Blockchain Revolution: How the Technology Behind Bitcoin ...

#ScriniumReads Tapscott Group CEO and coauthor of ''Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World'' Don Tapscott explains why and how #blockchain will revolutionise the world economy.

#ScriniumReads Tapscott Group CEO and coauthor of ''Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World'' Don Tapscott explains why and how #blockchain will revolutionise the world economy. submitted by Scrinium to scrinium [link] [comments]

BLOCKCHAIN REVOLUTION: How the Technology Behind Bitcoin is Changing Money, Business, and the World - Yawn...

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Bitcoin Discussion • Free book! Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World

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BLOCKCHAIN REVOLUTION: How the Technology Behind Bitcoin is Changing Money, Business, and the World - Yawn...

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Commentary: EXCERPT: Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World

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Commentary: EXCERPT: Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World

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How Data Centralization Ends by 2030

Link to Coindesk: https://www.coindesk.com/data-centralization-2030
The next 10 years will witness the systematic manipulation of human life at a scale unrivaled in history. For all the recent controversies over privacy and surveillance, the real threat is ahead of us.
Unless new approaches to online identity and data management take hold, both governments and private actors will move inexorably from knowing you to shaping you. Blockchain-enabled decentralization will develop as the only viable response to the iron logic of data centralization.
Blockchain believers often talk as though today’s early-adopter use cases, such as cryptocurrency trading and decentralized finance, will lead straight to mass market adoption. As the inevitable ‘killer apps’ appear, so the story goes, blockchain-based systems will conquer the mainstream. One might imagine that we’ll all soon be trading digital collectibles and relying on token-curated registries for accurate information. Governments will lose control over money, and blockchain-based smart contracts will replace court-enforced legal agreements. Uber, Facebook and the banks will wither away in the face of tokenized alternatives.
This narrative is wishful thinking. In most markets, intermediaries will endure for the same reasons they always have: they provide value. The Ubers and Facebooks – and yes, even the banks – tame complexity and produce coherent, convenient, de-risked experiences that no decentralized community can ever match. Early adopters use blockchain-based systems for ideological reasons or to get rich on cryptocurrency speculation. The billions behind them in the mainstream will not. The lock-in power of network effects creates high barriers for alternative economic systems. And the need for trust disqualifies decentralized solutions that are havens for criminals, incapable of effective compliance or vulnerable to catastrophic attacks – which, regrettably, means virtually all of them today.
Truly decentralized blockchain systems will reach critical mass not out of hope but out of necessity. Powerful actors and mainstream users will adopt blockchain as a counterbalance to digital behavior-shaping by governments and private platforms. Dramatic innovations such as decentralized autonomous organizations (DAOs), which manage activity automatically through smart contracts, will become significant at the end point of this process, once the foundations are in place.
Big data and artificial intelligence, pitched as freeing us from human frailties, are becoming powerful tools for social control. This is occurring along two parallel tracks: surveillance authoritarianism and surveillance capitalism. Through massive data collection and aggregation, China’s social credit system envisions an airtight regime of perfect compliance with legal and social obligations. Many other governments, including liberal democracies, are adopting similar techniques. The potential for catching terrorists, child predators and tax evaders is simply too appealing – whether it’s the real objective or a cover story.
"WHAT WE NEED IS A TECHNOLOGY THAT ALLOWS FOR SHARING WITHOUT GIVING UP CONTROL. FORTUNATELY, IT EXISTS."
Meanwhile, private digital platforms are using troves of data to shape online experiences consistent with their business models. What you see online is, increasingly, what maximizes their profits. Companies such as Google, Amazon, Tencent and Alibaba can build the best algorithms because they have the most data. And they aren’t interested in sharing.
Regulatory interventions will fail to derail the self-reinforcing momentum for ever more centralized data repositories. They may even accelerate it by creating layers of compliance obligations that only the largest firms can meet. Europe’s General Data Protection Regulation (GDPR) actually increased the market share of Google and Facebook in online advertising, and so it is not surprising to see such incumbents actively welcoming the prospect of more regulation.
The only lasting solution is to change the economics of data, not to impose private property rights; that would accelerate the market forces promoting data centralization. Giving you “ownership” over your data means giving you legal cover to sell it, by clicking “OK” to a one-sided contract you’ll never read. The problem is not ownership, but control. In today’s algorithm-driven world, sharing and aggregating data increases its value, producing better models and better predictions. The trouble is that once we share, we lose control to centralized data hogs.
What we need is a technology that allows for sharing without giving up control. Fortunately, it exists. It is called blockchain. Blockchain technology is, fundamentally, a revolution in trust. In the past, trust required ceding control to counter parties, government authorities or intermediaries who occupied the essential validating roles in transaction networks. Blockchain allows participants to trust the results they see without necessarily trusting any actor to verify them. That’s why major global firms in health care, finance, transportation, international trade and other fields are actively developing cross-organizational platforms based on blockchain and related technologies. No database can provide a trusted view of information across an entire transactional network without empowering a central intermediary. Blockchain can.
Adopting any new platform at scale, along with the necessary software integration and process changes, takes time – especially when the technology is so immature. But today’s incremental deployments will serve as proofs-of-concept for the more radical innovations to come. Chinese blockchain networks are already managing tens of billions of dollars of trade finance transactions. Pharmaceutical companies are tracking drugs from manufacturing to pharmacies using the MediLedger platform. Boeing is selling a billion dollars of airline parts on Honeywell’s blockchain-based marketplace. Car insurance companies are processing accident claims in a unified environment for the first time. These and other enterprise consortia are doing the essential technical and operational groundwork to handle valuable transactions at scale.
The need for transformative approaches to data will become acute in the next five years. Every week, it seems, another outrage comes to light. For instance, users who posted photos under Creative Commons licenses or default-public settings were shocked they were sucked into databases used to train facial-recognition systems. Some were even used in China’s horrific campaign against Uighur Muslims. Clearview AI, an unknown startup, scraped three billion social media images for a face identification tool it provided, with no oversight, to law enforcement, corporations and wealthy individuals. The examples will only get worse as firms and nations learn new ways to exploit data. The core problem is there is no way to share information while retaining control over how it gets used.
Blockchain offers a solution. It will be widely adopted because, behind the scenes, the current data economy is reaching its breaking point. Outrage over abuses is building throughout the world. The immensely valuable online advertising economy attracts so much fraud that the accuracy of its numbers is coming into question. Communities are looking for new ways to collaborate. Governments are realizing the current system is an impediment to effective service delivery.
The technologist Bill Joy famously stated that no matter how many geniuses a company employs, most smart people work somewhere else. The same is true of data. Even giants such as Google, Facebook and Chinese government agencies need to obtain information from elsewhere in their quest for perfect real-time models of every individual. These arrangements work mostly through contracts and interfaces that ease the flow of data between organisations. As Facebook discovered when Cambridge Analytica extracted massive quantities of user data for voter targeting, these connection points are also vulnerabilities. As tighter limits are placed on data-sharing, even the big players will look for ways to rebuild trust.
The blockchain alternative will begin innocuously. Government authorities at the subnational level are deploying self-sovereign identity to pull together information securely across disparate data stores. This technology allows anyone to share private information in a fine-grained way while still retaining control. You shouldn’t have to reveal your address to confirm your age, or your full tax return to verify your stated income. The necessary cryptography doesn’t require a blockchain, but the desired trust relationships do.
Once people have identities that belong to them, not to banks or social media services, they will use them as the basis for other interactions. Imagine a world where you never need to give a third-party unnecessary data to log into a website, apply for a job, refinance a mortgage or link your bank account to a mobile payment app. Where you can keep your personal and professional profiles completely separate if you choose. Where you can be confident in the reputation of a car mechanic or an Airbnb or a product made in China without intermediaries warping ratings for their own gain. The convenience of user experiences we enjoy within the walled gardens of digital platforms will become the norm across the vastness of independent services.
We will gradually come to view access to our personal information as an episodic, focused interaction, rather than fatalistically accepting an open season based on preliminary formal consent. Major hardware companies such as Apple, which don’t depend on targeted advertising, will build decentralized identity capabilities into their devices. They will add cryptocurrency wallets linked behind the scenes to existing payment and messaging applications. Stablecoins – cryptocurrencies pegged to the dollar, pound or other assets – will help tame volatility and facilitate movement between tokens and traditional currencies. Privately created stablecoins will coexist with central bank digital currencies, which are under development in most major countries throughout the world.
Once this baseline infrastructure is widely available, the real changes will start to occur. DAOs will begin to attract assets as efficient ways for communities to achieve their goals. These entities won’t replace state-backed legal systems; they will operate within them. As numerous controversies, crashes and hacks have already demonstrated, software code is too rigid for the range of situations in the real world, absent backstops for human dispute resolution. Fortunately, there are solutions under development to connect legal and digital entities, such as OpenLaw’s Limited Liability Autonomous Organisations and Mattereum’s Asset Passports.
Today, the legal machinery of contracts strengthens the power of centralized platforms. User agreements and privacy policies enforce their control over data and limit individuals’ power to challenge it. Blockchain-based systems will flip that relationship, with the legal system deployed to protect technology-backed user empowerment. Large aggregations of information will be structured formally as “data trusts” that exercise independent stewardship over assets. They will operate as DAOs, with smart contracts defining the terms of data usage. Users will benefit from sharing while retaining the ability to opt out.
"DATA WILL BE TREATED NOT AS PROPERTY BUT AS A RENEWABLE RESOURCE, WITH THE COMPETITION FOR ECONOMIC VALUE IN THE APPLICATIONS BUILT ON TOP OF IT."
Many significant applications require aggregation of data to drive algorithms, including traffic monitoring (and eventually autonomous vehicles); insurance and lending products serving previously excluded or overcharged customer groups; diagnosis and drug dosing in health care; and demand forecasting for economic modeling. Collective action problems can prevent constructive developments even when rights in data are well defined. DAOs will gradually find market opportunities, from patronage of independent artists to mortgage securitization.
The big data aggregators won’t go away. They will participate in the decentralized data economy because it provides benefits for them as well, cutting down on fraud and reinforcing user trust, which is in increasingly scarce supply. Over time, those who provide benefits of personalization and targeting will more and more be expected to pay for it. A wide range of brokering and filtering providers will offer users a choice of analytics, some embedded in applications or devices and some providing services virtually in the cloud. Governments will focus on making data available and defining policy objectives for services that take advantage of the flow of information. Data will be treated not as property but as a renewable resource, with the competition for economic value in the applications built on top of it.
The most powerful benefit of open data built on blockchain-based decentralised control is that it will allow for new applications we can’t yet envision. If startups can take advantage of the power of data aggregation that today is limited to large incumbents, they are bound to build innovations those incumbents miss.
The surveillance economy took hold because few appreciated what was happening with their data until it was too late. And the cold reality is that few will accept significantly worse functionality or user experience in return for better privacy. That is why the blockchain-powered revolution will make its way up from infrastructural foundations of digital identity and hardware, rather than down from novel user-facing applications.
This vision is far from certain to be realized. Business decisions and government policies could make blockchain-based data decentralization more or less likely. The greatest reason for optimism is that the problem blockchain addresses – gaining trust without giving up control – is becoming ever more critical. The world runs on trust. Blockchain offers hope for recasting trust in the networked digital era.
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What can be the future of money ?

Blockchain and future of money and intermediaries . I’m obsessed with money because it can change everything and ” currently I don’t have any money problems you know why because I don’t have any money okay jokes apart . Not long ago I’ve heard of something known as Bitcoin digital money and the technology behind this is BLOCKCHAIN and it can transfer money safely from person to person safely through internet without any intermediary like a bank . After hearing all these stuff my whole belief system got busted up because I use to think – money doesn’t move actually between us over the internet . It actually sits in the closed private networks owned by banks and governments and every single time you send money you are asking them permission plus paying fees to move money around in their system .
There use to be good reason for this because the values thought in money is very different in the kind of information we are sharing online , you see information like text , video ,images can exist at many places at once when you send it to someone you and they now have it . But in case of value like money it can only exist in one place at one time you give money to someone you no longer have it . For money it is essential to know that you are not getting a copy. so to ensure all these things we need intermediaries who provides us a secure open network like internet in such a way that will guarantee that our money can not be changed , copied or duplicated .
Now think how information was moved before the internet . You need to ask or you have to take the permission from the newspaper publishers or TV house commercial managers to publish or broadcast any information but now with the help of the internet you can publish or promote anything very cheaply . So the information revolution has completely changed our society. Now anyone with a laptop can present his or her views during election and that was just through sharing the ideas stored as information . So we can say that money is a form of a value .
This new technology blockchain is creating a internet of money that would allow us to transact freely , Directly between us . Without asking permission or paying gatekeepers . So ultimately BLOCKCHAIN is giving us a OPEN GLOBAL NETWORK FOR THE FREE EXCHANGE OF MONEY ( ie values ) BETWEEN PEOPLE .
Blockchain can work reliably without the need of a centre point of control and it dose this by stringing computer into the network so they they can interchange information which runs under a secure system and it allows users to place their trust In a transparent algorithm that reliably logs and transfer values from one place to another with no central control so it’s kind like Google document with no Google , no one can shut it down or change the terms of service it’s completely decentralised and the magic is maths . BITCOIN was first decentralised currency build build on blockchain technology . It was a revolutionary spark that inspired thousand of entrepreneur to think about a World without a monopoly of the transfer of values between people . Today there are 15 billion dollars stored in Bitcoin and it will go to a 100 fold in the upcoming decade that’s a lot of value stored in a money that can not be issued or controlled by anyone . After BARTER system this is the first time that people’s money are with people only without any intermediaries or centralised controlling systems like banks and it is just the beginning .Today there are about 700 Cryptocurrency already in the market and counting
In this new generation of blockchain technology let’s just customise money in even more sophisticated ways . Imagine a money that pays its own taxes so you don’t have to file taxes at the end of the year . Imagine a currency that automatically gives discount to certain citizens at the moment of purchase . So senior citizens or specials don’t have to chase down their benefits .
With the help of blockchain we can create a much smarter money supply . Money that is custom made to meet our changing and diverse needs . money that catches up to the complexity of our modern economy and then reflux our modern values .
But blockchain can go further than money remember that it’s power is in allowing the network to operate reliably without a central point of control . Think about the other services of our life beyond money that are also controlled centrally . What would a social network look like without a company in the centre keeping all the profit which is generated from our content and credibility . What would a news network like without a media company in the centre behold between the share holders and politicians . What would a digital cloud would look like without servers in the centre but only all of our computers string together . Projects like these and so many others are already in the way in the blockchain and they are going to change fundamentally how we pool and share our resources .
BLOCKCHAIN decentralise the control . Which helps us to shift our society from a pyramid with a limited roof at the top to a web with more access to opportunity and more concensus to what is valuable economic freedom . It’s the biggest change of our time and we call it value revolution .
MAIN FUNCTIONS OF FINANCIAL INDUSTRY
It enables people to get mortgage Allows people and businesses to move money around the world Ensure against catastrophic risk Enables company to access growth capital to start their business . SOME MAJOR PROBLEMS OF CURRENT SYSTEM
1 ) It assumes that the manager will always do the right thing . 35 percent of the accounting frauds are actually due to unintentional mistake . Modern accounting process can’t really keep up with the velocity of the growing industry .
2) Accounting is based on a 500 year old principle . It’s called double entry book keeping where for every transaction you record a debit and a credit and at the end your balance sheet get’s balanced and it worked well in middle ages but it’s failing oftentimes in modern times
—SOLUTIONS—
– There is a way to improve it significantly , so now imagine every time you entered into a transaction you don’t just record a debit or credit but there is a time stamp receed of that transaction . Which went between that distributed ledger that everyone could trust and so feasible that anyone can able to search anything in it . People could able to manipulate it in the way that they could get a clearer picture the financial health of the company .
In today’s world we have a node to solve all these puzzle problems as technology is impacting finance sector . Banks are creating digital fiat currencies . The term known as FINTECH which means how technology is defining and modifying the financial engines . We can say that electronic currencies are going to replace the fiat currencies . The advantage of doing this is quite obvious . Like we have financial messaging systems . We go to Starbucks we tab our cards and we feel there is a transaction happening between peer to peer from us to the merchant or we buy shares in our account . But is not actually a way to do transactions digitally it’s just a way to message that the transaction happened . So if you have the native digital medium money you can actually transform alot of things and you can create alot of benefits .
The first one is speed , cost and efficiency if transaction settled in native digital currency like Bitcoin or anything . Then you don’t need all these third party for the settlement of functions and that would drop the settlement time anywhere from T+2 days or 20-25 days to 0 days actually 0 seconds . Second thing is performance . It gives us a new platform to build all sorts of new capabilities in financial services you can do alot more like target 2.5Billion people in the world who don’t have access in bank account but have internet connection ((and there many people who don’t have bank account but have an internet connection)) . The basics of digital banking system again simplefy the payment service , credit and savings. By sending money to people all across the world we are solving 90 percent of the world’s financial problems . So it’s basically DOING MORE FOR MORE PEOPLE . Thirdly it brings transparency and reduce the risk . If transaction settle immediately then we don’t have to worry about settlement risks and yes finally it also reduces systematic risk .
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Issuing money by global central banks is a great opportunity for stablecoins," says Digital Gold Advisor Dr. Walter Tonetto

