Essencial Prime
- by LUIS MARIN
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Demand is off the charts for blockchain talent, and the capital is waiting to back it up. More than $3.7 billion has been raised through ICOs in the United States alone.
Blockchain-related jobs are the second-fastest growing in today’s labor market; there are now 14 job openings for every one blockchain developer. And as Nick Szabo, the developer who coined “smart contracts,” pointed out, there is an extreme “$/knowledge” ratio in the blockchain space, where capital by far outpaces talent.
Today, Toptal, a marketplace for on-demand tech talent, is publicly launching their blockchain engineering talent vertical out of private beta. In today’s software development landscape, Toptal represents about 50 percent of on-demand engineering labor by revenue.Requests for on-demand blockchain talent are skyrocketing.
Last year, freelance talent marketplace Upwork saw blockchain rise to the fastest-growing skill out of more than 5,000 skills in terms of freelancer billings — a year-over-year increase of more than 35,000 percent. These requests span ICO advisory services, engineering projects and overall blockchain consultancy.
Since January 2017, the demand for blockchain engineering talent on Toptal has grown 700 percent, and 40 percent of the fully managed software development projects requested in the last month require blockchain skills.
By diving into the requests Toptal sees, we can start to paint a better picture of the blockchain development languages and knowledge areas increasing in demand.
The first is Hyperledger Fabric implementation, an open-source enterprise blockchain framework. The second is Ripple development, a payment protocol used for distributed processes for remittances, payments and exchanges.
The third is smart contract development with a concentration around Solidity, a smart-contract programming language for Ethereum Virtual Machine.Taso Du Val, Toptal’s founder and CEO, thinks this sheds some predictions on blockchain development at-large.
“Different types of contracts are going to be disrupted first,” he said. “Disruption will be in places like asset management, or deals being made that require complex contracting. Payments are so complex, and to work at scale, require the sign-off of not just central banks, but also governments. Payments won’t come first.
Contracts don’t need such a sign-off, since they are a lower barrier to entry. There are less regulatory hurdles, so we will see the contract space get disrupted first.”
Toptal’s launch of blockchain engineering talent in its freelance talent marketplace could be a double win. On the one hand, it could help with blockchain ecosystem development overall by cross-pollinating blockchain development projects as on-demand engineers take knowledge from one project to another.
Moreover, it could grow the blockchain talent pool overall through Toptal’s engineering skill development program, which helps their existing engineering pool get up to snuff on blockchain.
Toptal’s blockchain engineers are working on projects like the Hashgraph, which addresses scalability issues, and with large public companies like SinglePoint on blockchain integrations.
The variety of clients using Toptal for their projects, and their completely remote workforce spanning 100 countries, signals the further development of blockchain engineers with actual applied experience — Toptal even lets their clients hire them for a contract-to-hire fee.
Toptal’s talent structure aims to also grow the network of skilled blockchain engineers over time. They co-designed a test and training curriculum with top engineers in blockchain that they use to train their existing network of engineers.
In fact, Toptal sees growing the talent force in blockchain as integral to their business today and the only way to meet growing demand.
They screen and accept to their talent network the top three percent of engineers, and are interested in training their existing network to be skilled with blockchain.
The founder of Ethereum, Vitalik Buterin, thinks “core developers and researchers should be employed by multiple companies or organizations…[and]…the knowledge of the technical considerations behind protocol upgrades must be democratized, so that more people can feel comfortable participating in research discussions and criticizing protocol changes.
”Vitalik’s vision of the market is a reality reinforced by more projects, implementations and companies demanding blockchain than there are engineers available to work on them.
Discover even more insights from Techcrunch here:
https://techcrunch.com/2018/02/14/blockchain-engineers-are-in-demand/Help friends or someone you care about discover blockchain and
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Francisco Gimeno - BC Analyst "Blockchain-related jobs are the second-fastest growing in today’s labor market; there are now 14 job openings for every one blockchain developer"... this is a great signal for Blockchain and development of a new economy. The vision of Vitalik stated here is great!- 20 2 votes
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Essential Use Case: Insurers May Not be Able to Avoid Blockchain, Virtual Curren... (insurancejournal.com)Insurers need to be thinking about blockchain technology and virtual currencies like bitcoin and how to approach these areas of emerging risk as they become harder to ignore, according to panelists at the 2018 Professional Liability Underwriting Society (PLUS) Directors & Officers Symposium.
“This is sweeping through for the insurance industry,” said Christopher O’Brien, partner at VENABLE LLP, during a panel discussion at the conference held in New York. “Your clients are going to touch these risks even if they’re not blockchain companies.”
Virtual currency, such as bitcoin, is an unregulated digital form of currency that can be used as a substitute for legally recognized currency and eliminates the so-called “middle-man,” which includes banks and clearing houses.Blockchain is the technology used for verifying and recording virtual currency transactions through a shared database.
