the field of healthcare, while big data analytics and artificial intelligence are simplifying healthcare delivery by smartly diagnosing the diseases from the patterns of numerous plugged-in electrocardiograms, blockchain is turning out to be a perfect platform for recording the medical attention of a patient and identifying a trend from the data recorded. Consider health card:
A database which can be perceived as your health identity as it carries your entire medical history. Such technologies can find effective application in reducing information asymmetries within the healthcare and insurance markets by providing the most accurate data on patients.
Finally, blockchain can reorient the education system by delivering academic transparency.
It can build an e-portfolio of academic credentials which has your test scores since the day you entered school. Paying for school fee in crypto currency -- which is decentralised -- from anywhere around the world on a secured network is commendable.
Hence, this multi-trillion-dollar industry of education is indeed revolutionising.
Also, if implemented in government operations, blockchain will help break down barriers built from bureaucracy and corruption by providing a means to bypass existing power structures. It could be used to transform the way charities are created and regulated.
By implementing a transparent system of transactions that include deposits of cash, transfers of donation and expenses spending will bring about a paradigm shift on how rules are enforced for these organisations.Moreover, this technology has the competence to revamp the present system by automating manual processes, eradicating frauds and controlling the issues for authorisation.
Its implementation across diverse sectors can be a solution to the most foundational problems of mankind. Hence, blockchain could be the perfect platform to transform a knowledge-driven economy into a digital-inclusive society.
http://www.business-standard.com/article/technology/here-s-how-blockchain-is-going-to-fundamentally-...
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Francisco Gimeno - BC Analyst An insight on how Blockchain may transform our lives being a disruptive technology changing society into a digital-inclusive society. Good for reading.- 20 2 votes
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When it comes to cryptocurrencies and blockchains, there's a lot of talk about smart contracts. But what are they, exactly?
Maxx Chatsko(TMFBlacknGold)
The overnight ascension of cryptocurrencies has thrust an entirely new vocabulary onto investors. Blockchain this, token that. Then there are phrases such as "decentralized applications" and "smart contracts" that get thrown about when discussing specific platforms and cryptocurrencies. It can be a lot to digest -- and a bit confusing.Of course, all of these things matter greatly to investors.
Why? The ultimate success and proliferation of each digital platform will be determined by software developers, who will find it easiest to adopt the blockchain-token pairings offering the most functionality and capabilities. In other words, all of that jargon will decide the winners and the losers.
One of the most important things for forward-thinking cryptocurrency investors to better understand is how smart contracts on the blockchain work. With that in mind, here's a beginner's guide to smart contracts and several considerations for your cryptocurrency investing strategy.
IMAGE SOURCE: GETTY IMAGES.
Smart contract basics
A blockchain is a digital network built and maintained by distributed computers running specific pieces of software. In the discussion of cryptocurrencies (which aren't actually required for blockchains), blockchains comprise a digital and distributed ledger that track monetary transactions. Many blockchain networks utilize their own unique digital tokens as a way to transfer value in transactions, which is what created the hundreds of cryptocurrencies on the market now.
But aside from the fact that blockchains are decentralized (read: not controlled by banks) and tend to process information more quickly than traditional ledger technologies (read: banks), transferring value with digital tokens isn't all that useful.
That's where smart contracts come in.A smart contract is a software program that adds layers of information onto digital transactions being executed on a blockchain. It allows for more complex transactions than simply exchanging digital tokens for a product or service.
In other words, it's exactly what it sounds like: a contract, or an agreement between parties involved in a transaction that holds each party responsible (buyer vs. seller, for example) for their role. Hacker Noon offers a great example to illustrate the value of smart contracts:
Crowdfunding systems are often plagued by founders who fail to meet expectations. Even worse, we've all heard of stories where fraudulent founders... proceed to raise tens of thousands of dollars, only to drop their mission soon after and disappear with the money. This phenomenon is a systematic failure and inefficiency caused by placing all authority over funding in the hands of a single center figure to hold both donors and founders accountable.
Put another way, Kickstarter transactions are centralized. If crowdfunding sites instead used smart contracts and the blockchain, then donors could put up money, all donations would be held in an account distributed across the network (read: there is no single owner), and the total amount only would be released to project owners if they deliver -- as specified in the smart contract. If the project owners don't deliver as outlined in the smart contract, then the monies would be returned to donors.
In the future, the same framework could work for funding large capital projects, such as a multi-billion dollar liquefied natural gas export terminal, except donors would be shareholders or debt owners, just spread across a distributed network.