Issuing money by global central banks is a great opportunity for stablecoins,
Last week we talked with our adviser and CEO at Nusantara Trust Dr Walter Tonetto. He answered a number of questions that interest our customers.
How did you land in the cryptocurrency / blockchain space?
I was advising startup businesses in the technology space, and when 2016 came around, I asked Scotty, the feisty chief engineer of the U.S.S. Enterprise, to beam me into the heart of the finance system; I felt more and more the irresistible tug towards remodeling the current toxic financial system. Purposive remodeling, of course, is going on all the time, and it’s a knife that cuts into two directions. The vast majority of the ‘woke’ crowd actually believe that they can ‘disrupt’ the power of the elites that control all money flows. Bathing limestone statues – registering about 4 on the Mohs scale and 0 on the scale of reason -- of past leaders in district waters may give you a feeling of breathing the air of revolution and tiring unknown muscle-groups in your shanks, but think of it like a father watching his child toss around shovels of soil in a sandbox; he smiles benignly from afar, knowing it won’t change a thing; all the luxurious appointments at home won’t get touched. It is a grave illusion to suppose that by playing around with payment systems and technologies we will actually change the role and the emission of money. You may be permitted to become the shoe-shine boy in the royal household, but don’t think you will marry the princess and dilute the royal blood! But understanding the constitutive parts of power aggregation, and working over significant time-frames, allows for approaches and solutions; -- but these should come not from another adversarial position, thus merely marking a displacement of the incumbent, a change of guard, but from an authentic re-orientation, of making benefits much more widely possible and not creating monetary systems that are grossly imbalanced and highly destructive. That, and not building tech stacks, is the challenge!
What was your initial reaction to bitcoin?
Well, I was following the file-sharing service Napster since it started, around 1999 – when the U.S.S. Enterprise was sitting pier-side at Huntington Ingalls Newport shipyard, rusted and gutted, and to me the P2P sharing paradigm was always present in my mind, shining buffed and radiant, so even the centralized Napster was something wholly natural to me – Dr Sheldrake calls it morphic resonance. We live with a great deal of blurriness, though. On the one hand, we think of the virtues of sharing; on the other, there is a seemingly indefatigable impulse to control and dominate. Sean Parker, after founding and floundering with Napster, became a cocaine-snorting egotist and president of Facebook. Collecting money for a charity, he gets aggressive with people who do not follow suit. A control-freak in overdrive. Notwithstanding the technical variations, BTC, seemingly freeing us up from fiscal controls and yet showing our craving for money, exemplifies the flawed perception at the root of things. Monero, which sounds like a much faster, highoctane vehicle, a CV8-Z of the crypto-track, beats BTC in regard to privacy and fungibility, though BTC has advantages in other areas.
Which is a much more common trend nowadays?
It’s hard to make out the shapes of wild-life in the current kangaroo market we’re in. The bulls and bears have mauled one another, and the kangaroo, bereft of oxygen on account of wearing a tight mask, is hopping wildly everywhere. But clearly the possibilities of digital currencies became un-tethered via Bitcoin and the querulous and hidden Satoshi. I like to think of him more as an idea rather than as a person; an idea is generally more malleable and consequential. For instance, rather than laud the benefits of crypto for FX and cross-border payments, the possibilities of a central-bank issued digital currencyENCOMPASS THE POTENTIAL to inscribe new roles for programmable money; for how money is issued, how it is used, and what role custodial mechanisms (traditionally in the hand of commercial banks) might have. I see HUGE potential for private firms to enter the equation here, but we need more open-minded and intelligent regulators that do not always look for the rungs of the career-ladder in any move they make! A DAO could be most helpful here, but we are currently under the terror of algorithms that are not concerned with the welfare of the greatest number of people. If I had the time I would coauthor a book on this theme with a skilful mathematician (perhaps with my son, who is completing a Ph.D in near-term Quantum Algorithms).

In 2018 I was keynote speaker at the BlueWhale forum in Seoul, and I spoke about an Algorithm of Peace. I had a clutch of people approach me straight after the talk, some from Korea, others from the U.S., and ask me to develop my ideas in book form.
Where do you see the price of bitcoin going over the next few years?
I wouldn’t speculate, but since everyone is shilling it, it is bound to keep pushing north, occasional blockages otwithstanding. I always look for twists and incongruities in the usual narratives on offer. Many BTC fans talk about the unbanked, but BTC is held by what will become another elite in due course, and the unbanked will later be serving them the chilled drinks between innings, as usual.
Do you think that there’s a time for altcoins to break out and move away from the movements of bitcoin? What’s that tipping point that needs to take place?
I have some notions under which alt-coins can take the lead and leave bitcoin behind, but it’s too complex to explain the conditions for that to occur. Once very solid use-cases have been established with a clutch of alt-coins, bitcoin might begin quavering in his boots. That alt-coins should take BTC as a benchmark speaks volumes about the lack of maturity of this young and over-eager market. The fuzzy umbilical cord is always present like a foot-tangle; alt-coins must find their own ground, and clip the connection to a vagrant father. Finance needs clarity and not fuzziness. Keep in mind that many sovereign nations bridle at the calamitous influence of the US on payment systems, so nations are building their own messaging systems outside SWIFT, and their own securities exchanges are following. But remember: these are all crumbs: the U.S. can shut down payments to any recipient accounts by informing the payments company and doling out threats. And since all alt-coins and fiat currencies are connected to payment gateways in some form, the U.S. would have to begin reforming its archaic ACH structure to enable efficiencies in the financial pipes, which does not offer real-time payments functionality. This accounts for the relative simplicity (and success) of the PayPal business model (which Venmo and Dwolla later emulated without using credit cards). But understand that the elites will always protect the real crown jewels, and incite wars (or street battles and racial squabbles, as we’re witnessing in the U.S. in mid 2020) so that they can get away with major financial heists in broad daylight. It’s all smoke and mirrors, and scorched talons if you look closely: you cannot trust the reflection you will receive on a smoky pane. Only the big players know the predetermined outcome.
One fundamental misprision occurs amongst alt-coin apologetes: they fail to understand how markets move and what the designated role of money is in markets. Even if you want to displace something, you first need to understand exactly what you’re dealing with, but that is rarely the case. Yes, banks are structurally and constitutionally part of the problem, but no government will dare cross swords with them: there is still too much aggregated power. Ripple and Stellar are two Blockchains that are working with, and not against, banks, and that likely makes them much better candidates for wide acceptance.
What’s one must-read book you recommend to everyone?
That depends so very much on who’s sitting opposite me! I wouldn’t push what is not naturally aligned. But I would push a couple of films urgently, as essential viewing for everyone:
“Vaxxed: From Cover-Up to Catastrophe” (and a sequel), which profoundly shocked me, but confirmed my suspicions. Talking about books: one gets a good sense of the kind of books I would counsel people not to touch, unless an overweening impulse bade them otherwise. For instance Steve Pinker, a favourite author of Bill Gates. Pinker in Gates’ hands explains a lot about the character of the reader, the latter of whom I consider one of the most dangerous people on the planet at the moment. If we stay with Pinker for a moment, since he’s famous and fashionable (Harvard professor with a Medusa hairdo and an effete libertarian air, who in “Better Angels of Our Nature” has affirmed that man is not innately good), we note in his presentation in regard to his ineptly titled book “Enlightenment” that he falls prey to the very flaws he chastises, the classic Münchhausen trilemma (in Jakob Fries’ phrase). Picture Baron Münchhausen pulling himself out of quicksand by his own hair! That he is beholden to neoliberal befuddlement becomes clear when two of the opening images of his talk show Vladimir Putin with a rifle andDonald Trump speaking on a podium. The classic neoliberal Harvard think-tank shows reason to be failing and drowning in pious gestures to the cognoscenti and anointed. I like to look for effective counters for specious and shallow argument: for instance, Rupert Sheldrake’s “The Science Delusion” is a splendid book that bucks the Dawkins’, Pinkers and other materialists of this age. You see, if one listens to Pinker with the head alone, his pedestrian epistemology might not irk, and some ideas might appear plausible enough in a desultory encounter, but if you really want to know the meaning of things, and discover how it relates to the heart, you feel betrayed and given short shrift by him. Among the platitudes he gives out in carefully parsed syllables, the movement of his forehead and eyes betray the spirit behind the façade. Yet I always look, like Yeats, for those who “had changed their throats and had the throats of birds”!
What’s the rainbow trout of the year? Nut-like flavour, the eye still gleaming, with tender, flaky flesh? There are many books I could cite for different genres. The vast majority of modern writers, for all their accomplishments, lack genius, don’t really understand the art of writing, and so cannot hold my attention for long. For those who are open-minded and spiritual, “A Course in Miracles” cannot be bested, but don’t touch it unless you’re really willing to dive deep. There is no need to save the world, since it is nothing but projection; there is no world. You might experience the deepest sigh of relief, as if Atlas had cast off a burden after the Titanomachy. Paul Celan once remarked that “reality is not simply there, it must be sought for and won.” Snorkeling near the surface and blowing bubbles won’t cut it.
We are living in times of great manufactured unrest, which will only heighten in coming months and years, and so I would offer a guernsey to Seamus Heaney. I had met him many years ago, alas cursorily, at a symposium at Waseda University where I was working as a Gaikokujinkoshi, an Associate Professor, where another Nobel laureate, Kenzaburō Ōe and he were giving a reading. Heaney was inspired to write “The Grauballe Man” on the basis of the bog man that he had seen in a book of prehistoric times, but the troubles in Ulster were alive in him, too:
As if he had been poured in tar, he lies on a pillow of turf and seems to weep
the black river of himself. The grain of his wrists is like bog oak, the ball of his heel
like a basalt egg. His instep has shrunk cold as a swan’s foot or a wet swamp root.
Talking of Japan here, methinks, is an aculeate observation of Japan:
Cross the intersection at Shibuya Station in Tokyo on a forbidding wintry evening — touted as the world’s busiest cloverleaf — and you will feel this is Eliot’s London Bridge revisited, with quaggas (think half zebras) preserved in the tar of the five crossings; — flattened ebon bones dreaming the dreams of Pleistocene mammoths — as the mass of the dead mill past you, chasing some mirage, and often accompanied by a revenant that must have been disgorged from a Pachinko parlour. Blanched lilacs float in minarets of light beyond these bituminous quaggas, bidding the odd-toed ungulates in their psychotropic dernier cri and fuddy-duddies in theirstygian suits to sup here or buy over yonder: all tethered to their devices. One might be surprised that no cracks are forming at these arced crossings with strange requisitions folding into the hiemal air. And yet it is still more odd that so few people see this as a primped and pimped potter’s field, a graveyard for those who’ve lost their way. We’re living in an age where the multitude of the dead are pacing among us in perdurable trysts with other zombies.
The above text is from one of my unpublished works; again it speaks to me – and perhaps to you – about the quiddities of this age. There is a distinct sense of zombification taking place on the planet at the moment. Is your lineage that of Dolly, or are you magnificent and free?
Do you have any theories about who Satoshi is?
I don’t really, though I follow the haughty chit-chat at times, especially in the jejune forums LinkedIN provides. I think the person has a good reason to remain concealed (forever), but that is also a major factor why I have never fully trusted bitcoin as an investment proposition.
Keeping the provenance concealed suggests a number of things, none of them conducive to embracing bitcoin as a common form of payment.
What do you think about the prospects of gold in connection with the uncontrolled money printing by different Central Banks?
Gold is what BTC can never become, especially when its provenance remains totally unclear – as well as its likely endgame! Central Banks engage in quasi-criminal activity – and one hopes the future prudent regulator won’t be making it too difficult for people to hold gold bullion. The Perth Mint might be a splendid little dot on the global map, but beware of holding your assets in the form of gold coins: many governments will regard them as forms of payment, and may impose all manner of restrictions on the possession of it.
Let's dream a little. How stablecoins can be used after 5 years from now?
I believe the great RESET is coming – even Davos and the U.N. are alerting us to that. The Covid19 panic has been declared by more than 1500 German physicians as a “global Mafia-style deception”, and while Big Pharma and Bill Gates will likely earn trillions of dollars by the useless and potentially dangerous vaccines that will be foisted on “free” citizens, the finance system as a whole will need to be RESET. We are already receiving an inkling of how draconian and void of reason and concern for the people most governments of the world are reacting to a harmless lab-manufactured virus (virologist Prof Luc Montagnier, Nobel Laureate in medicine in 2008, said that), so it’s possible that regulators may become more tyrannical, and under some pretext or other forbid the use of alt-coins. STABLECOINS can be over-collateralized, allowing absorption of pricing fluctuations, but it will be hard to call. I believe many are bound to fail, and that even earlier, despite all their most valiant efforts: as soon as the RESET comes, which is likely to come with all manner of encumbrances. There are many reasons for the issuance of stablecoins, some having opposing views, but all are dependent on trust – and we don’tknow yet if digital currencies that governments will issue will by regulatory over-reach (including absurd compliance requirements) displace other contenders, but you can assume that the tyrannical forms of governance we are currently experiencing suggest that all kinds of skullduggery are possible.
Do you see the problem of fiat stablecoins in the fact that annual inflation constantly depreciates them? An investor who bought $1000 USDT now and sold these tokens in 10 years for $ 1000 will receive much less money.
The problem occurs if we’re converting things back into payment forms that are fundamentally flawed. Inflation and Black Swan events are the major threats to stablecoins, and tethered crypto-values to natively burdened propositions recalls my earlier idea that we have not yet cut the umbilical cord to bitcoin. On the other hand, stablecoins in their current flavour are perhaps best viewed as transitional schemata that will need later revisitation.
You are a very successful Crypto and ICO Advisor, what is the secret behind this success?
I’m not sure if I’m very successful, but I always try to shoot a straight ball. Here are two instances where my input has not been heeded in any way.
I recall one of the first ICOs I advised. I was sitting with the owner on a Telegram Channel, and after some power Q&A sessions online, we were literally hearing the millions of dollars tumble in neat digital hashes into the inbox within a couple of hours of the ICO opening. He had a bottle of Scotch on his table, and by the end of the session he had reached his hard cap and was besotted to boot! The age of digital money had placed the foolscap on his pate, but the script was no longer legible. I cannot determine if his sobriety ever returned. The prudential advice I had been giving him previously – and that we had discussed in great depth -- was over coming weeks thrown out of the window, and I assume other bottles of Scotch ended up on his desk and didn’t last long.
Here is another example. At one time a well-known ambitious individual in the U.S. cryptospace, a young lawyer, asked me if I wanted to start a crypto compliance organisation with him.
When I think of him now and the feathery assistants he congregated around him, I think of the lines in Dickens’s “Bleak House”: “Mr. Tangle’s learned friends, each armed with a little summary of eighteen hundred sheets, bob up like eighteen hammers in a pianoforte, make eighteen bows, and drop into their eighteen places of obscurity.”
Simply to continue serving wine from the same sour vats won’t do. I saw that as a prospective idea, and offered some important advice to get the ball rolling. Soon we had recruited many eager beavers to the exercise, and there was talk of it becoming an influential body. I was naïve enough to assume at the time that my co-founder, a black college asketballer with body tattoos who had a write-up in a major paper on account of his ambition and aggression, was actually interested in asking some fundamental revisionary questions about compliance in relation to the freedom of the citizen. When I suggested we don’t just copy the traditional compliance template and rather probe more deeply, he became insolent and very aggressive. That confirmed my instinct that most ambitious players in the crypto-space are actually dyed-in-the-wool bourgeois, and don’t care about improving the system itself.
What is your advice for upcoming Crypto startups and investors?
You might know the technology well, but do you know the business? Does it really deeply address, even solve, a problem? How much life experience do you have, and how well do you know the market? Can you create a market for your product or services? If yes, how will you do that? Have you only got yes-men around you, or are you willing to listen to those who speak Tacheles to you? If you’ve come to water the plant of your ego, your business will flounder. Most achievers keep their ego initially in check, and get the work done.
For investors the answer I would give is rather complex, but here’s a brief response: often the mandate of investors is very narrowly girded, and they trust their old boy networks, and rarely venture out and follow their instincts. That is foolish, and also the recipe for a dull life.
Perhaps a general observation that everybody might ponder with profit is the idea that we know really so very little of the world; that the news and information we are are offered and digest, even when it is tendered by so-called ‘experts’, is often seriously ignorant. It seems our perspective is getting narrower all the time, as if our mind is shrinking and we block out knowledge.
Let me give another current reference point. In 2020 everyone is fearful of viruses. Viruses currently have a bad rap! We have no idea what they actually are. We are always hobbling around with our fearful partisan gaze, and what is good today becomes bad tomorrow. Yet viruses are adroit and malleable messengers of inter-species DNA, in some sense regulating vast populations of organisms. Think of them as cellular simpletons: mere protein shells with few genes, but endowed with the ability to replicate easily despite their paucity of genetic instructions! They form alliances, you might say, with other forms of life. And they are deeply mysterious to our acquisitive and ignorant segmenting intelligence: how can the papillomavirus cause horns to grow on rabbits; and at the same time cause hundreds of thousands of cases of cervical cancer every year? Is one good and the other bad? It would seem so. Such simple summary, like Pinker’s reductionist view of the world, might becalm for a moment, but does not offer lasting satisfactions. To read the world along the axes of like and dislike, as the Buddha had warned us, leads to great suffering.
I’m told by someone who met Bill Gates a long time ago that the man was apparently even then obsessively fearful of viruses (imagine a pendant to Lady Macbeth, continually cleansing his hands). But do we have any clue what viruses actually are, and how they benefit us all in so many incalculable ways? When the child crawls around, it picks up antigens (bacteria and viruses) and on that basis builds its immune system. At various points of that contact and exchange new forms grow, and other forms decay and die. Like CO2, viruses are suddenly declared dangerous and that we need to shield ourselves against them. Yet how many people know that marine phages rule the world, and rule the sea? This was not discovered until 1986. An electron microscope showed that every litre of seawater contained up to one hundred billion viruses, almost as much in dollars as BillGates expects to make off vaccines in 2020. If you put these viruses end to end, they would stretch out forty-two million light-years! Viruses offer stunning genetic variety, and they are the very pulse of life! When viruses swallow oceanic microbes, they release a billion tons of carbon every day: imagine squalls of marine snowfalls, powdering the porous sand of the deep. Imagine the white nights of St Petersburg under water, celebrating the magic of life with the same skill and abandon as the Mariinsky Theatre, to an audience of gastropods, deep-water fish and lovelorn mermaids.
Seamus Heaney, when he passed in 2013, spoke the word Noli timere (“Do not fear”) to his wife as he breathed his last. Instead of being fearful, we might do well to assert that we understand nothing of the manifold wonders of this world! Let us cultivate the virtue of wonderment, and fear will find no habitation in our house:
And lonely as it is that loneliness Will be more lonely ere it will be less— A blanker whiteness of benighted snow With no expression, nothing to express.
They cannot scare me with their empty spaces Between stars—on stars where no human race is. I have it in me so much nearer home To scare myself with my own desert places.
Website : https://gold.storage/ Whitepaper: https://gold.storage/wp.pdf
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A Lost Gem In A Sea Of Shitcoins

