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All you need to know about Yield Farming - The rocket fuel for Defi
Source It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up. According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV. Debate juxtaposing these numbers if you like, but what no one can question is this: Crypto users are putting more and more value to work in DeFi applications, driven largely by the introduction of a whole new yield-generating pasture, Compound’s COMP governance token. Governance tokens enable users to vote on the future of decentralized protocols, sure, but they also present fresh ways for DeFi founders to entice assets onto their platforms. That said, it’s the crypto liquidity providers who are the stars of the present moment. They even have a meme-worthy name: yield farmers. https://preview.redd.it/lxsvazp1g9l51.png?width=775&format=png&auto=webp&s=a36173ab679c701a5d5e0aac806c00fcc84d78c1
Where it started
Ethereum-based credit market Compound started distributing its governance token, COMP, to the protocol’s users this past June 15. Demand for the token (heightened by the way its automatic distribution was structured) kicked off the present craze and moved Compound into the leading position in DeFi. The hot new term in crypto is “yield farming,” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency. Another term floating about is “liquidity mining.” The buzz around these concepts has evolved into a low rumble as more and more people get interested. The casual crypto observer who only pops into the market when activity heats up might be starting to get faint vibes that something is happening right now. Take our word for it: Yield farming is the source of those vibes. But if all these terms (“DeFi,” “liquidity mining,” “yield farming”) are so much Greek to you, fear not. We’re here to catch you up. We’ll get into all of them. We’re going to go from very basic to more advanced, so feel free to skip ahead.
What are tokens?
Most CoinDesk readers probably know this, but just in case: Tokens are like the money video-game players earn while fighting monsters, money they can use to buy gear or weapons in the universe of their favorite game. But with blockchains, tokens aren’t limited to only one massively multiplayer online money game. They can be earned in one and used in lots of others. They usually represent either ownership in something (like a piece of a Uniswap liquidity pool, which we will get into later) or access to some service. For example, in the Brave browser, ads can only be bought using basic attention token (BAT). If tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance. Tokens proved to be the big use case for Ethereum, the second-biggest blockchain in the world. The term of art here is “ERC-20 tokens,” which refers to a software standard that allows token creators to write rules for them. Tokens can be used a few ways. Often, they are used as a form of money within a set of applications. So the idea for Kin was to create a token that web users could spend with each other at such tiny amounts that it would almost feel like they weren’t spending anything; that is, money for the internet. Governance tokens are different. They are not like a token at a video-game arcade, as so many tokens were described in the past. They work more like certificates to serve in an ever-changing legislature in that they give holders the right to vote on changes to a protocol. So on the platform that proved DeFi could fly, MakerDAO, holders of its governance token, MKR, vote almost every week on small changes to parameters that govern how much it costs to borrow and how much savers earn, and so on. Read more:Why DeFi’s Billion-Dollar Milestone Matters One thing all crypto tokens have in common, though, is they are tradable and they have a price. So, if tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.
What is DeFi?
Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo. In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name. I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC. (Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.) Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name. DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral). Read more:There Are More DAI on Compound Now Than There Are DAI in the World If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user. So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.
Doesn’t running a bank take a lot of money up front?
It does, and in DeFi that money is largely provided by strangers on the internet. That’s why the startups behind these decentralized banking applications come up with clever ways to attract HODLers with idle assets. Liquidity is the chief concern of all these different products. That is: How much money do they have locked in their smart contracts? “In some types of products, the product experience gets much better if you have liquidity. Instead of borrowing from VCs or debt investors, you borrow from your users,” said Electric Capital managing partner Avichal Garg. Let’s take Uniswap as an example. Uniswap is an “automated market maker,” or AMM (another DeFi term of art). This means Uniswap is a robot on the internet that is always willing to buy and it’s also always willing to sell any cryptocurrency for which it has a market. On Uniswap, there is at least one market pair for almost any token on Ethereum. Behind the scenes, this means Uniswap can make it look like it is making a direct trade for any two tokens, which makes it easy for users, but it’s all built around pools of two tokens. And all these market pairs work better with bigger pools.