Another example of smart contracts in use: receiving your next paycheck. Rather than wait to be paid every two weeks or the last Friday of the calendar month, an employer that utilized smart contracts and the blockchain could pay its employees every day or even every hour.
Such a system would work exceptionally well for contractors in the quickly expanding gig economy (think Uber drivers and freelance programmers), who can suffer from lumpy, project-based income.That said, not all smart contracts are created equal. And that matters greatly to cryptocurrency investors.
IMAGE SOURCE: GETTY IMAGES.
Investing considerations
The most popular blockchain, bitcoin, doesn't support decentralized smart contracts at all, but is instead used for simple peer-to-peer transfers of monetary value.
Meanwhile, the Ripple blockchains don't support smart contracts, although the blockchains and digital tokens are rarely used together anyway. Lacking this key functionality could severely hurt the value of both popular cryptocurrencies in the not-too-distant future.
That's especially true considering there are at least 23 different platforms currently utilizing or planning on using smart contracts. It hasn't yet been a major differentiator for investors -- half of the 10 largest cryptocurrencies by market cap back up blockchains that can support smart contracts -- but that will likely change as more features are rolled out in 2018 and beyond.
Among those five cryptocurrencies, the Ethereum-ether blockchain-token pairing is by far the most successful. Currently supported by the second most valuable token, Ethereum was built as a second-generation blockchain with smart contracts in mind. It allows anyone to author a smart contract in widely used programming languages, and provides rules that determine how smart contracts are executed.
That has helped the Ethereum network to rush out to an early lead providing a framework and ecosystem for various other digital tokens to thrive. While much of ether's value is no doubt wrapped up in its ability to support a blockchain that can deploy smart contracts, the functionality provided isn't perfect.
That's because Ethereum currently utilizes single-layered smart contracts. That means all of the information involved in a transaction -- the identity of the buyer, the identity of the seller, the timing of the transaction, the value of the transaction, and the like -- is jumbled together.
Since not every transaction requires all of this information, including it in a single layer can make ether transactions relatively bulky.
And bulky transactions are slower and more expensive to execute. Third-generation blockchains such as Cardano, supported by the next most valuable digital token to utilize smart contracts, learned from that pitfall to support multi-layered smart contracts. That should allow faster, smoother transactions to take place -- although right now Cardano is still no better than bitcoin in functionality.
That will change with an upcoming upgrade, called Shelley, in the second quarter of 2018. NEO, Stellar, and EOS round out the remaining major blockchain-token pairings that can support smart contracts, and more are on the way. Simply put, any cryptocurrency that wants to have a shot at thriving in a smarter digital economy will likely need to support smart contracts.
IMAGE SOURCE: GETTY IMAGES.
Can smart contracts elevate the blockchain?
At the end of the day, investors that choose to invest in cryptocurrencies will need to become comfortable with all of the jargon and educate themselves on all of the nuanced details of competing blockchains. Smart contracts serve as a perfect example of that.
While they promise to deliver on the true value of what blockchain has to offer, not all blockchains support smart contracts -- and not all smart contracts are created equal. That matters a lot to investors, and will eventually begin to separate the winners from the losers.
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Maxx Chatsko has no position in any cryptocurrencies mentioned. The Motley Fool has no position in any cryptocurrencies mentioned. The Motley Fool has a disclosure policy.-
Francisco Gimeno - BC Analyst Good report from The Motley Fool here in Blockchain Company. Smart contracts are at the core of the blockchain technology and anyone interested into Blockchain should understand and read about it, always trying to get the latest developments. Recommended report.
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* This is the first in the “Get To Know The Blockchain Series” *
If you’ve picked up a financial publication recently or browsed through your favorite tech website, you’ve definitely come across the words “blockchain,” “crypto,” or “bitcoin.” Not knowing what they mean, you probably skimmed through, read about the latest SnapChat feature, and continued on with your day.
Most mainstream consumers have no idea what bitcoin is and why it needs the blockchain to function. But the blockchain industry is (sort of) easy to understand. With Bitcoin passing $4,000 a few weeks ago, there’s no sign that this industry is going to slow down. Rather than rely on innocent ignorance, it’s time for mainstream consumers, not just crypto aficionados, to learn about the blockchain.
Before we begin, let’s take a quick look at the terms commonly associated with blockchain. You’ll see them a lot in the news nowadays, so better to get familiar with them before you’re the one person at the dinner table asking, “Now, what the heck is that?!”