What’s up everyone!
 
Yeah, it’s another one of “those”. But honestly, after being in the game for long enough, you end up developing an eye for the good coins. Not the “good” ones, the GOOD ones. Believe it or not, research and common sense is the name of the game!
 
A little bit more about me: I come from a business & logistics management background. I started investing in cryptocurrencies and trading a little more than six months ago. As a person, I am very detail oriented and I’ve been researching all kinds of cryptos, for hours a day, for the past six months. The more I researched, the more I learned, the more I became hungry for knowledge, and therefore the more i researched. From trading to cryptocurrency basics, their economics, their political implications, the technology revolution they represent, the human psychology aspect as well as emotional trading behaviours (FOMO, FODO, etc.), all of it!
 
I’ve purchased Ethereum at 150$ (when I first started in crypto). Then NEO back when it was still AntShares and trading under 3$. Gas (Antcoin back then) at 30c, OMG when it was sub-1$, and ETP at exactly a dollar (selling it later at 5$). This was all before I even knew how to do a basic margin trade & was still in the process of learning about crypto (and while tether still had a “reasonable” market cap! LOL)
 
My approach is pretty simple when it comes to crypto. I split coins into seven main categories:
 
-Store of Value (BTC)
-Payment (DASH, BCH, LTC)
-Pure Anonymity and/or Evil Stuff (XMR)
-Platform/platform’ish (ETH, NEO, LISK, CARDANO, ETP, Iota, Factom and the likes)
-Shitcoins (99% of ERC20 tokens)
-Absolute Shitcoins (Boolberry, Embercoin et al.)
-Fee Split / Dividend Coins
 
That last category is my favorite. While I do strongly believe in diversification (10% store of value, 10% payment, 5% anonymity, 25% platform in my case), I always have a “lean” towards coins that make business sense. Coins that derive their value directly from the amount of usage the platform gets (Factom, for example). Coins such as NEO, BNB, Kucoin, Coss, ICN, TenX and the likes, basically coins that either have a direct “dividend-paying” property (NEO generating gas, Kucoin/Coss awarding holders with a % of the exchange’s trading fees) or an indirect “dividend paying” property such as BNB, ICN, TenX using quarterly profits to buy back their own coins and burn them, thus raising the value of the rest of the coins in circulation over time.
 
Now let’s look at market caps of these direct and indirect “dividend” coins.
 
Neo: 2.3B
TenX: 246M
Binance: 200M
Iconomi: 155M
Kucoin: 44M (68M at ath, not too long ago)
Coss: 5M
 
You see that odd one there with only 5M market cap? Yeah. That’s the great buy right now. That’s the x10, x20 or even x30 that most people haven’t realized yet. That’s also the “dividend coin” you can scoop a ton of while it’s on the cheap, and make massive recurring revenue from as the exchange solidifies and evolves.
 
What is COSS? COSS stands for Crypto One Stop Solution. They’re a Singapore based cryptocurrency exchange with an amazing team that’s currently expanding. They aim at becoming the “One Stop” solution for crypto, meaning A) an exchange, B) a payment gateway for merchants to accept crypto payments, and probably sometime in the future C) crypto debit/credit cards. They offer their own coin (COSS coin), and holders of this coin receive 50% of the trading fees generated by the exchange (more on this later).
 
Now, what a lot of people still don’t realize in crypto, you don’t invest in the bigger market cap coins expecting to make a killing (“the moonshot”). Sure, they’ll bring you nice long term growth as the whole market matures, and that’s where you want to diversify and solidify your portfolio, solid coins with a purpose. But what if you want more thrill? An actual opportunity to “moon”? You find a project that makes business sense, that has at least a working product, and a good team. Buying NEO at 2.5B market cap? You missed the boat, it was a dollar a few months ago and already went x60 (“mooned”), and now stabilized at roughly x38. OMG had it’s x10-15 already. BNB as well. Their market caps are big, and a lot of buying needs to happen to even double in price.
 
Antshares (NEO) back then was a steal at 1, 2 and 3$. It was a huge risk, with huge rewards. They didn’t even have a product other than their blockchain. No dApp running or even being built on it, no english resources to even figure out how to code on it and deploy a smart contract, no marketing, hell we didn’t even know if Da Hongfei was still alive. All it was is a Chinese based smart contract platform, with an innovative dBFT concensus algorithm. It was a 100M market cap coin that early adopters believed in, and essentially invested in when it was not much more than a website and a blockchain. Look where it’s at now, with more than a dozen dApps being built on it, a solid team of roughly 10 devs, with the NEO council also funding City of Zion (team of 20+ NEO devs). NEO has grown into an incredible community, and is now launching coding dApp contests left and right, with the latest one in partnership with Microsoft china & offering half a million dollar’s worth in prizes.
 
NEO holders get rewarded with GAS on a daily basis. When NEO gets further adoption, all fees such as registering an asset, deploying a contract, changing an asset, etc. will be redistributed to NEO holders as well on a pro rated basis. Only transaction fees are not, as those will go out to MasterNodes. If you got yourself a thousand NEO’s back when they were a dollar or two a piece, you’re now generating 7 gas per month. That’s roughly 161$ USD per month, on a recurring basis, at current gas prices, out of a 1000$ investment. That’s a whopping 16.1% PER MONTH on original investment, and not even counting the fact that you pretty much made 37000$ profit on the NEO’s themselves. Today? Well, you gotta dish out 38000$ to buy a thousand neos and make 161$ per month, basically bringing you 0.4% per month on original investment.
 
Same with bitcoin. Early adopters that got it at pennies. It just hit $10K USD a piece. For every 30 cent spent purchasing bitcoin in 2009, you’d have $10K USD in the bank account. Invested 3$? 100K. Invested 30$? 1M.
 
Ethereum? From a dollar to half a grand now.
 
Moral of the story? Early adoption pays off. History repeats itself, and it will continue to do so. Bitcoin was digital money for nerds, ethereum was a cool project that nobody really gave a crap about until they got EEA which showed credibility (early adopters of eth had a great vision, I’ll give them that!). Neo was chinese vaporware. What do they all have in common? Their.Early. Adopters. Made. A. Killing.
 
Look where they stand now. Look where a lot of coins stand now. Even a lot of ERC20 tokens that don’t even really have a reason to exist have market caps over 100M. And for what? They don’t reward you with anything other than price increasing because more people buy (greater fool theory)? They don’t reward you with dividends from the project/platform itself? Their value isn’t derived directly from the amount of usage it gets (a la Factom, PaulSnow you genius.)? They still don’t even have a minimum viable product to show? When you ask yourself why does it need a coin, and the answer is either “uhh…” or “oh it grants you voting rights” (that nobody gives a crap about, let’s be honest), you should reconsider your investment strategy. Cause I can tell you a lot of people don’t know what the hell they’re doing, and they’d be better off diversifying in the top 5 or 10 coins and holding than investing in the shitcoinfest that crypto has become.
 
And that’s why COSS is a pretty buy right now. You’re investing in a platform that’s already up and running, not a whitepaper or vaporware. Hell even Eth and Neo were riskier investments for early adopters. Let’s go over the cons first:
 
It’s ugly. The UI sucks.
It doesn’t have API’s yet, meaning there’s no bots to create liquidity, and therefore low volume.
It’s been fudded to death by KuCoin shills (and their referral links you’ve seen everywhere a month ago).
Charts are horrible
 
That’s about it. Whenever you read up about coss, those are the cons you’ll find. But what about the pros? Well, all of this is in the process of being fixed, as we speak.
 