Why do I keep hearing about ‘pools’?
To illustrate why more money helps, let’s break down how Uniswap works. Let’s say there was a market for USDC and DAI. These are two tokens (both stablecoins but with different mechanisms for retaining their value) that are meant to be worth $1 each all the time, and that generally tends to be true for both. The price Uniswap shows for each token in any pooled market pair is based on the balance of each in the pool. So, simplifying this a lot for illustration’s sake, if someone were to set up a USDC/DAI pool, they should deposit equal amounts of both. In a pool with only 2 USDC and 2 DAI it would offer a price of 1 USDC for 1 DAI. But then imagine that someone put in 1 DAI and took out 1 USDC. Then the pool would have 1 USDC and 3 DAI. The pool would be very out of whack. A savvy investor could make an easy $0.50 profit by putting in 1 USDC and receiving 1.5 DAI. That’s a 50% arbitrage profit, and that’s the problem with limited liquidity. (Incidentally, this is why Uniswap’s prices tend to be accurate, because traders watch it for small discrepancies from the wider market and trade them away for arbitrage profits very quickly.) Read more:Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans However, if there were 500,000 USDC and 500,000 DAI in the pool, a trade of 1 DAI for 1 USDC would have a negligible impact on the relative price. That’s why liquidity is helpful. You can stick your assets on Compound and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers. Similar effects hold across DeFi, so markets want more liquidity. Uniswap solves this by charging a tiny fee on every trade. It does this by shaving off a little bit from each trade and leaving that in the pool (so one DAI would actually trade for 0.997 USDC, after the fee, growing the overall pool by 0.003 USDC). This benefits liquidity providers because when someone puts liquidity in the pool they own a share of the pool. If there has been lots of trading in that pool, it has earned a lot of fees, and the value of each share will grow. And this brings us back to tokens. Liquidity added to Uniswap is represented by a token, not an account. So there’s no ledger saying, “Bob owns 0.000000678% of the DAI/USDC pool.” Bob just has a token in his wallet. And Bob doesn’t have to keep that token. He could sell it. Or use it in another product. We’ll circle back to this, but it helps to explain why people like to talk about DeFi products as “money Legos.”
So how much money do people make by putting money into these products?
It can be a lot more lucrative than putting money in a traditional bank, and that’s before startups started handing out governance tokens. Compound is the current darling of this space, so let’s use it as an illustration. As of this writing, a person can put USDC into Compound and earn 2.72% on it. They can put tether (USDT) into it and earn 2.11%. Most U.S. bank accounts earn less than 0.1% these days, which is close enough to nothing. However, there are some caveats. First, there’s a reason the interest rates are so much juicier: DeFi is a far riskier place to park your money. There’s no Federal Deposit Insurance Corporation (FDIC) protecting these funds. If there were a run on Compound, users could find themselves unable to withdraw their funds when they wanted. Plus, the interest is quite variable. You don’t know what you’ll earn over the course of a year. USDC’s rate is high right now. It was low last week. Usually, it hovers somewhere in the 1% range. Similarly, a user might get tempted by assets with more lucrative yields like USDT, which typically has a much higher interest rate than USDC. (Monday morning, the reverse was true, for unclear reasons; this is crypto, remember.) The trade-off here is USDT’s transparency about the real-world dollars it’s supposed to hold in a real-world bank is not nearly up to par with USDC’s. A difference in interest rates is often the market’s way of telling you the one instrument is viewed as dicier than another. Users making big bets on these products turn to companies Opyn and Nexus Mutual to insure their positions because there’s no government protections in this nascent space – more on the ample risks later on. So users can stick their assets in Compound or Uniswap and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.
OK, I already knew all of that. What is yield farming?
Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets. At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk. “Farming opens up new price arbs [arbitrage] that can spill over to other protocols whose tokens are in the pool,” said Maya Zehavi, a blockchain consultant. Because these positions are tokenized, though, they can go further. This was a brand-new kind of yield on a deposit. In fact, it was a way to earn a yield on a loan. Who has ever heard of a borrower earning a return on a debt from their lender? In a simple example, a yield farmer might put 100,000 USDT into Compound. They will get a token back for that stake, called cUSDT. Let’s say they get 100,000 cUSDT back (the formula on Compound is crazy so it’s not 1:1 like that but it doesn’t matter for our purposes here). They can then take that cUSDT and put it into a liquidity pool that takes cUSDT on Balancer, an AMM that allows users to set up self-rebalancing crypto index funds. In normal times, this could earn a small amount more in transaction fees. This is the basic idea of yield farming. The user looks for edge cases in the system to eke out as much yield as they can across as many products as it will work on. Right now, however, things are not normal, and they probably won’t be for a while.
Why is yield farming so hot right now?
Because of liquidity mining. Liquidity mining supercharges yield farming. Liquidity mining is when a yield farmer gets a new token as well as the usual return (that’s the “mining” part) in exchange for the farmer’s liquidity. “The idea is that stimulating usage of the platform increases the value of the token, thereby creating a positive usage loop to attract users,” said Richard Ma of smart-contract auditor Quantstamp. The yield farming examples above are only farming yield off the normal operations of different platforms. Supply liquidity to Compound or Uniswap and get a little cut of the business that runs over the protocols – very vanilla. But Compound announced earlier this year it wanted to truly decentralize the product and it wanted to give a good amount of ownership to the people who made it popular by using it. That ownership would take the form of the COMP token. Lest this sound too altruistic, keep in mind that the people who created it (the team and the investors) owned more than half of the equity. By giving away a healthy proportion to users, that was very likely to make it a much more popular place for lending. In turn, that would make everyone’s stake worth much more. So, Compound announced this four-year period where the protocol would give out COMP tokens to users, a fixed amount every day until it was gone. These COMP tokens control the protocol, just as shareholders ultimately control publicly traded companies. Every day, the Compound protocol looks at everyone who had lent money to the application and who had borrowed from it and gives them COMP proportional to their share of the day’s total business. The results were very surprising, even to Compound’s biggest promoters. COMP’s value will likely go down, and that’s why some investors are rushing to earn as much of it as they can right now. This was a brand-new kind of yield on a deposit into Compound. In fact, it was a way to earn a yield on a loan, as well, which is very weird: Who has ever heard of a borrower earning a return on a debt from their lender? COMP’s value has consistently been well over $200 since it started distributing on June 15. We did the math elsewhere but long story short: investors with fairly deep pockets can make a strong gain maximizing their daily returns in COMP. It is, in a way, free money. It’s possible to lend to Compound, borrow from it, deposit what you borrowed and so on. This can be done multiple times and DeFi startup Instadapp even built a tool to make it as capital-efficient as possible. “Yield farmers are extremely creative. They find ways to ‘stack’ yields and even earn multiple governance tokens at once,” said Spencer Noon of DTC Capital. COMP’s value spike is a temporary situation. The COMP distribution will only last four years and then there won’t be any more. Further, most people agree that the high price now is driven by the low float (that is, how much COMP is actually free to trade on the market – it will never be this low again). So the value will probably gradually go down, and that’s why savvy investors are trying to earn as much as they can now. Appealing to the speculative instincts of diehard crypto traders has proven to be a great way to increase liquidity on Compound. This fattens some pockets but also improves the user experience for all kinds of Compound users, including those who would use it whether they were going to earn COMP or not. As usual in crypto, when entrepreneurs see something successful, they imitate it. Balancer was the next protocol to start distributing a governance token, BAL, to liquidity providers. Flash loan provider bZx has announced a plan. Ren, Curve and Synthetixalso teamed up to promote a liquidity pool on Curve. It is a fair bet many of the more well-known DeFi projects will announce some kind of coin that can be mined by providing liquidity. The case to watch here is Uniswap versus Balancer. Balancer can do the same thing Uniswap does, but most users who want to do a quick token trade through their wallet use Uniswap. It will be interesting to see if Balancer’s BAL token convinces Uniswap’s liquidity providers to defect. So far, though, more liquidity has gone into Uniswap since the BAL announcement, according to its data site. That said, even more has gone into Balancer.