Although some believe that when appropriately applied, blockchain is a revolutionary technology, according to O’Brien, there is also the potential for fraud if inappropriately applied.“I’d say this is the second pitch of the first inning,” he said. “We’re at the very beginning of this technology, even though
it’s been around since 2009.”
Bill O’Brien
(Photo by Dennis Trantham)Because it has only recently become more prevalent, and the hazards of blockchain technology and virtual currencies are still being quantified, there is hesitation among insurers about whether these risks are insurable, panelists said.“It’s a tough question,” said panelist Mary McCutcheon, partner at Farella Braun & Martel.
“I work in a lot of areas of insurance, and my clients don’t want to touch this area,” added panelist Christina Terplan, partner at Clyde & Co. US LLP. “They think it’s scary.”Perhaps with good reason, as questions remain involving data security and privacy, O’Brien said.“We’re talking about a shared network,” he stated. “So, is personal information being shared?
How is that being secured? Obviously, the risk of theft in this space is great as well.”Indeed, data usage is an issue, as the data for blockchain is housed in lots of different locations and lasts forever, stated panelist Dara Tarkowski, partner at Actuate Law LLC.
Mary McCutcheon“What does that mean when there are laws that require you to erase the data when you’re no longer using it? How does that work with blockchain?” she said, adding that a lack of understanding of the technology as it is still emerging and evolving can come into play with insurer hesitation.
“There’s a concern that if the insurer doesn’t understand this technology, they’re not comfortable as to what bad things can be done with it,” she said.
ICO DebateOther concerns surrounding this technology involve initial coin offerings (ICOs), or public offerings made up of digital tokens, and whether they are considered securities subject to the same rules and regulations as equity market offerings.
During the panel discussion, Tarkowski described an ICO, at its base, as an alternative way to raise capital through the issuance of a token.“As of November or December, we’re starting to see the ramifications of what not doing an ICO properly actually looks like,” she said.
“There has been a flurry of securities litigation that’s been filed directly in relation to several of the coin offerings that have happened. All of the lawsuits center around one primary theory, and that theory is that you violated securities laws because what you’ve done is sold an unregistered security.”
Christina TerplanIn fact, SEC Chairman Jay Clayton in a recent hearing before the Senate Banking Committee emphasized his position that ICOs are securities and subject to the same investor protection rules as equity market offerings, Reuters reported.“If the SEC is calling this a security, I think it’s going to be very hard to get around that,” O’Brien said.Is the Bubble Bursting?
Given the concerns regarding data and privacy risk, coupled with the SEC taking a closer look at ICOs, digital currencies and blockchain technology, insurers have shied away from this space, panelists said.
However, that may not be an option for long, said moderator Kevin LaCroix, executive vice president at RT ProExec.“This is not something you can elect away from,” he said. “So, if your reaction to this is to just put your head in the sand and say, ‘I’m just not going to deal with this,’ I’m here to tell you that’s not an option.
”O’Brien agreed that while seemingly risky, the space isn’t going to be easy to ignore.
“We’re clearly in my view in a bubble – maybe the bubble has burst or maybe we’re in the bursting part of it – but it’s not going away,” he said. “I think what we’re seeing is its going to experience a correction, and then the long-term effects of the technology are that it’s going to grow.
”With this in mind, the question isn’t necessarily whether to insure this emerging risk, but how, panelists agreed.“It becomes a coverage issue,” O’Brien said.
“If you’re writing a D&O (directors and officers) policy for a company, and you didn’t think about ICOs, you didn’t think about risks associated with cryptocurrency and you just rolled over your same policy language, arguably you are in for it, because you don’t have the line that says you’re not.
”LaCroix added as a word of caution to insurers:
“If you say you’re against this, and you’re not going to touch it, you’re all in. You have to put an exclusion on your policy. You can’t just say, ‘We’re not going to do it.'”Gaps in CoverageThat said, exclusions have led to coverage gaps in the space as well, making things even trickier, McCutcheon said.
Many private management liability policies or public policies have exclusions for privacy risks, or professional services exclusions are written into a D&O
policy, she explained
.
Kevin LaCroix“The D&O policy isn’t going to be a solution,” she said. “Other forms are going to have to step in and pick up that slack.”The conversation has been focused on regulatory coverage, she added, as regulatory coverage for public D&O has become broader to include formal and informal investigations and even inquiries.
“For cryptocurrency (virtual currency), [there’s] nothing,'” she said. “So that’s just a real difference.”She said that while there has been talk of policies that integrate the technology risks to include private, technology errors and omissions (E&O) and cyber all in one form, it can be difficult for the policyholder to feel adequately protected with several different policies in place.