Singapore has lax laws about cryptocurrencies and issued a statement it does not feel the need to regulate them.
It’s securing exclusive ICO’s already despite being a tiny exchange, and has mentioned being able to secure from 4 to 6 per month.
The team listens to the community’s feedback and takes it seriously. This is Gold. One of the first things they were criticized about was trying to do too many things at once (an exchange, a payment gateway, a full one-stop solution for crypto, etc.) and they’ve taken the community’s advice and decided to focus solely on the exchange for now and build it properly, before branching out to the rest. “Better excel at one thing and build from there, than be mediocre at multiple things at once”
Also following community feedback, they are implementing trading promotions “a la Binance”.
Part of the total supply of COSS tokens will be donated to charities (the community votes to who they go). First of all, that’s just plain nice. Secondly, I find it pretty damn cool that we donate this for good causes, and they basically keep “generating” income from it. It’s basically like a “perpetual donation” on behalf of COSS and all of its users, and definitely will make a lot of people feel good about using the exchange. Thirdly, this pretty much guarantees millions of COSS tokens are going to be in perpetual “HODL” mode, essentially taking them off the market.
They will be implementing a FIAT gateway sooner than later. We all know FIAT gateways are game changers.
They are constantly hiring. The team growing is definitely a good sign.
They are revamping the overall UI and charts, once again following the community’s advice, and the proposed new look is fantastic! Check it out here, as well as other great announcements: https://medium.com/@runeevensen/coss-io-7379b7628d93 EDIT: It has been brought to my attention that there is a UI upgrade scheduled for tomorrow (Dec. 3rd), although it isn't clear if it's a minor one or the actual major overhaul, might wanna keep an eye out on that!
They are upgrading the matching engine and releasing API’s soon to allow bots to create liquidity and significantly raise the trading volume.
Unlike KuCoin, the revenue split (COSS token holders) will always receive 50% of the fees, whereas kucoin will start decreasing it in 4-6months and it will bottom out at 10-15%
The revenue split from trading fees is controlled by a DAO, meaning the COSS team cannot arbitrarily decide to change it later down the line, unlike KuCoin where the control over the fee split is centralized and they decrease it as they please.
The DAO model also avoids it being labeled a security. First of all, those aren’t really “dividends” as dividends would require them to calculate income minus expenses to determine profit, and then distribute this profit to shareholders, and obviously that’s a legal nightmare. With the DAO model, you don’t get a percentage of the “profits”, you get a revenue split from the exchange fees, and it’s done by clicking a “distribute” button which makes a call to the smart contract and distributes your coins. COSS itself is not giving you anything
COSS is still in Beta. It has a tiny market cap. Now’s the time to pick it up, not when it’s out of beta and has become successful, or you’ll be in another Antshares/NEO situation. A ridiculously small move from 5M to 50M in Mcap and that’s x10, a move from 5M to 150M (still under binance levels) and that’s x30.
In the long run, COSS aims to be more than just an exchange. Holders of the token, who currently get 50% of the exchange’s trading fees, will also get 50% of other fees charged from coss. This includes their eventual payment gateway. Merchants around the world wishing to accept crypto payments will be able to use COSS’s gateway and COSS will charge a 0.75% fee per transaction. We, as COSS holders, also get 50% of that. You believe crypto is the future and going mainstream? Well your COSS will entitle you to the revenue generated by tens of thousands, if not hundreds of thousands of businesses accepting crypto payments via COSS Point-Of-Sale.
COSS also mentioned that all other COSS “fee generating” products to come will all be subject to the same DAO/50% split. Logically, If they have 1) The trading platform, and 2) the payment gateway, then the third step is solving the problem of spending the crypto in places that don’t accept direct crypto payment, AKA a crypto credit/debit card. Well, guess what? Users of such cards will be charged a small fee as well when their crypto is being converted to fiat in real time for payment at a gas station. We as COSS holders are, again, getting 50% of that fee. As you can see, this is a coin that makes business sense to invest in. Unless you really, reaaaaaally care about a coin being the “Future of decentralized prediction markets” or “the future of decentralized dating” or the “decentralized gambling coin” and whatnot.
Smart money is smart. It's only a matter of time before savvy investors discover this coin.
 
What do the dividends look like (credits to lickmypussy28):
 
Here’s an excel showing the Yearly %ROI based on the COSS exchange volume and your COSS token buy-in price: https://i.imgur.com/XKjjCbZ.png
 
Here’s another one showing how much you’d make in USD per year based on how many COSS tokens you own, again all relative to the volume on the left: https://i.imgur.com/p15DKAr.png
 
Lastly, here’s another showing the exact same as above but on a weekly basis: https://i.imgur.com/ezp5FCV.png
 
ALTHOUGH, keep in mind, the calculations above take into consideration an average trading fee of 0.2% and while this fee is accurate right now, it will most likely average 0.1% once API’s are released and liquidity/market maker bots start operating on the platform. Also, the calculations above do NOT take into consideration that in 4 years from now, there will be 200M (hard cap) COSS tokens on the market. HOWEVER, these calculations also do not take into consideration that by then, COSS will have a fully up and running payment gateway, crypto credit cards, and other revenue-generating products such as a crowdfunding platform, smart contract deployment platform, etc. that are also generating revenue for COSS holders.
 
All in all, if all goes as planned, the payment gateway/cards/other products will negate the additional COSS tokens released in the market as well as the average trading fee of 0.1%, and therefore the numbers presented in the excel docs will remain sensibly the same. Also, if crypto really takes off in the mainstream, then the revenue split to coss holders from the payment gateway & credit card spending could very well double, triple or quadruple all the numbers you’re seeing in these excel sheets, and that’s on the low end. Remember, the exchange only charges 0.2% (0.1% average once we have bots) out of which we get half, but the payment gateway on the other hand charges a flat 0.75% (7.5x the what the exchange’s fee), out of which COSS holders get half. This could be a massive revenue driver, easily surpassing the exchange itself, and honestly if at that point in time this coin is NOT valued at 3B+ (I mean, even ethereum classic is over that right now..), then I’ll just give up on the whole notion of logical thinking.
 
Quick example, assuming in 4 years 50M in gateway processing daily (18B yearly), 0.375% of that would be 187.5K USD daily for COSS holders. With 200M Coss tokens total supply, if you hold 10K coss you’d generate 9.375$ per day (65$ per week, 282$/mo.), and that’s purely from the gateway (totally excluding the exchange revenue, crowdfunding revenue, credit card revenue, etc.).
 
If you have 100K coss you’d generate 93.7$/day, 650$/week, 2820$/mo, again purely from the gateway.
 
If you’d rather assume more conservative figures (let’s say 25M in daily gateway processing on COSS, all around the globe, or 9B yearly), then simply divide these figures by half. If you wanna go balls to the walls, double them (100M daily, 36B yearly). Play around, have fun with the numbers! To keep things in perspective, square has processed 50B’s worth of transactions in 2016. Therefore I believe using 9B, 18B and 36B for our calculations isn’t too far fetched, and actually pretty reasonable.
 
Anyway, to sum this up, no matter how you look at it, COSS is an extremely promising project with huge potential, and actually has working math (and a working beta!) behind it. It’s only a matter of a month or two before they’re out of their Beta, have upgrades to their UI and engine, and start really growing from there. The team listens to the community, which is super important, and they’re working on a multitude of revenue streams, out of which not only them, but all coss holders will benefit from, fifty fifty.
 
Their crowdfunding platform will be a competitor to indiegogo, gofundme, kickstarter, and they’ll have a small percentage fee (50% of which goes to COSS holders). The crypto Point-Of-Sale will be a competitor to Square and the likes (50% revenue to COSS holders). The crypto credit card (also 50% revenue to COSS holders). It is truely an admirable project. Shovel manufacturers made a killing during the gold rush, and COSS is positioning itself as the shovel manufacturer in the crypto adoption gold rush. This is a coin that makes sense to invest in, it is ultra tangible, and will give greater returns than any type of “decentralized [insert function here]” type coins.
 
On a personal note: Honestly, I believe this is the proper way to ICO, by NOT giving people worthless tokens that only go up in value due to speculation (looking at you, 99% of ERC20 tokens). Let investors guide you, let them reap 50% of the rewards as THEY are the ones funding you. This’ll keep the investors interested in the project, and every single one of them will have a direct incentive to vouch for your product. It’s only right for the investors to get rewarded with something tangible, I’d take that any day over a speculative shitcoin who’s only purpose was to put money in the project’s founders pockets
 
Oh, and cherry on the sundae: they are planning on launching massive marketing campaigns as soon as UI and trading engine are ready, Q1 2018, as you can see in Rune’s Nov 27th update. I suggest you read it, it puts us up to date on a lot of exciting new things: https://medium.com/@runeevensen/coss-io-update-november-27th-fa74f1237062
 
Quoted directly from said link: “For those that are most interested in discussions regarding the trading price of COSS. Please have in mind that when we entered our token sale, our clear sales message was a 3–5 year road-map, and not a 3–5 months pump and dump. We are a small team, doing our utmost to deliver and all we ask is for you to continue to give us feedback and also for you to give us some time to deliver. *That being said. We still aim to be out of BETA as soon as possible with a new engine for the exchange in Q1 2018. New UI should be in place well before that.** Once we feel we have this in place we will roll out massive marketing campaigns to attract users and increased volume. So although we have a 3–5 year road-map ahead, you should expect to see 2018 being “our year”. The 3–5 year plan is more on the complete roadmap when we proudly can call ourselves a one-stop solution. For now it is all about the exchange, and there we will see rapid changes over the coming weeks/months.”*
 
All in all, i’d like to thank the COSS team for actually caring about their investors, keeping them in the loop, listening to their feedback and giving them a unique and tangible opportunity. I’d also like to thank all the other COSS investors, who see a huge potential in this project and support the team, and lastly, all of you crypto-heads for reading through!
 
Happy hodling, and hopefully see you all at 500M+ market cap by late 2018 :)
 
-Some random guy on Reddit.
 
PS: Not investment advice. Always do your due diligence. Also, if you’d like, you can join the discussion at /cossIO
 
Friendly reminder: ETH is the quickest way to get your funds on the COSS exchange, and COSS/ETH pair has 4x the volume of the COSS/BTC pair.
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Searching for the Unicorn Cryptocurrency

Searching for the Unicorn Cryptocurrency
For someone first starting out as a cryptocurrency investor, finding a trustworthy manual for screening a cryptocurrency’s merits is nonexistent as we are still in the early, Wild West days of the cryptocurrency market. One would need to become deeply familiar with the inner workings of blockchain to be able to perform the bare minimum due diligence.
One might believe, over time, that finding the perfect cryptocurrency may be nothing short of futile. If a cryptocurrency purports infinite scalability, then it is probably either lightweight with limited features or it is highly centralized among a limited number of nodes that perform consensus services especially Proof of Stake or Delegated Proof of Stake. Similarly, a cryptocurrency that purports comprehensive privacy may have technical obstacles to overcome if it aims to expand its applications such as in smart contracts. The bottom line is that it is extremely difficult for a cryptocurrency to have all important features jam-packed into itself.
The cryptocurrency space is stuck in the era of the “dial-up internet” in a manner of speaking. Currently blockchain can’t scale – not without certain tradeoffs – and it hasn’t fully resolved certain intractable issues such as user-unfriendly long addresses and how the blockchain size is forever increasing to name two.
In other words, we haven’t found the ultimate cryptocurrency. That is, we haven’t found the mystical unicorn cryptocurrency that ushers the era of decentralization while eschewing all the limitations of traditional blockchain systems.
“But wait – what about Ethereum once it implements sharding?”
“Wouldn’t IOTA be able to scale infinitely with smart contracts through its Qubic offering?”
“Isn’t Dash capable of having privacy, smart contracts, and instantaneous transactions?”
Those thoughts and comments may come from cryptocurrency investors who have done their research. It is natural for the informed investors to invest in projects that are believed to bring cutting edge technological transformation to blockchain. Sooner or later, the sinking realization will hit that any variation of the current blockchain technology will always likely have certain limitations.
Let us pretend that there indeed exists a unicorn cryptocurrency somewhere that may or may not be here yet. What would it look like, exactly? Let us set the 5 criteria of the unicorn cryptocurrency:
Unicorn Criteria
(1) Perfectly solves the blockchain trilemma:
o Infinite scalability
o Full security
o Full decentralization
(2) Zero or minimal transaction fee
(3) Full privacy
(4) Full smart contract capabilities
(5) Fair distribution and fair governance
For each of the above 5 criteria, there would not be any middle ground. For example, a cryptocurrency with just an in-protocol mixer would not be considered as having full privacy. As another example, an Initial Coin Offering (ICO) may possibly violate criterion (5) since with an ICO the distribution and governance are often heavily favored towards an oligarchy – this in turn would defy the spirit of decentralization that Bitcoin was found on.
There is no cryptocurrency currently that fits the above profile of the unicorn cryptocurrency. Let us examine an arbitrary list of highly hyped cryptocurrencies that meet the above list at least partially. The following list is by no means comprehensive but may be a sufficient sampling of various blockchain implementations:
Bitcoin (BTC)
Bitcoin is the very first and the best known cryptocurrency that started it all. While Bitcoin is generally considered extremely secure, it suffers from mining centralization to a degree. Bitcoin is not anonymous, lacks smart contracts, and most worrisomely, can only do about 7 transactions per seconds (TPS). Bitcoin is not the unicorn notwithstanding all the Bitcoin maximalists.
Ethereum (ETH)
Ethereum is widely considered the gold standard of smart contracts aside from its scalability problem. Sharding as part of Casper’s release is generally considered to be the solution to Ethereum’s scalability problem.
The goal of sharding is to split up validating responsibilities among various groups or shards. Ethereum’s sharding comes down to duplicating the existing blockchain architecture and sharing a token. This does not solve the core issue and simply kicks the can further down the road. After all, full nodes still need to exist one way or another.
Ethereum’s blockchain size problem is also an issue as will be explained more later in this article.
As a result, Ethereum is not the unicorn due to its incomplete approach to scalability and, to a degree, security.
Dash
Dash’s masternodes are widely considered to be centralized due to their high funding requirements, and there are accounts of a pre-mine in the beginning. Dash is not the unicorn due to its questionable decentralization.
Nano
Nano boasts rightfully for its instant, free transactions. But it lacks smart contracts and privacy, and it may be exposed to well orchestrated DDOS attacks. Therefore, it goes without saying that Nano is not the unicorn.
EOS
While EOS claims to execute millions of transactions per seconds, a quick glance reveals centralized parameters with 21 nodes and a questionable governance system. Therefore, EOS fails to achieve the unicorn status.
Monero (XMR)
One of the best known and respected privacy coins, Monero lacks smart contracts and may fall short of infinite scalability due to CryptoNote’s design. The unicorn rank is out of Monero’s reach.
IOTA
IOTA’s scalability is based on the number of transactions the network processes, and so its supposedly infinite scalability would fluctuate and is subject to the whims of the underlying transactions. While IOTA’s scalability approach is innovative and may work in the long term, it should be reminded that the unicorn cryptocurrency has no middle ground. The unicorn cryptocurrency would be expected to scale infinitely on a consistent basis from the beginning.
In addition, IOTA’s Masked Authenticated Messaging (MAM) feature does not bring privacy to the masses in a highly convenient manner. Consequently, the unicorn is not found with IOTA.