Did liquidity mining start with COMP?
No, but it was the most-used protocol with the most carefully designed liquidity mining scheme. This point is debated but the origins of liquidity mining probably date back to Fcoin, a Chinese exchange that created a token in 2018 that rewarded people for making trades. You won’t believe what happened next! Just kidding, you will: People just started running bots to do pointless trades with themselves to earn the token. Similarly, EOS is a blockchain where transactions are basically free, but since nothing is really free the absence of friction was an invitation for spam. Some malicious hacker who didn’t like EOS created a token called EIDOS on the network in late 2019. It rewarded people for tons of pointless transactions and somehow got an exchange listing. These initiatives illustrated how quickly crypto users respond to incentives. Read more:Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy Fcoin aside, liquidity mining as we now know it first showed up on Ethereum when the marketplace for synthetic tokens, Synthetix, announced in July 2019 an award in its SNX token for users who helped add liquidity to the sETH/ETH pool on Uniswap. By October, that was one of Uniswap’s biggest pools. When Compound Labs, the company that launched the Compound protocol, decided to create COMP, the governance token, the firm took months designing just what kind of behavior it wanted and how to incentivize it. Even still, Compound Labs was surprised by the response. It led to unintended consequences such as crowding into a previously unpopular market (lending and borrowing BAT) in order to mine as much COMP as possible. Just last week, 115 different COMP wallet addresses – senators in Compound’s ever-changing legislature – voted to change the distribution mechanism in hopes of spreading liquidity out across the markets again.
Is there DeFi for bitcoin?
Yes, on Ethereum. Nothing has beaten bitcoin over time for returns, but there’s one thing bitcoin can’t do on its own: create more bitcoin. A smart trader can get in and out of bitcoin and dollars in a way that will earn them more bitcoin, but this is tedious and risky. It takes a certain kind of person. DeFi, however, offers ways to grow one’s bitcoin holdings – though somewhat indirectly. A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game. For example, a user can create a simulated bitcoin on Ethereum using BitGo’s WBTC system. They put BTC in and get the same amount back out in freshly minted WBTC. WBTC can be traded back for BTC at any time, so it tends to be worth the same as BTC. Then the user can take that WBTC, stake it on Compound and earn a few percent each year in yield on their BTC. Odds are, the people who borrow that WBTC are probably doing it to short BTC (that is, they will sell it immediately, buy it back when the price goes down, close the loan and keep the difference). A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.
How risky is it?
Enough. “DeFi, with the combination of an assortment of digital funds, automation of key processes, and more complex incentive structures that work across protocols – each with their own rapidly changing tech and governance practices – make for new types of security risks,” said Liz Steininger of Least Authority, a crypto security auditor. “Yet, despite these risks, the high yields are undeniably attractive to draw more users.” We’ve seen big failures in DeFi products. MakerDAO had one so bad this year it’s called “Black Thursday.” There was also the exploit against flash loan provider bZx. These things do break and when they do money gets taken. As this sector gets more robust, we could see token holders greenlighting more ways for investors to profit from DeFi niches. Right now, the deal is too good for certain funds to resist, so they are moving a lot of money into these protocols to liquidity mine all the new governance tokens they can. But the funds – entities that pool the resources of typically well-to-do crypto investors – are also hedging. Nexus Mutual, a DeFi insurance provider of sorts, told CoinDesk it has maxed out its available coverage on these liquidity applications. Opyn, the trustless derivatives maker, created a way to short COMP, just in case this game comes to naught. And weird things have arisen. For example, there’s currently more DAI on Compound than have been minted in the world. This makes sense once unpacked but it still feels dicey to everyone. That said, distributing governance tokens might make things a lot less risky for startups, at least with regard to the money cops. “Protocols distributing their tokens to the public, meaning that there’s a new secondary listing for SAFT tokens, [gives] plausible deniability from any security accusation,” Zehavi wrote. (The Simple Agreement for Future Tokens was a legal structure favored by many token issuers during the ICO craze.) Whether a cryptocurrency is adequately decentralized has been a key feature of ICO settlements with the U.S. Securities and Exchange Commission (SEC).