Blockchain - Think of the blockchain as a giant online ledger that records transactions between users. The blockchain is better than a regular bank ledger, as it is decentralized, safe, and secure. There is no possibility for double spending on the blockchain because each transaction is verified by “miners.” For now, just think of miners as really smart mathematicians able to solve complex equations. These equations verify transactions and secure the chain.
Bitcoin - Bitcoin is a digital currency that operates on the blockchain. Bitcoin allows people to send or receive money across the internet. Bitcoin transactions are anonymous - you can be sending money to someone you don’t even know or trust. How is this safe? As mentioned above all transactions are carefully verified.
Ether - Ether is another digital currency. Think of Dollars compared to Euros - two different currencies that have different functions. Whereas the Euro works in Europe and the Dollar in the US, Bitcoin functions on the Bitcoin blockchain, and Ether runs on the Ethereum blockchain.
Cryptocurrency - Cryptocurrency is another word for digital currency, simple as that. What’s crypto about it? The digital currency is encrypted with various techniques that allow the currency to be traded and used independently of a central bank. Simple!
Tokens - Just another word for a digital coin. Like an ether token or a Bitcoin token.
Smart Contracts - A smart contract is exactly that, smart! In a regular contract, two parties must agree when the desired result is achieved. But with smart contracts, the agreement between two parties is kept secure in the contract itself. The smart contract knows when a contractual agreement has been met and acts accordingly.
Ok so now that we’re all experts on blockchain, Bitcoin, and the works, let’s check out the different ways in which cryptocurrency is going to change our lives.
Blockchain Based Ballot Boxes
One of the coolest ways that the blockchain will affect the way we live is the possibility of changing how we vote. No matter where you live, there is always something to complain about when it comes to voting; whether it be inability to get to the polling center, double voting, or having to take a day off from work to vote (if you live in a country where election days are not national holidays).
Blockchain technology has the possibility to change this, making voting more convenient and secure.
One of the companies offering a solution to issues with traditional voting systems is Jelurida. Jelurida is the development company behind the Nxt and Ardor blockchain platforms. Both the Nxt and Ardor blockchains offer users many distinct features such as the ability to create assets that can be traded on a decentralized exchange.
Nxt and Ardor both have many benefits over their competitors. In fact, companies such as BNP Paribas and Accenture have already recognized the potential of these blockchains and are implementing them accordingly. But what’s most relevant to mainstream consumers is that these blockchains offer users the ability to create polls for decentralized voting.
Using the blockchain to vote, something Jelurida has already demonstrated as viable, offers many solutions to issues in voting today - such as double voting or the inability to actually make it to the polls that day.
A few months ago, Jelurida demonstrated the blockchain voting feature in action. Lior Yaffe, Co-Founder and Senior Developer, presented a voting case using its technology. In collaboration with Accenture Spain, Lior showed how easily Jelurida’s blockchain technology and its voting feature can be adapted to real world use cases.
Jelurida showed that using the blockchain, voting can be done in a time-saving, paperless, immutable, and highly secure way. In addition, results will be available immediately after voting is complete. It can even be done with a mobile application!
You can check out the blockchain voting feature in action. Imagine being able to securely and safely vote in the next election from the comfort of your home! This is just one of the many ways Jelurida is using the blockchain to enhance our lives.
Say Goodbye To The Financial World As You Know It
As a fintech tool, blockchain offers a lot of potential for bank and other financial institutions to protect customers and reduce overhead fees. The blockchain could also drive down costs for consumers while raising corporate profits. Seem’s amazing, right? Now you understand the boom in blockchain technology the past few months.
One company capitalizing on the blockchain to provide a better user experience in the finance world, specifically when it comes to investment, is CrowdWiz. CrowdWiz is an investment ecosystem that shifts the power away from intermediaries and puts it back where it should be - with the investors themselves.
Relying on the wisdom of the crowd to make decisions, rather than greedy middlemen, CrowdWiz makes the entire investment process more democratic. The platform solves many problems associated with centrally regulated financial markets, such as high fees and conflict of interest.
CrowdWiz plans to bring fairness and transparency to the market by using the wisdom of the crowd as, under the right circumstances, large enough groups tend to make remarkably good decisions and are often smarter than the smartest people in them.
Most of us have dreamed about opening our own business, or at least be a part of the growth of one; however, many time, lacking the knowledge and contacts, the dream seems more like a potential nightmare. Crowdwiz can really change all of this.