PascalCoin as a Candidate for the Unicorn Cryptocurrency
Please allow me to present a candidate for the cryptocurrency unicorn: PascalCoin.
According to the website, PascalCoin claims the following:
“PascalCoin is an instant, zero-fee, infinitely scalable, and decentralized cryptocurrency with advanced privacy and smart contract capabilities. Enabled by the SafeBox technology to become the world’s first blockchain independent of historical operations, PascalCoin possesses unlimited potential.”
The above summary is a mouthful to be sure, but let’s take a deep dive on how PascalCoin innovates with the SafeBox and more. Before we do this, I encourage you to first become acquainted with PascalCoin by watching the following video introduction:
https://www.youtube.com/watch?time_continue=4&v=F25UU-0W9Dk
The rest of this section will be split into 10 parts in order to illustrate most of the notable features of PascalCoin. Naturally, let’s start off with the SafeBox.
Part #1: The SafeBox
Unlike traditional UTXO-based cryptocurrencies in which the blockchain records the specifics of each transaction (address, sender address, amount of funds transferred, etc.), the blockchain in PascalCoin is only used to mutate the SafeBox. The SafeBox is a separate but equivalent cryptographic data structure that snapshots account balances. PascalCoin’s blockchain is comparable to a machine that feeds the most important data – namely, the state of an account – into the SafeBox. Any node can still independently compute and verify the cumulative Proof-of-Work required to construct the SafeBox.
The PascalCoin whitepaper elegantly highlights the unique historical independence that the SafeBox possesses:
“While there are approaches that cryptocurrencies could use such as pruning, warp-sync, "finality checkpoints", UTXO-snapshotting, etc, there is a fundamental difference with PascalCoin. Their new nodes can only prove they are on most-work-chain using the infinite history whereas in PascalCoin, new nodes can prove they are on the most-work chain without the infinite history.”
Some cryptocurrency old-timers might instinctively balk at the idea of full nodes eschewing the entire history for security, but such a reaction would showcase a lack of understanding on what the SafeBox really does.
A concrete example would go a long way to best illustrate what the SafeBox does. Let’s say I input the following operations in my calculator:
5 * 5 – 10 / 2 + 5
It does not take a genius to calculate the answer, 25. Now, the expression “5 \ 5 – 10 / 2 + 5”* would be forever imbued on a traditional blockchain’s history. But the SafeBox begs to differ. It says that the expression “5 \ 5 – 10 / 2 + 5”* should instead be simply “25” so as preserve simplicity, time, and space. In other words, the SafeBox simply preserves the account balance.
But some might still be unsatisfied and claim that if one cannot trace the series of operations (transactions) that lead to the final number (balance) of 25, the blockchain is inherently insecure.
Here are four important security aspects of the SafeBox that some people fail to realize:
(1) SafeBox Follows the Longest Chain of Proof-of-Work
The SafeBox mutates itself per 100 blocks. Each new SafeBox mutation must reference both to the previous SafeBox mutation and the preceding 100 blocks in order to be valid, and the resultant hash of the new mutated SafeBox must then be referenced by each of the new subsequent blocks, and the process repeats itself forever.
The fact that each new SafeBox mutation must reference to the previous SafeBox mutation is comparable to relying on the entire history. This is because the previous SafeBox mutation encapsulates the result of cumulative entire history except for the 100 blocks which is why each new SafeBox mutation requires both the previous SafeBox mutation and the preceding 100 blocks.
So in a sense, there is a single interconnected chain of inflows and outflows, supported by Byzantine Proof-of-Work consensus, instead of the entire history of transactions.
More concretely, the SafeBox follows the path of the longest chain of Proof-of-Work simply by design, and is thus cryptographically equivalent to the entire history even without tracing specific operations in the past. If the chain is rolled back with a 51% attack, only the attacker’s own account(s) in the SafeBox can be manipulated as is explained in the next part.
(2) A 51% Attack on PascalCoin Functions the Same as Others
A 51% attack on PascalCoin would work in a similar way as with other Proof-of-Work cryptocurrencies. An attacker cannot modify a transaction in the past without affecting the current SafeBox hash which is accepted by all honest nodes.
Someone might claim that if you roll back all the current blocks plus the 100 blocks prior to the SafeBox’s mutation, one could create a forged SafeBox with different balances for all accounts. This would be incorrect as one would be able to manipulate only his or her own account(s) in the SafeBox with a 51% attack – just as is the case with other UTXO cryptocurrencies. The SafeBox stores the balances of all accounts which are in turn irreversibly linked only to their respective owners’ private keys.
(3) One Could Preserve the Entire History of the PascalCoin Blockchain
No blockchain data in PascalCoin is ever deleted even in the presence of the SafeBox. Since the SafeBox is cryptographically equivalent to a full node with the entire history as explained above, PascalCoin full nodes are not expected to contain infinite history. But for whatever reason(s) one may have, one could still keep all the PascalCoin blockchain history as well along with the SafeBox as an option even though it would be redundant.
Without storing the entire history of the PascalCoin blockchain, you can still trace the specific operations of the 100 blocks prior to when the SafeBox absorbs and reflects the net result (a single balance for each account) from those 100 blocks. But if you’re interested in tracing operations over a longer period in the past – as redundant as that may be – you’d have the option to do so by storing the entire history of the PascalCoin blockchain.
(4) The SafeBox is Equivalent to the Entire Blockchain History
Some skeptics may ask this question: “What if the SafeBox is forever lost? How would you be able to verify your accounts?” Asking this question is tantamount to asking to what would happen to Bitcoin if all of its entire history was erased. The result would be chaos, of course, but the SafeBox is still in line with the general security model of a traditional blockchain with respect to black swans.
Now that we know the security of the SafeBox is not compromised, what are the implications of this new blockchain paradigm? A colorful illustration as follows still wouldn’t do justice to the subtle revolution that the SafeBox ushers. The automobiles we see on the street are the cookie-and-butter representation of traditional blockchain systems. The SafeBox, on the other hand, supercharges those traditional cars to become the Transformers from Michael Bay’s films.
The SafeBox is an entirely different blockchain architecture that is impressive in its simplicity and ingenuity. The SafeBox’s design is only the opening act for PascalCoin’s vast nuclear arsenal. If the above was all that PascalCoin offers, it still wouldn’t come close to achieving the unicorn status but luckily, we have just scratched the surface. Please keep on reading on if you want to learn how PascalCoin is going to shatter the cryptocurrency industry into pieces. Buckle down as this is going to be a long read as we explore further about the SafeBox’s implications.
Part #2: 0-Confirmation Transactions
To begin, 0-confirmation transactions are secure in PascalCoin thanks to the SafeBox.
The following paraphrases an explanation of PascalCoin’s 0-confirmations from the whitepaper:
“Since PascalCoin is not a UTXO-based currency but rather a State-based currency thanks to the SafeBox, the security guarantee of 0-confirmation transactions are much stronger than in UTXO-based currencies. For example, in Bitcoin if a merchant accepts a 0-confirmation transaction for a coffee, the buyer can simply roll that transaction back after receiving the coffee but before the transaction is confirmed in a block. The way the buyer does this is by re-spending those UTXOs to himself in a new transaction (with a higher fee) thus invalidating them for the merchant. In PascalCoin, this is virtually impossible since the buyer's transaction to the merchant is simply a delta-operation to debit/credit a quantity from/to accounts respectively. The buyer is unable to erase or pre-empt this two-sided, debit/credit-based transaction from the network’s pending pool until it either enters a block for confirmation or is discarded with respect to both sender and receiver ends. If the buyer tries to double-spend the coffee funds after receiving the coffee but before they clear, the double-spend transaction will not propagate the network since nodes cannot propagate a double-spending transaction thanks to the debit/credit nature of the transaction. A UTXO-based transaction is initially one-sided before confirmation and therefore is more exposed to one-sided malicious schemes of double spending.”
Phew, that explanation was technical but it had to be done. In summary, PascalCoin possesses the only secure 0-confirmation transactions in the cryptocurrency industry, and it goes without saying that this means PascalCoin is extremely fast. In fact, PascalCoin is capable of 72,000 TPS even prior to any additional extensive optimizations down the road. In other words, PascalCoin is as instant as it gets and gives Nano a run for its money.
Part #3: Zero Fee
Let’s circle back to our discussion of PascalCoin’s 0-confirmation capability. Here’s a little fun magical twist to PascalCoin’s 0-confirmation magic: 0-confirmation transactions are zero-fee. As in you don’t pay a single cent in fee for each 0-confirmation! There is just a tiny downside: if you create a second transaction in a 5-minute block window then you’d need to pay a minimal fee. Imagine using Nano but with a significantly stronger anti-DDOS protection for spam! But there shouldn’t be any complaint as this fee would amount to 0.0001 Pascal or $0.00002 based on the current price of a Pascal at the time of this writing.
So, how come the fee for blazingly fast transactions is nonexistent? This is where the magic of the SafeBox arises in three ways:
(1) PascalCoin possesses the secure 0-confirmation feature as discussed above that enables this speed.
(2) There is no fee bidding competition of transaction priority typical in UTXO cryptocurrencies since, once again, PascalCoin operates on secure 0-confirmations.
(3) There is no fee incentive needed to run full nodes on behalf of the network’s security beyond the consensus rewards.
Part #4: Blockchain Size
Let’s expand more on the third point above, using Ethereum as an example. Since Ethereum’s launch in 2015, its full blockchain size is currently around 2 TB, give or take, but let’s just say its blockchain size is 100 GB for now to avoid offending the Ethereum elitists who insist there are different types of full nodes that are lighter. Whoever runs Ethereum’s full nodes would expect storage fees on top of the typical consensus fees as it takes significant resources to shoulder Ethereum’s full blockchain size and in turn secure the network. What if I told you that PascalCoin’s full blockchain size will never exceed few GBs after thousands of years? That is just what the SafeBox enables PascalCoin to do so. It is estimated that by 2072, PascalCoin’s full nodes will only be 6 GB which is low enough not to warrant any fee incentives for hosting full nodes. Remember, the SafeBox is an ultra-light cryptographic data structure that is cryptographically equivalent to a blockchain with the entire transaction history. In other words, the SafeBox is a compact spreadsheet of all account balances that functions as PascalCoin’s full node!
Not only does the SafeBox’s infinitesimal memory size helps to reduce transaction fees by phasing out any storage fees, but it also paves the way for true decentralization. It would be trivial for every PascalCoin user to opt a full node in the form of a wallet. This is extreme decentralization at its finest since the majority of users of other cryptocurrencies ditch full nodes due to their burdensome sizes. It is naïve to believe that storage costs would reduce enough to the point where hosting full nodes are trivial. Take a look at the following chart outlining the trend of storage cost.

* https://www.backblaze.com/blog/hard-drive-cost-per-gigabyte/
As we can see, storage costs continue to decrease but the descent is slowing down as is the norm with technological improvements. In the meantime, blockchain sizes of other cryptocurrencies are increasing linearly or, in the case of smart contract engines like Ethereum, parabolically. Imagine a cryptocurrency smart contract engine like Ethereum garnering worldwide adoption; how do you think Ethereum’s size would look like in the far future based on the following chart?