What’s next for yield farming? (A prediction)
COMP turned out to be a bit of a surprise to the DeFi world, in technical ways and others. It has inspired a wave of new thinking. “Other projects are working on similar things,” said Nexus Mutual founder Hugh Karp. In fact, informed sources tell CoinDesk brand-new projects will launch with these models. We might soon see more prosaic yield farming applications. For example, forms of profit-sharing that reward certain kinds of behavior. Imagine if COMP holders decided, for example, that the protocol needed more people to put money in and leave it there longer. The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months. It probably wouldn’t be much, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal. (There are precedents for this in traditional finance: A 10-year Treasury bond normally yields more than a one-month T-bill even though they’re both backed by the full faith and credit of Uncle Sam, a 12-month certificate of deposit pays higher interest than a checking account at the same bank, and so on.) As this sector gets more robust, its architects will come up with ever more robust ways to optimize liquidity incentives in increasingly refined ways. We could see token holders greenlighting more ways for investors to profit from DeFi niches. Questions abound for this nascent industry: What will MakerDAO do to restore its spot as the king of DeFi? Will Uniswap join the liquidity mining trend? Will anyone stick all these governance tokens into a decentralized autonomous organization (DAO)? Or would that be a yield farmers co-op? Whatever happens, crypto’s yield farmers will keep moving fast. Some fresh fields may open and some may soon bear much less luscious fruit. But that’s the nice thing about farming in DeFi: It is very easy to switch fields.
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.
- CipherTrace Scout App Takes Crypto Investigations Mobile: Federal agents want to move their tracing ever deeper. In a pre-solicitation document at the end of last year, the Department of Homeland Security mulled the feasibility of tracing privacy tokens, which confound easy research with complex security. Technologies such as CipherTrace and Chainalysis now pervade law enforcement agencies across the country. (Yahoo) - Jevans in potdast "Discusses Latest Research Findings" (link). One goal is to prevent sanctioned countries from from avoiding sanctions by using crypto. - US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace: SEC says it has chosen Ciphertrace because “its products are the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.” (News BTC) - The Government Wants Your Crypto Data. And Lots of It. (Context of activities like those carried out by Cipher, named as one, and other companies doing the same) (Mines) - While the tool can track stolen or illegal funds, CipherTrace plans to add more features, such as wallet identification and exchange attribution. But the private nature of Monero makes the tool unable to give a 100% guarantee on the data. When asked about whether the tool can trace the identity of the individuals, Jevans said they have not done that at CipherTrace. "We don’t identify individuals, he said. That task belonged to the law enforcement, Jevans added. (IBTimes) - Regarding the regulation recently instated in EU privacy law (GDPR, implemented to protect the privacy of individuals) Mr Jevans said: “GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals. (Express Co UK)
The "Dirty Dozen" is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly. While tax-related scams usually increase at tax time, this year, scam artists are using pandemic to try stealing money and information from honest taxpayers. As such, taxpayers should refrain from engaging potential scammers online or on the phone. Here are this year's "Dirty Dozen" tax scams: 1. Phishing Taxpayers should be alert to potential fake emails or websites looking to steal personal information. IRS Criminal Investigation has seen a tremendous increase in phishing schemes utilizing emails, letters, texts, and links. These phishing schemes are using keywords such as "coronavirus," "COVID-19" and "Stimulus" in various ways. These schemes are blasted to large numbers of people to get personal identifying information or financial account information, including account numbers and passwords. Most of these new schemes are actively playing on the fear and unknown of the virus and the stimulus payments. Don't click on links claiming to be from the IRS and be very wary of emails and websites as they may be nothing more than scams to steal personal information. As a reminder, the IRS will never initiate contact with taxpayers via email about a tax bill, refund or Economic Impact Payments. 