How does CrowdWiz use the wisdom of the crowd? It’s pretty simple. Let’s say we have two imaginary companies - Company A and Company B. Each user will use a WIZ token to vote for whichever company he/she thinks is a better investment.
If he feels strongly about Company A, the user can put more than one token - representing a larger stake in the investment. If Company A is, in fact, the better choice, the majority of users should choose it, and the platform will distribute the funds accordingly.
You may be asking yourself, what if people choose wrong. Well, statistics show that under the right circumstances, large groups tend to make better decisions than the smartest people in them. In fact, did you know that on Who Wants to be a Millionaire, the ask the audience lifeline provides the correct answer 91% of the time; whereas if you phone a friend, you only have a 65% chance of being right?
Crowdsourced information is a powerful tool, and is often more reliable than we think, something CrowdWiz already is well aware of. So ditch that greedy fund manager, who probably makes decisions based on his own personal interest, and join the power of the crowd.
CrowdWiz is an example of a company using the blockchain to revolutionize the financial world. But, some companies are putting their efforts behind improving cryptocurrency in general. Zen Protocol, for instance, is a blockchain company focusing on making Bitcoin better, more usable, and useful.
Zen leverages the cutting edge technology of blockchain and the popularity of Bitcoin to truly decentralize the financial system by building a new protocol purpose built for finance. Zen allows anyone to create financial transactions, at anytime, anywhere in the world using Bitcoin technology.
So what exactly does all that mean? Zen offers an alternative to Ethereum, Bitcoin’s main blockchain competitor. Zen has created a blockchain that eliminates some of the problems associated with Etherum, while at the same time running parallel to the Bitcoin blockchain.
One of the main problems on the Ethereum blockchain is running out of gas. In simple terms, this means that your transactions could fizzle out and whatever currency you paid would be returned to you. There’s a more complicated explanation behind this, but just think that there wasn’t enough energy to complete your transaction, it was canceled.
Zen solves this because their smart contracts won’t initially send the transaction unless it knows there is enough gas to support it, making Zen a very viable alternative to Ethereum and other blockchains out there.
Ditch The Poker Chips
Who doesn’t love a friendly game of poker every once in awhile? There’s an undeniable thrill that comes with gambling or playing the lottery. However, you are always competing against an unknown middleman - the House. There’s an ominous third party controlling the money flow; blockchain is here to change all that.
One company trying to reshape the betting world is herosphere, the developer of the popular online esports prediction platform. herosphere announced last week an initial coin offering for the cryptocurrency HERO.
The company will issue the ethereum based platform, HEROcoin, in mid-September, which participants will use to predict the outcome of a variety of events and compete against friends for winnings.
Unlike traditional gaming platforms where users compete against unknown, often times greedy middlemen, the decentralized HERO puts control of the money flow in...continue reading:
http://www.huffingtonpost.com/entry/blockchain-is-here-and-you-cant-ignore-it-anymore_us_59afe6b0e4b...- By Admin
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Recommended Download: Creating sustainable digital token economies within open s... (outlierventures.io)This white paper is a review of the current state of the ICO (initial coin offering) phenomena that has emerged since 2013, and has now gone mainstream in the early part of 2017.
It discusses its benefits as an innovation, primarily to better enable open source communities to self-finance and realise new decentralised digital economies that are inherently less fragile when compared to traditional venture capital backed models.
It looks pragmatically at the flaws of ICOs and how they can be improved upon. In particular, we provide an analysis of a trend we are seeing organically emerge from the space called ‘Community Token Economies’ (CTE).
This is where multiple parties join forces to realise what we have termed Minimum Viable Community (MVC) in order to achieve network effects more efficiently and rapidly compared to going it alone. Finally, we describe the implementation of a new framework being developed at Outlier Ventures to allow this to happen in a more structured and effective manner.
Our aim is to ensure these new digital economies are increasingly self-sustaining.
CONTENTS
1 The Opportunities & Challenges of Tokens
2 Stronger Together: the Community Token Economy
3 Main Concepts
4 Planning and Phases
5 CTE Economics
6 Technical Scoping & Decision-Making
7 Governance Models 8 Corporate Structuring 9 Bringing the CTE Concept to Life
Download this Whitepaper here: https://outlierventures.io/cte-wp- By Admin
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Maria Gimeno Very interesting. Difficult for me to read everything but every little bit i will read makes me more knowledgeable. I have read a lot about White Papers on the last month... at least I see how difficult and complicated is to create this. The link is very good too.