https://i.redd.it/k57nimdjmo621.png

Ethereum’s future blockchain size is not looking pretty in terms of sustainable security. Sharding is not a fix for this issue since there still needs to be full nodes but that is a different topic for another time.
It is astonishing that the cryptocurrency community as a whole has passively accepted this forever-expanding-blockchain-size problem as an inescapable fate.
PascalCoin is the only cryptocurrency that has fully escaped the death vortex of forever expanding blockchain size. Its blockchain size wouldn’t exceed 10 GB even after many hundreds of years of worldwide adoption. Ethereum’s blockchain size after hundreds of years of worldwide adoption would make fine comedy.
Part #5: Simple, Short, and Ordinal Addresses
Remember how the SafeBox works by snapshotting all account balances? As it turns out, the account address system is almost as cool as the SafeBox itself.
Imagine yourself in this situation: on a very hot and sunny day, you’re wandering down the street across from your house and ran into a lemonade stand – the old-fashioned kind without any QR code or credit card terminal. The kid across you is selling a lemonade cup for 1 Pascal with a poster outlining the payment address as 5471-55. You flip out your phone and click “Send” with 1 Pascal to the address 5471-55; viola, exactly one second later you’re drinking your lemonade without paying a cent for the transaction fee!
The last thing one wants to do is to figure out how to copy/paste to, say, the following address 1BoatSLRHtKNngkdXEeobR76b53LETtpyT on the spot wouldn’t it? Gone are the obnoxiously long addresses that plague all cryptocurrencies. The days of those unreadable addresses will be long gone – it has to be if blockchain is to innovate itself for the general public. EOS has a similar feature for readable addresses but in a very limited manner in comparison, and nicknames attached to addresses in GUIs don’t count since blockchain-wide compatibility wouldn’t hold.
Not only does PascalCoin has the neat feature of having addresses (called PASAs) that amount to up to 6 or 7 digits, but PascalCoin can also incorporate in-protocol address naming as opposed to GUI address nicknames. Suppose I want to order something from Amazon using Pascal; I simply search the word “Amazon” then the corresponding account number shows up. Pretty neat, right?
The astute reader may gather that PascalCoin’s address system makes it necessary to commoditize addresses, and he/she would be correct. Some view this as a weakness; part #10 later in this segment addresses this incorrect perception.
Part #6: Privacy
As if the above wasn’t enough, here’s another secret that PascalCoin has: it is a full-blown privacy coin. It uses two separate foundations to achieve comprehensive anonymity: in-protocol mixer for transfer amounts and zn-SNARKs for private balances. The former has been implemented and the latter is on the roadmap. Both the 0-confirmation transaction and the negligible transaction fee would make PascalCoin the most scalable privacy coin of any other cryptocurrencies pending the zk-SNARKs implementation.
Part #7: Smart Contracts
Next, PascalCoin will take smart contracts to the next level with a layer-2 overlay consensus system that pioneers sidechains and other smart contract implementations.
In formal terms, this layer-2 architecture will facilitate the transfer of data between PASAs which in turn allows clean enveloping of layer-2 protocols inside layer-1 much in the same way that HTTP lives inside TCP.
To summarize:
· The layer-2 consensus method is separate from the layer-1 Proof-of-Work. This layer-2 consensus method is independent and flexible. A sidechain – based on a single encompassing PASA – could apply Proof-of-Stake (POS), Delegated Proof-of-Stake (DPOS), or Directed Acyclic Graph (DAG) as the consensus system of its choice.
· Such a layer-2 smart contract platform can be written in any languages.
· Layer-2 sidechains will also provide very strong anonymity since funds are all pooled and keys are not used to unlock them.
· This layer-2 architecture is ingenious in which the computation is separate from layer-2 consensus, in effect removing any bottleneck.
· Horizontal scaling exists in this paradigm as there is no interdependence between smart contracts and states are not managed by slow sidechains.
· Speed and scalability are fully independent of PascalCoin.
One would be able to run the entire global financial system on PascalCoin’s infinitely scalable smart contract platform and it would still scale infinitely. In fact, this layer-2 architecture would be exponentially faster than Ethereum even after its sharding is implemented.
All this is the main focus of PascalCoin’s upcoming version 5 in 2019. A whitepaper add-on for this major upgrade will be released in early 2019.
Part #8: RandomHash Algorithm
Surely there must be some tradeoffs to PascalCoin’s impressive capabilities, you might be asking yourself. One might bring up the fact that PascalCoin’s layer-1 is based on Proof-of-Work and is thus susceptible to mining centralization. This would be a fallacy as PascalCoin has pioneered the very first true ASIC, GPU, and dual-mining resistant algorithm known as RandomHash that obliterates anything that is not CPU based and gives all the power back to solo miners.
Here is the official description of RandomHash:
“RandomHash is a high-level cryptographic hash algorithm that combines other well-known hash primitives in a highly serial manner. The distinguishing feature is that calculations for a nonce are dependent on partial calculations of other nonces, selected at random. This allows a serial hasher (CPU) to re-use these partial calculations in subsequent mining saving 50% or more of the work-load. Parallel hashers (GPU) cannot benefit from this optimization since the optimal nonce-set cannot be pre-calculated as it is determined on-the-fly. As a result, parallel hashers (GPU) are required to perform the full workload for every nonce. Also, the algorithm results in 10x memory bloat for a parallel implementation. In addition to its serial nature, it is branch-heavy and recursive making in optimal for CPU-only mining.”
One might be understandably skeptical of any Proof-of-Work algorithm that solves ASIC and GPU centralization once for all because there have been countless proposals being thrown around for various algorithms since the dawn of Bitcoin. Is RandomHash truly the ASIC & GPU killer that it claims to be?
Herman Schoenfeld, the inventor behind RandomHash, described his algorithm in the following:
“RandomHash offers endless ASIC-design breaking surface due to its use of recursion, hash algo selection, memory hardness and random number generation.
For example, changing how round hash selection is made and/or random number generator algo and/or checksum algo and/or their sequencing will totally break an ASIC design. Conceptually if you can significantly change the structure of the output assembly whilst keeping the high-level algorithm as invariant as possible, the ASIC design will necessarily require proportional restructuring. This results from the fact that ASIC designs mirror the ASM of the algorithm rather than the algorithm itself.”
Polyminer1 (pseudonym), one of the members of the PascalCoin core team who developed RHMiner (official software for mining RandomHash), claimed as follows:
“The design of RandomHash is, to my experience, a genuine innovation. I’ve been 30 years in the field. I’ve rarely been surprised by anything. RandomHash was one of my rare surprises. It’s elegant, simple, and achieves resistance in all fronts.”
PascalCoin may have been the first party to achieve the race of what could possibly be described as the “God algorithm” for Proof-of-Work cryptocurrencies. Look no further than one of Monero’s core developers since 2015, Howard Chu. In September 2018, Howard declared that he has found a solution, called RandomJS, to permanently keep ASICs off the network without repetitive algorithm changes. This solution actually closely mirrors RandomHash’s algorithm. Discussing about his algorithm, Howard asserted that “RandomJS is coming at the problem from a direction that nobody else is.”
Link to Howard Chu’s article on RandomJS:
https://www.coindesk.com/one-musicians-creative-solution-to-drive-asics-off-monero
Yet when Herman was asked about Howard’s approach, he responded:
“Yes, looks like it may work although using Javascript was a bit much. They should’ve just used an assembly subset and generated random ASM programs. In a way, RandomHash does this with its repeated use of random mem-transforms during expansion phase.”
In the end, PascalCoin may have successfully implemented the most revolutionary Proof-of-Work algorithm, one that eclipses Howard’s burgeoning vision, to date that almost nobody knows about. To learn more about RandomHash, refer to the following resources:
RandomHash whitepaper:
https://www.pascalcoin.org/storage/whitepapers/RandomHash_Whitepaper.pdf
Technical proposal for RandomHash:
https://github.com/PascalCoin/PascalCoin/blob/mastePIP/PIP-0009.md
Someone might claim that PascalCoin still suffers from mining centralization after RandomHash, and this is somewhat misleading as will be explained in part #10.
Part #9: Fair Distribution and Governance
Not only does PascalCoin rest on superior technology, but it also has its roots in the correct philosophy of decentralized distribution and governance. There was no ICO or pre-mine, and the developer fund exists as a percentage of mining rewards as voted by the community. This developer fund is 100% governed by a decentralized autonomous organization – currently facilitated by the PascalCoin Foundation – that will eventually be transformed into an autonomous smart contract platform. Not only is the developer fund voted upon by the community, but PascalCoin’s development roadmap is also voted upon the community via the Protocol Improvement Proposals (PIPs).
This decentralized governance also serves an important benefit as a powerful deterrent to unseemly fork wars that befall many cryptocurrencies.
Part #10: Common Misconceptions of PascalCoin
“The branding is terrible”
PascalCoin is currently working very hard on its image and is preparing for several branding and marketing initiatives in the short term. For example, two of the core developers of the PascalCoin recently interviewed with the Fox Business Network. A YouTube replay of this interview will be heavily promoted.
Some people object to the name PascalCoin. First, it’s worth noting that PascalCoin is the name of the project while Pascal is the name of the underlying currency. Secondly, Google and YouTube received excessive criticisms back then in the beginning with their name choices. Look at where those companies are nowadays – surely a somewhat similar situation faces PascalCoin until the name’s familiarity percolates into the public.
“The wallet GUI is terrible”
As the team is run by a small yet extremely dedicated developers, multiple priorities can be challenging to juggle. The lack of funding through an ICO or a pre-mine also makes it challenging to accelerate development. The top priority of the core developers is to continue developing full-time on the groundbreaking technology that PascalCoin offers. In the meantime, an updated and user-friendly wallet GUI has been worked upon for some time and will be released in due time. Rome wasn’t built in one day.
“One would need to purchase a PASA in the first place”
This is a complicated topic since PASAs need to be commoditized by the SafeBox’s design, meaning that PASAs cannot be obtained at no charge to prevent systematic abuse. This raises two seemingly valid concerns:
· As a chicken and egg problem, how would one purchase a PASA using Pascal in the first place if one cannot obtain Pascal without a PASA?
· How would the price of PASAs stay low and affordable in the face of significant demand?
With regards to the chicken and egg problem, there are many ways – some finished and some unfinished – to obtain your first PASA as explained on the “Get Started” page on the PascalCoin website:
https://www.pascalcoin.org/get_started
More importantly, however, is the fact that there are few methods that can get your first PASA for free. The team will also release another method soon in which you could obtain your first PASA for free via a single SMS message. This would probably become by far the simplest and the easiest way to obtain your first PASA for free. There will be more new ways to easily obtain your first PASA for free down the road.
What about ensuring the PASA market at large remains inexpensive and affordable following your first (and probably free) PASA acquisition? This would be achieved in two ways:
· Decentralized governance of the PASA economics per the explanation in the FAQ section on the bottom of the PascalCoin website (https://www.pascalcoin.org/)
· Unlimited and free pseudo-PASAs based on layer-2 in the next version release.
“PascalCoin is still centralized after the release of RandomHash”
Did the implementation of RandomHash from version 4 live up to its promise?
The official goals of RandomHash were as follow:
(1) Implement a GPU & ASIC resistant hash algorithm
(2) Eliminate dual mining
The two goals above were achieved by every possible measure.
Yet a mining pool, Nanopool, was able to regain its hash majority after a significant but a temporary dip.
The official conclusion is that, from a probabilistic viewpoint, solo miners are more profitable than pool miners. However, pool mining is enticing for solo miners who 1) have limited hardware as it ensures a steady income instead of highly profitable but probabilistic income via solo mining, and 2) who prefer convenient software and/or GUI.
What is the next step, then? While the barrier of entry for solo miners has successfully been put down, additional work needs to be done. The PascalCoin team and the community are earnestly investigating additional steps to improve mining decentralization with respect to pool mining specifically to add on top of RandomHash’s successful elimination of GPU, ASIC, and dual-mining dominance.
It is likely that the PascalCoin community will promote the following two initiatives in the near future:
(1) Establish a community-driven, nonprofit mining pool with attractive incentives.
(2) Optimize RHMiner, PascalCoin’s official solo mining software, for performance upgrades.
A single pool dominance is likely short lived once more options emerge for individual CPU miners who want to avoid solo mining for whatever reason(s).
Let us use Bitcoin as an example. Bitcoin mining is dominated by ASICs and mining pools but no single pool is – at the time of this writing – even close on obtaining the hash majority. With CPU solo mining being a feasible option in conjunction with ASIC and GPU mining eradication with RandomHash, the future hash rate distribution of PascalCoin would be far more promising than Bitcoin’s hash rate distribution.
PascalCoin is the Unicorn Cryptocurrency
If you’ve read this far, let’s cut straight to the point: PascalCoin IS the unicorn cryptocurrency.
It is worth noting that PascalCoin is still a young cryptocurrency as it was launched at the end of 2016. This means that many features are still work in progress such as zn-SNARKs, smart contracts, and pool decentralization to name few. However, it appears that all of the unicorn criteria are within PascalCoin’s reach once PascalCoin’s technical roadmap is mostly completed.
Based on this expository on PascalCoin’s technology, there is every reason to believe that PascalCoin is the unicorn cryptocurrency. PascalCoin also solves two fundamental blockchain problems beyond the unicorn criteria that were previously considered unsolvable: blockchain size and simple address system. The SafeBox pushes PascalCoin to the forefront of cryptocurrency zeitgeist since it is a superior solution compared to UTXO, Directed Acyclic Graph (DAG), Block Lattice, Tangle, and any other blockchain innovations.


THE UNICORN

Author: Tyler Swob
submitted by Kosass to CryptoCurrency [link] [comments]

[CryptoNovel] Smells like Satoshi spirit (Part One)