“There are situations where maybe there is a professional services exclusion in a D&O policy, so you have a claim that’s not covered because it’s a professional services issue,” she said.
“But you go to your professional services carrier, and they go, ‘Well, you didn’t define professional services properly,’ or there’s an exclusion, so there are gaps in coverage. Obviously, you can’t insure everything, but I would like to see things move toward…trying to find a workable solution.
Right now, we are right in the bubble, so when the bubble is gone, what are things going to look like?
”Future Best PracticesIn the meantime, panelists encouraged insurers to look for insureds that have been around the space longer and have a track record.“I think with all new technology and any type of emerging risk, you want to look at who is backing it and what is the thought process behind it,” O’Brien said, adding that the unregistered ICO space is a little more difficult because there is currently no insurance in that area.
“I think the first one into the space is going to be able to pick their insureds, so that’s a good thing,” he said. “It’s a less competitive marketplace.”He encouraged insurers considering entering the ICO space to take a “venture capital approach.
”“Don’t pick the [insureds] who are the riskiest ones,” he said. “Do not insure the company that wants to build the world’s largest aquarium on the blockchain.
”He said it’s important to understand the technology well enough to know that its application makes sense and to find a management team that has been around for a while.
“There are plenty of companies who aren’t going to fit those parameters. Let somebody else insure them,” he said. “If you pick the winners, you won’t have any losses.
”Tarkowski agreed, adding that insurers should try to identify companies that have “dotted as many I’s and crossed as many T’s as possible.
”“They [should] actually have a compliance policy and procedures and be self-aware enough to say, ‘Even if we are not going to go so far as to register what we need to register, here are the policies and protections we’ve put into effect to protect our investors’ money,'” she said.
“If they’ve done that, or even hired legal counsel to assist them with it, it’s a little bit of a safer bet.
”Despite any risks and gray areas regarding blockchain technology, virtual currency and ICOs, she added that “it isn’t all bad, and it isn’t all scary.
”O’Brien agreed, encouraging insurers to keep an open mind.“This is a technological innovation,” he said. “I encourage you to be skeptical, but don’t be a cynic.”Interested in Insurance Tech?
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cryptocurrencies, by simply sharing this page. Don't keep it to
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Francisco Gimeno - BC Analyst 2018 should be the year of first really developed Blockchain use cases, and I believe Insurance should be one of the first sectors to get a Blockchain use case. The debate we can read here is a sign that the sector is already seriously thinking how to integrate Blockchain and all its effect on both insurers and customers, and State regulations.
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Bloomberg's Cory Johnson reports on the latest news on Bitcoin and cryptocurrencies. He speaks with Emily Chang on "Bloomberg Technology."
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While in South Korea for the Winter Olympics, CNBC's Carl Quintanilla takes a look at the surge in cryptocurrency trading in the country and what regulations could come from the government.
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A small team from our startup Blockchain Company (BC) will be visiting Cape Town South Africa for 2 weeks this mid Feb, 2018. Not only do we love and see great potential for Cape Town and the diversity of South Africa, we also believe we need to help find solutions for Water Drought plaguing parts of our planet, from Cape Town to Southern California.
Being there in Cape Town and experiencing water drought first hand and seeing how citizens and the city is coping, should give Blockchain Company team empirical insights, on how we can help find near and long term solutions utilising Blockchain and Distributed Ledger technologies.
ClimateBlockchain.org and WasteBlockchain.org are two assets among over 50 blockchain assets in our portfolio for roadmap development. We believe we have innovative blockchain solution ideas that can help solve all kinds of use case problems in the interim and for the long term sustainability of places like Cape Town and all over the world.
Mid-April 2018 could be the time, that four million people in South Africa run out of water. The government says Cape Town's largest water reservoir is at dangerously low levels.
A rising population, climate change and drought that's lasted more than two years have taken their toll on water supplies in South Africa's second largest city.
And as Melanie Rice reports, the so-called 'Day Zero' is fast approaching. We are joined by Dr. Anthony Turton, Environmental Advisor and Professor at the Centre for Environmental Management, University of Free State, from Bloemfontein in South Africa.- By Admin
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Discussion on next-generation protocols, the problems of existing blockchains, & new protocols coming onboard.
Unblocked CEO & founder Helen Disney moderates a panel discussion featuring Universa Chief Evangelist Maxim Postnikov, Swirlds & Hashgraph CEO & co-founder Mance Harmon, Sensay co-founder Crystal Rose, and blockchain engineer & researcher Preethi Kasireddy at the Blockchain World Conference in Bangkok, Thailand.
Footage courtesy of Beyond Blocks © all rights reserved. Produced exclusively for, and in collaboration with, Crypto Coin Consultants.- By Admin
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