Hi, all. I'm CryptoWukong([email protected]).
As an enthusiast of blockchain and cryptocurrency, I wrote a novel in that area.
Because this novel is my first work, it may be a bit sloppy or boring.
But if you could cheer me up with a little interest, it would be very helpful for me to write my next novel.
I will share this novel in a two or thtee part series, and this is part one. Enjoy your reading.
*Legal Notice: This post is for the purpose of providing personal works, so please be careful in your utilizing them. You cannot copy, distribute, edit the contents without my permission and you may be subject to legal disadvantages if you break this notice,.
_______________________________________________________________________________________________________________________________
"Uhmmm,,,"
Joseph woke up from his sleep, groaning in agony. Was it just a hangover or did he have a dream of his palmy days? Anyway, now he just hate himself for drinking like a dog last night. His former scoop lay on the floor to welcome him, as if it is proving that he was not suffering from a hangover after getting his heavy body out of bed.
「Satoshi Nakamoto, the serial killer of Satoshis」
​
After gulping down cold water, he feels as if he can remember last night like a film that is scattered everywhere.
"Satoshi..."
It happened a few years ago and it was quite forgotten by the public, but when he looked back on it, Joseph even thought he'd rather have not had the scandal.
Satoshi, who launched Bitcoin in early 2009, paved the way of new monetary and financial systems in the world and disappeared along the way. However, developers who saw its potential continued to develop and apply, and as time went on, more and more people participated and added value into it. Thanks to the effort, Bitcoin showed off its influence from some point on, even the existing financial institutions could not ignored anymore.
But in the process, those who claimed to be Satoshi Nakamoto began to appear, and at one point such persons began to be murdered without any trace. Joseph, who was a big fan of blockchain and cryptocurrency, was personally and professionally interested, and he sensed that he could do something big as a reporter. It was a really good touch, and became a reality in the end.
(Doorbell ringing)
"Joseph, are you home?"
Yesterday, Henry, who is Joseph's younger friends from school, rang the doorbell and yelled.
"Jo, are you in there? Did something happen to you?
(Knocking on the door strongly)
Henry began knocking at the door with frustration.
"Stop it. I'm coming!"
Joseph opened the door calmly, as if it wasn't the first time this had happened.
"Hey, what are you doing without answering your phone?"
"What do you think I did?"
"Have you been sleeping? Oh my,,, I thought something was wrong."
Henry was concerned about Joseph and often visits him because Joseph became depressed seriously. But Henry is not always welcomed when visiting and taking care of him .
As going inside the house, Henry saw the article about the scandal on the floor.
"I think we should go out for some fresh air and to eat. I don't want to see you depressed so pitifully at home"
"..."
"Come on, Jo"
When Henry tried to pull him out of the house, Joseph took his hat pretending to not to be able to resist.
It was a normal day as usual, but the world was changing day after day. Especially in the economic field, the whole world is experiencing an era of transformation into a new economic and financial system.
The advent of Bitcoin in early 2009 had a significant impact on the existing status of the US dollar, yen and other currencies, and governments, central banks, and even major companies in developed countries began to seek strategies to take the lead in the new financial era by benchmarking it while keeping an eye on the growth of Bitcoin. When they were ready enough, they calmly waited for the biggest bubble in cryptocurrencies including bitcoin, even intervened to make it happened.
However, the moment big bubble broke, major countries have revealed their hidden claws, and the maximum bubble began to burst, Bitcoin slowly descends into glory for several reasons. Meanwhile, China was the first country to seized the opportunity to get token hegemony.
Joseph and Henry, who decided to have brunch, settled down in the corner of their favorite restaurant.
"I think China was very clever"
Henry spat out as waiting for the menu he had ordered.
"What are you talking about?"
Joseph replied, looking out the window as if he was not interested.
"Look. China, which was cracking down on cryptocurrencies at the national level, issued national token based on Proof of Work. It was a big surprising. In some way, they would have preferred the most intuitive and straightforward method of proof as a one-party state, and they were probably confident that they wouldn't lose the computing power initiative based on the abundance of energy resources. What's interesting is that the token name is ONE. I think it was derived from the national slogan 'One China', but it's ironic that network on Proof of Work could bifurcate at any time"
"That's reasonable explanation"
Joseph said bluntly as getting the ordered meal as if he were slightly interested in talking.
"Another interesting thing is that China issued 1.5 billion tokens. They seem to have set the volume to fit its population, meaning one token for one person, and it revealed China's socialist characteristics in that way"
"Maybe it's true. China's socialism, highlighted by Deng Xiaoping in the past, highlighted everyone becoming wealthy under the Communist Party's leadership. And based one the socialism, it outwardly appealed to the people that each person can have one token, while inwardly controlling hash power to roll in money just like the way the vested interests did in the past. This is it. They pretended not to be interested in blockchain and cryptocurrencies but spent a lot of money in researching behind the scene"
Joseph finally gave his opinion as showing off his knowledge.
"Wow, you are awesome, Jo. Anyway, I think it's a bit scary how China has been through because they are still trying to emerge as a global hegemonic power over the U.S., even after they experienced trade dispute were with the U.S. and then wept away by civil war"
"In that sense, the U.S. accepted the token economy in their way and turned it into a token economy democracy."
"I know what and why they did. As we know, there are 50 states in the U.S., and they have the same numer of validators. In particular, I think it was Hail Mary that they issued national token based on Delegated Proof of Stake(DPoS). That way, they can measure how much the value of local brand is through competition in good faith while maintaining communities' uniqueness. More surprisingly, they could keep U.S.' unique electoral voting system based on DPoS in every election including the presidential election"
"Maybe it was good to get election campaign fund at first. Actually, it was easier to pay cryptocurrency than fiat money, and at that time, it was a lot better to get cryptocurrencies because their price showed a constant boost. The politicians who knew much about cryptocurrencies won their elections, and even the president who was friendly toward cryptocurrencies, sympathized with pro-cryptocurrency Congress, and they altogether made the new thing called 'the tokenized economic system'. Even the Federal Reserve colluded with the administration and Congress on the condition that it maintained its existing mandate and power. Only ordinary people worshipped the innovation and then had nothing left in the end"
"Well, this is another story but ordinary people like the basic income system though. As artificial intelligence became common, our jobs were threatened first. In the old industrial revolution, we expected that new technology would create new jobs. But this time it's totally off the mark. In that mood, there was a consensus on the introduction of the basic income system. We've solved the problems of the basic income system in the past: lack of tax revenue and distribution of the revenue. But the problems were solved by issuing token. It also reduced the cash in the underground economy. I feel like a new world has influenced in many ways"
"That's because we've now got a mature society where people could be satisfied with their basic income and happily do what they really wanted to do. Fortunately, we've established a lot of places to use the token income rapidly. The bottom line is that both basic income and token focus on utilization, not possession. So far, it's been successful"
"There you go, Jo! As you said, the token system was a timely technology and policy."
Joseph finished the meal with a slight frown shrugging off compliments.
"Satoshi Scandal..."
Joseph exhaled as small as a sigh.
The scandal began with a well-known Australian developer who was one of victims in a series of murders where those who claimed they were real Satoshi were killed one by one. The way of killing was cruel and the scenes of the killing were as dispersed: the US, China, Europe, Asia and so on. While cryptocurrency supporters got widly excited about that, the national investigative agencies just looked incompetenct in the serial killings for slow investigations. Soon after, they began tracking it in a worldwide collaboration. At the same time, Joseph was inspired by his animal instinct and persistent research finally pointed Satoshi out as the serial killer, and this scandal was his biggest scoop.
https://i.redd.it/o6kj8wy3vbg31.jpg
As a result, Joseph became a star journalist, and registered his personal token, then his personal token exchange rate skyrocketed. He even established a one-man media company with his name, making himself a famous journalist.
However, when the world's most collaborative investigative agencies fell into the sidekick of the scandal, the governments and authorities of those countries involved in the investigation have rather sacked Joseph through media brainwashing and have accused him of being a serial killer. When Joseph was in the midst of popularity and persecution, the joint investigation authorities were closing in on a suspect of serial killing.
Eventually, the suspect committed suicide, leaving behind a suicide note with a private key in Satoshi wallet containing one million bitcoin. So the scandal of the century came to an end, and Joseph remained an issuemaker for a while at the same time as the charges were cleared. Meanwhile, Bitcoin marked the last rally for the highest market ever since the scandal.
"Since then, Bitcoin used its last strength..."
"What? What did you just say, Jo?"
"No, it's not a big deal. Let's get out of here"
Joseph went outside with Henry in a hurry.
Some days later, Joseph stopped by his favorite bar and sat on the place where he always sit. He just sat staring for some minutes, listening to bar songs. But soon, all kinds of thoughts came across his mind. He didn't want to admit it, but he'd rather die than being treated like a has-been because of his damn pride. What's more annoying is the reality of Joseph's personal token exchange rate, which has been on the decline.
It has not been long since there has been the individual token system, but it has become a global trend with demand exploding, mainly for influential people. With the introduction of the token economy system in full swing by country, financial authorities were able to make personal tokens that is linked to the national token through screening by the financial authorities, and these individual tokens were valued according to the national token in real time. The national token is based on the median wage of employees in the country, so higher than 1 means more than the middle class, and lower than 1 means there is no economic leeway. If you comply with the regulations of the authorities, you'll be able to build many business models based on individual tokens such as staking, loans, dividends and so on. Indeed, new era has come when individuals have become small economic players, and big individuals and corporations with influence are second only to a single bank or financial system.
'0.65382139'
Joseph's personal token exchange rate blinked on his smartwatch screen. Since he made him famous with the scandal then, his token rate was ten times more than the current rate but the reality is harsh now. Nevertheless, the reason for living his life is that there are people who support me like Henry with the faint hope that one day he will be able to hit another jackpot.
Henry, his younger alumni, has been working as an influencer in a decentralized autonomous organization(DAO) created by a well-known businessman. While one had a single identity as a nation's citizen, they now has another strong identity in the token community where each belongs. Feeling the same sense of homogeneity in the same community, participants are engaged in social activities aside from one's nationality and religion, and are also engaged in token-based consumption activities.
Joseph suddenly wanted to see Henry, but decided to have his own time this time.
He took a laptop out of his bag to write a column, trying to ignore his crumbling pride. Maybe it was because of the slight drunkenness, he wanted to write an article about a serious topic.
​
「Return to Sash caused by aliases and anonymity, coincident or inevitable?」
Bitcoin, which was released in early 2009, paved the way for cryptocurrency transactions that can be traced through distributed ledger technology thanks to 'aliases', although it can't certain who the transaction participants are. However, 'aliases' evolved to 'anonymity' as it met the desire to protect personal information that was close to human instincts over time, and eventually combined with advanced electronic cryptology and a huge token economy. Indeed, swiss bank accounts that anyone wanted to have went into their digital asset wallets. But no matter how anonymous it is, the moment a technical defect occurs or is transferred to a non-anonymous coin, its anonymity disappears and the transaction details may be exposed. Meanwhile, the government believed that they had secured a master key to open the token world by establishing a perfect token tracking system that would be possible to trace any transactions. But unlike that judgment, when the token economy permeates the daily lives of the whole generation, the token system with anonymity technology spread to the world without any problem. And then developed countries that have studied and monitored token system for a long time finally concluded that leaving uncontrollable anonymity and token economy would be such a handicap to gain vested interests in the future. This life-and-death check created unexpected repercussions: conflicts between the old and new generation.
https://i.redd.it/qzr8h698vbg31.jpg
The old generation, who was still accustomed to cash, began to return to cash in protest against the government and the young generation, who recognized tokens as daily currency from their birth, ridiculed the old generation and used them even more as the government kept them in check. By then, however, a fatal flaw in the anonymity protocol occurred and there was a great confusion when the biggest bubble in cryptocurrencies including bitcoin fell at a similar time. In conclusion, there was a rift in trust and support for decentralized tokens due to their aliases and anonymity which were considered safe, transparent and able to protect personal information. Also, major crypocurrencies, which had high brand value, just survived and became a means of preserving anarchists' assets. At the same time, some developed countries have been eager to promote national tokens, claiming that the only reliable assets including even anonymous tokens can be developed well only by nation. Is it just a coincidence or is it inevitable that all the suspicious events took place in this process?
​
Joseph suddenly lost his concentration wondering whether it was hard to write or it was because of a drunkenness. And he decided to edit it later and got out of the bar. There were many people on the streets friday night, and he strode home past the crowd. No one in the crowd recognized him unlike the past, but he still remembered himself and people back then. After the Satoshi scandal, many expected more provocative and conspiratorial articles from Joseph but he hated it. However, he instinctively began to pour out attention-grabbing articles to keep his fans from being forgotten. Was that a wrong judgment? He had had his day after the cryptocurrency bubble burst. Like so many tokens, he also lost his own value because he failed to show sustainable talent. But tonight he wrote for a long time and felt like he's back in the old days. As if he wants someone to know his feeling of pride, he is lost in his thoughts again sitting on a roadside bench and watch people passing by.
Although current Bitcoin's symbolism and impact has been considerably ruined compared to that of its former, he thought it was 'falling of glory' that would one day happen anyway. Because Bitcoin has shown enough value and possibility, other token projects have experienced less trial and error and are able to settle at a faster rate, and Mass adoption of the token has built up a big industry and brought forth a new paradigm for real economy.
The point here is why it fell from glory. It is widely believed that the reason was not one, but exploded at a certain time with a variety of reasons.
First of all, the scandal turned Satoshi out to be a brutal figure, who had had apparently existed but not at the same time. Some even raised the conspiracy that Satoshi's suicide note with the private key on his wallet was fabricated by the government or authorities, and that the real killer was definitely a puppet of the authority. Whether it's true or not, what's clear is that Satoshi is recognized as a cruel being in most people's brains.
Another reason is the ambivalence of the token. Although the Internet, for example, has shown immediate news and innovation that has given birth to big data in the past, many events and accidents that might have been ignored quietly, have spread rapidly throughout the world through the Internet. Eventually, the Internet platform turned into a political propaganda tool that the world is violent and so must be able to calm the turmoil only with force. The blockchain, which is more than Internet-wide and highly leveraged, has also had a special economic mechanism called 'token', although it has built a huge distributed network and instant digital community like Internet. But when this trait combined with human greed and crowd psychology, a 'New Totalitarianism' has been triggered. This was possible because the extreme supporters of Bitcoin and the anarchists built up spiritual solidarity, feeling homogeneity with each other, and tokens including Bitcoin became their economic basis. New totalitarian community that transcended nationality was inspired by the cunning incitement of shadow governance, causing bloodshed and terrorism in many parts of the world. And in doing so, such events drew the limits of Satoshi's spirit on its own. Then, Satoshi became a negative perception among people asid from the image that he was just a murderer.
However, there is a certain reason for its fall of glory: its bubble is over. As Satoshi was finally found to be a serial killer who committed suicide, Bitcoin recorded the highest-ever rally, and presented the biggest bubble ever in history. But soon the marketcap of cryptocurrency shrank due to the lack of network security affected by the endless political squabbling of ASIC mining groups or other big groups and the intervention of the market by powerful institutions that looked at Bitcoin as an eyesore.
Joseph suddenly became confused as thinking about the rise and fall of bitcoin he had covered in the past. He just wanted to go home for a rest. Looking back on bitcoin's history, which once raised expectations that it would replace u.s. dollar as well as gold, he felt some similarity with it because it was over-rapped with his history.
When he arrived at the front of the house and opened the front door, he saw something through a gap under the door. He found a briefcase stuck in a gap under the door and began to figure out what it was. He reached out and carefully pulled the corner of the envelope, wondering who stabbed a newspaper or something that he didn't subscribe to. And he found four letters written just below it, along with the words 'supreme confidentiality'.
'LUCY'
Source : www.satoshicode.com[SatoshiCode](www.satoshicode.com)
submitted by satoshicode_com to Bitcoin [link] [comments]

Rebalancing Crypto Portfolio: What is BAT, Brave, PAY & TenX?


I just sold off my entire PAY holdings to buy BAT tokens. My average cost for PAY tokens was around $0.90 and I bought 502 of them (current price is around $0.30). I had around 200 initially but added on another 300 late last year in Dec 2018. The reason is that the company is issuing a 1-to-1 new TenX token for every PAY token you hold. TenX token is a reward token that would be issued out in Q2 2019 and rewards (in the form of PAY) are expected to come in Q3 2019. The snapshot has already happened, meaning that I would receive 502 TenX tokens in a few months time, regardless of whether I sold my PAY tokens or not. You can read more about TenX token from their official blog post.
PAY will be the reward we receive starting from Q3 2019 and the payout will be made every quarterly depending on the company’s financial performance. My cost price for getting 502 PAY is around $458, which means I would need to get around $23 annually for a yield on cost of 5%. I will write a new post about TenX when I receive the new tokens and when the first rewards payout is distributed. Everything will happen in 2019, so stay tuned.
Who is TenX?
TenX is actually a crypto card company and their goal is simply to allow cryptocurrencies to be spent anywhere in the world. Here is actually a video of my first transaction buying Mac in bitcoin a few months back.
The experience was pretty cool, liberating and surreal I would say. You got to try it for yourself. For the first time in history, products and services can be bought with a currency that is not controlled by ANYONE or any intermediary. There won’t be bank bailouts, political issues, government failures, quantitative easing and that sort of stuff. The note in your wallet is basically an IOU, something the bank owes you, but the BTC in your wallet is solely yours and nobody can take it away from you, as long as you keep your private key safe.
We don’t really face all these problems in a first-world developed country, but the people who really need this are those from countries such as Venezuela. The country faces corruption and their notes are denominated in millions due to hyper-inflation. These worthless paper money are being dumped everywhere on the streets. I would not go too in-depth about this and you can read more about the inflationary impact of money from my previous post.
If you are interested, you can order a card from Tenx as the cards are available in Singapore, Malaysia, Hong Kong, Australia, New Zealand and recently Thailand. They are rolling out the cards in other regions progressively and their banking license in Europe is still in the process of happening. The orders for their Tenx card is insane. They are growing at around 10-15% every week I think.
Reason for Selling PAY Tokens
I sold off my PAY tokens because it was originally a reward token that gives out rewards from the pool of transaction fees when people spend using TenX card to all PAY token holders. However, they run into regulatory issues with this as “Securities Token” is an extremely sensitive topic in the regulatory arena. Hence, the TenX token was created with an added feature known as the ERC-1462. The rationale behind this is simply for compliance reasons; to comply with securities regulations and legal enforceability.
Utility of PAY Tokens
Now that TenX token has replaced the original utility of PAY as a “reward token”, you might ask what’s the function of PAY tokens now. This is a good question and the answer is: “nobody knows yet”. The team behind TenX is currently working on the utility of PAY tokens and no conclusive information is available at the moment. However, some of the possible ideas that were suggested include things like rebate fees, lower transaction fees when spending crypto or other specific uses for TenX services.
Since TenX token has already replaced PAY token as the reward paying coin, then it does not make sense for me to keep PAY tokens anymore. I am more interested in holding and buying the goose rather than keeping the eggs. Unless there is a strong utility function or incentive for me to hold the eggs, I really don’t see the rationale to hold my PAY tokens in the short-term. My investment philosophy in crypto is towards staking and rewards tokens that distribute some form of dividends one way or another. I believe the pool of money would work harder for me if I allocate it somewhere else.
What is Basic Attention Token (BAT) Token?
And where did I put it? I reallocated all my PAY tokens towards BAT tokens. So what is BAT? It’s not some kind of scammy, bs project. I don’t invest for the sake of quick random gains. I am actually grateful for the crypto winter as a “massive cleansing” is needed to drive out all the frauds and shitty projects that fail to make the cut. Those who survived will rebound even more resiliently and I am really looking forward to seeing the progress and adoption coming in. As the saying goes, “I’d rather lose money in crypto and end up being wrong than potentially miss the greatest investment opportunity of our generation.”
In my opinion, there are 2 things that would massively change in the next 5-10 years. One is China and the second is Blockchain. The latter has already become the most commonly discussed topics in World Economic Forums and these large giant monopolies are getting into the game. They have to because technological disruption is inevitable. You see Facebook, Tencent, Samsung, Microsoft, PwC, Deloitte, IBM, Walmart, Maersk, JP Morgan, Fidelity, Bakkt and the list goes on. They are all coming in. It’s only a matter of time. To find out more about institution money in crypto or how I got started, you can read about it in detail from my previous post.
Anyway, let’s cut the chase short.
So what’s BAT? To understand BAT, we must first understand the Brave Browser. BAT and Brave Browser work hand-in-hand and they are both founded by Brendan Eich, the person who created Javascript and Mozilla Firefox. I shall let the father of Javascript do the introduction rather than me writing all about it.
Problems of the Current Advertising Model
Problem #1: Our browsers are filled with countless trackers and Ads that are annoying and invasive. I am sure you have experienced the case where you researched something, and the ads related to what you are reading on started popping up everywhere the next moment. These are all run by trackers and the internet is attempting to build a digital profile about you so that they can sell you stuff.
Problem #2: Publishers are earning pennies. Well-known famous bloggers in Singapore can vouch to this. They don’t earn much from ad revenues on their sites. The problem with our current digital advertising industry is it is run by monopoly companies such as Google Ad sense and Facebook Ads. They take a huge cut of revenue (73%) from the publishers because they can. They have earned monopoly status.
Problem #3: There is a huge load of middlemen and intermediaries between the marketer and publisher. For a single ad unit to pass through to the publisher, it has to go through all these data aggregators, data management platform, data suppliers, analytics, verification and the list goes on. Money is being leaked out to all these central intermediaries and it adds up to a high transaction cost to brand ad campaigns.
Problem #4: Users often use ad blockers and over 600 million users and phones run ad-blocking to block off unwanted annoying ads. The result of this affects advertisers and publishers as their “ads” are not being directed towards users. Targetting is poor and users are ignoring ads.
Problem #5: The whole advertising ecosystem is plagued with frauds, malware, ransom-ware and some marketers are being fooled by bogus websites. There are tons of fraud bots going around the internet and our browser is vulnerable to all these hacks & viruses.
How can Brave & BAT solve the problems?
I will not go too in-depth with the elaborations as this post is meant to document the recent transaction I made on my crypto portfolio. Basically, Brave is a browser that is designed to block off ALL trackers and Ads. This result in a browser that is faster, more secure and more private. The BAT token is a utility token for 3 groups of people: Users, Publishers and Advertisers. Users are being paid with BAT tokens to view ads if they choose to opt-in for the option to view ads. Advertisers are required to purchase BAT tokens to advertise. Publishers are being paid based on the attention time users spent on the sites. Users can choose to make micro-contributions to tip their favourite content creators and websites. Publishers can offer premium content to users and payments can be in the form of BAT tokens. To read more about how the Brave Browser and BAT tokens work, you can read up about it over here.
How does it look like?
Here is an example of using the Brave browser. I have been using Brave for about 1 month and have since replaced Brave as the default browser over Google Chrome. You can see the number of Ads and trackers that are being blocked. Youtube and FB have a ton of all these trackers and ads. It’s really surprising to see the statistics. Not only that, the browser load time is faster, more secure and the best part? You are being PAID to view Ads. I don’t see any reasons not to like Brave. They actually did a test to compare between Chrome, Brave and Firefox. The results are 2x faster in desktop and 2-8x faster on mobile.
It would look something like this, where you can opt-in to receive BAT rewards for viewing Ads. If you don’t want these annoying Ads, you can disable the Brave Rewards function and no ads would pop up on your screen. Unfortunately, Ads are currently not available in Singapore yet, but they will be rolling out to the whole world by end of 2019. Countries such as the US, Canada, UK, France and Germany are already using it now. This feature was just released 3 weeks ago on 25 April 2019. People from these countries have already received their first payout of BAT tokens just from viewing ads on their browsers as of 8 May 2019. I would write a new post on this when ads are available in Singapore. Can’t wait for it.
Are you a Content Creator, Blogger, Youtuber, Website Owner?
If you fit into any of the above categories. Good news for you! Content creators form an integral part of the entire ecosystem and there is a huge opportunity for you to earn BAT tokens in the future. You are being paid for the content that you publish on the web. The more people visit your sites, the more time they spent on your sites, the more revenue you earn from their attention. Essentially, you are being paid by your audience based on the attention they spent on your site rather than relying on menial ad revenues. I would highly recommend that you sign up as a verified publisher on their web page. I have already verified my website. \This is not an affiliate link and I don’t earn any commissions*. It’s really up to you whether you want to be a verified publisher and earn BAT tokens in the future.
Why BAT Tokens?
The reason why I replaced PAY with BAT into my portfolio is because of the following charts which I am about to show you now.
The estimated download for Brave browser on Android is 25 million and an estimated 2 million downloads are being hit every month. The growth and adoption of Brave browser are turning parabolic as you can see from the charts above.
What Drives the Value of BAT Tokens?
Why is that so? The entire value of Brave and BAT comes from the network effect. It’s just like Grab, Uber or Airbnb. The more people use it, the more valuable the company will be. It starts with getting publishers onboard. After which, YouTubers, bloggers and publishers would spread the word out to their thousands and millions of subscribers and followers because they can earn 5 BAT tokens for every active download. There is an incentive for users to use Brave browser because it’s ad-free, faster, more secure and they are being PAID to view ads. This positive loop cycle compounds over time and it would eventually lead to an exponential growth of adoption in a short span of time. Do note that we are just talking about countries like the US, Canada, UK, France and Germany, when ads are available in other regions, especially when it comes to Asia, this thing will explode.
So why does having more people using Brave browser increase the value of BAT tokens? Well, this is because as mentioned earlier, advertisers have to use BAT tokens to advertise. If I told you that there are 500 million users on Brave and your ads are targeted to users based on their profile match and they are willing to view your ads voluntarily because they are being paid to do so, would you be interested in it? Brendan Eich has confirmed that there are 1,300 advertisers on Brave ads which are on the waiting list right now. When the floodgate opens, it would be interesting to see how the market reacts to it.
Dethroning Google’s Ad Business?
If you are vested on Alphabet or Google, this is something you should watch out real close. Their advertising revenue takes up a huge chunk of the group’s total revenue and its recent Q1 2019 earnings have declined due to lower contribution from ads. The switching cost between browsers is practically zero. If a growing number of users, publishers and advertisers are migrating from Google Chrome to Brave Browser, which is already happening now, Google’s advertising business would inevitably take a hit and this is perhaps the essence of what blockchain is all about. To decentralise monopolistic power and transfer them to individual users.
Potential Risks and Competition
The biggest risk just as in any other crypto companies is always regulations. Regulation is always a pain in the ass, for the right reasons. But an overly-regulated country can stifle innovation and development of new technologies. When crypto first took off, regulators couldn’t be bothered as it does not pose a systematic risk to their financial systems. But the technology has grown so fast that it is too big to ignore. Hence, regulators have to play catch up in understanding the benefits and risks of the technology. Tax is another big issue. Because of this time lag between the early adopters and regulators, the whole area is still developing and it’s pretty much in the grey area. It reminds me of the quote by Mahatma Gandhi.
“First they ignore you, then they laugh at you, then they fight you, then you win.”
Facebook is rumoured to be launching their own FB coin soon and they have recently removed their ban on cryptocurrency ads. There might be competition from the monopolies if they ever decided to go into crypto. But the good thing is that Brave has already gotten the first-mover advantage.
Using Kyber Swap to swap PAY to BAT
For the above reasons and logical reasoning, I have concluded to myself that PAY has no clear direction on the utility of its tokens (at the moment) and it does not make sense for me to hold them. Furthermore, I am more interested in the TenX tokens (goose) rather than the PAY tokens (eggs). BAT, on the other hand, is showing promising potentials and I can see how value is being derived in the long-term. As such, I have decided to swap ALL my PAY tokens into BAT tokens.
In the past, whenever we want to exchange one altcoin for another, the process would be to transfer your alts into an exchange, sell it for BTC, use that BTC to buy the other alt and transfer them back to your wallet. This whole process incurs gas fees, withdrawal fees, exchange rate fluctuations and the transactions can take hours to be verified if the network is congested. It is slow, inefficient and costly.
Fortunately, Kyber Network has introduced an innovative application tool known as the Kyber Swap. All you have to do is to connect your Metamask and swap your tokens instantly in a decentralized manner. Decentralized meaning that you are exchanging your tokens with the other party directly without going through a middleman such as an exchange. The liquidity providers are usually the market makers, token holders and token projects. The best part? Whenever you are doing a token-to-token swap, Kyber network will process the BEST conversion rate from all the reserves so that the most competitive rate is being carried out.
Conclusion
In conclusion, I can’t guarantee that I made the right choice. After all, I am selling PAY when it’s at its all-time low and buying BAT when it’s near its all-time high. My decision is based on the logical reasoning that I have made. Nevertheless, both TenX and BAT/Brave are equally solid projects which are growing at a rapid pace. I am waiting for TenX to release their TenX tokens by Q2 2019 and ads to be available in Singapore. When TenX tokens are issued out, PAY would probably spike up and all the short-term traders would get in. There is an opportunity to do an arbitrage here, but I wouldn’t take that risk.
I actually received my first payout in BAT when some random stranger decided to tip me. If you are interested in trying out the new Brave browser, here is the download link for it. Do give it a shot, play around with it and if you like it, remember to set the browser as your default.
The loading page is much FASTER and your browser will have ZERO ads and trackers. Furthermore, when ads are available in Singapore, you will be getting PAID to view ads in the future. The payout will be made to you on the 8th of May every month. \There is a referral fee of 5 BAT tokens for every active download (using the browser for at least 30 days)* If you are a blogger or you own a website, do consider this and I would really recommend you to verify your website. It is a potential alternative source of income for yourself. Click here to find out more if you are a content creator.
This is really the next generation of internet browser and it really makes us rethink the way users, advertisers and publishers interact in the digital advertising industry. The current rate of growth is exponential and I do see this taking off in the long-term, so sit tight! Revolution is coming. Keep a lookout for the next post when TenX tokens are distributed and when ads are available in Singapore.
https://brave.com/old707
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Acronis, Frank Jablonski in conversation with Alex Tapscott The Blockchain Revolution, Two Years Later - Alex Tapscott Blockchain Revolution (Alex Tapscott & Don Tapscott)  DLDnyc 16 Alex Tapscott: The Blockchain Revolution - Talks at GS Keynote: The Blockchain Revolution: State of the Union - Don Tapscott

Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World Audible Audiobook – Unabridged Don Tapscott (Author), Alex Tapscott (Author), Jeff Cummings (Narrator), Brilliance Audio (Publisher) & 1 more Blockchain technology is powering our future. As the technology behind cryptocurrencies like bitcoin, open software platforms like Ethereum, and disruptive companies like Ripple, it’s too important to ignore.   In this revelatory book, Don Tapscott, the bestselling... “The blockchain is one of the most fundamental inventions in the history of computer science. Read Blockchain Revolution to understand its profound implications.” —Marc Andreessen, cofounder, Netscape and Andreessen Horowitz “The Tapscotts have written the book, literally, on how to survive and thrive in this next wave of technology-driven disruption. This book is titled “Blockchain revolution – how the technology behind bitcoin is changing money, business and the world.” It should have been called “how the technology behind bitcoin COULD BE....” This book has a lot of future looking statements. It is a good description of the potential of blockchain. The book is Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World (May 2016) by Don Tapscott and Alex Tapscott. And the revolution it touts is one ...

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Acronis, Frank Jablonski in conversation with Alex Tapscott

I interviewed Alex Tapscott who co-authored, with his father Don Tapscott, the 2016 book Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World. Alex Tapscott, co-author of Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business and the World, discusses how the global opportunities for blockchain technology are ... The Blockchain technology behind bitcoin Fox Business. ... How the blockchain is changing money and business ... The Value Revolution: How Blockchain Will Change Money & the World ... Alex Tapscott is the Founder and CEO of Northwest Passage Ventures and Co-Author of the book “The Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the ... Keynote: The Blockchain Revolution: State of the Union - Don Tapscott, Co-author, Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies is Changing the World, and Co ...

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