2. Fake Charities Criminals frequently exploit natural disasters and other situations such as the current COVID-19 pandemic by setting up fake charities to steal from well-intentioned people trying to help in times of need. Fake charity scams generally rise during disaster times like these. Fraudulent schemes normally start with unsolicited contact by telephone, text, social media, e-mail, or in-person using a variety of tactics. Bogus websites use names similar to legitimate charities to trick people to send money or provide personal financial information. They may even claim to be working for or on behalf of the IRS to help victims file casualty loss claims and get tax refunds. Taxpayers should be particularly wary of charities with names like nationally known organizations. Legitimate charities will provide their Employer Identification Number (EIN) if requested, which can be used to verify their legitimacy. Taxpayers can find legitimate and qualified charities using the search tool on IRS.gov. 3. Threatening Impersonator Phone Calls IRS impersonation scams come in many forms such as receiving threatening phone calls from a criminal claiming to be with the IRS where the scammer attempts to instill fear and urgency in the potential victim. These types of phone scams or "vishing" (voice phishing) pose a major threat. Scam phone calls, including those threatening arrest, deportation or license revocation if the victim doesn't pay a bogus tax bill, are reported to the IRS year-round and are very common. These calls often take the form of a "robocall" (a text-to-speech recorded message with instructions for returning the call). The fact is, the IRS will never threaten a taxpayer or surprise him or her with a demand for immediate payment. Nor will it threaten, ask for financial information over the phone, or call about an unexpected refund or Economic Impact Payment. Taxpayers should contact the real IRS or consult a tax and accounting professional if they are worried there is a tax problem. 4. Social Media Scams Social media enables anyone to share information with anyone else on the Internet. Scammers use that information as ammunition for a wide variety of scams. As such, taxpayers need to protect themselves against social media scams, which frequently use events like COVID-19 to try tricking people. These methods of trickery include emails where scammers impersonate someone's family, friends or co-workers. Social media scams have also led to tax-related identity theft. The basic element of social media scams is convincing a potential victim that he or she is dealing with a person close to them that they trust via email, text or social media messaging. Using personal information, a scammer may email a potential victim and include a link to something of interest to the recipient which contains malware intended to commit more crimes. Scammers also infiltrate their victim's emails and cell phones to go after their friends and family with fake emails that appear to be real and text messages soliciting, for example, small donations to fake charities that are appealing to the victims. 5. Economic Impact Payment or Refund Theft Great strides have been made against refund fraud and theft in recent years, but they remain an ongoing threat. Due to the corona virus pandemic, this year, criminals turned their attention to stealing Economic Impact Payments as provided by the Corona virus Aid, Relief, and Economic Security (CARES) Act. Much of this stems from identity theft whereby criminals file false tax returns or supply other bogus information to the IRS to divert refunds to wrong addresses or bank accounts. Recent victims of this type of scam include residents of nursing homes and other care facilities when concerns were raised that people and businesses may be taking advantage of vulnerable populations who received the payments. Economic Impact Payments generally belong to the recipients, not the organizations providing the care. As a reminder, economic impact payments do not count as a resource for determining eligibility for Medicaid and other federal programs they also do not count as income in determining eligibility for these programs. 6. Senior Citizen Fraud Seniors are more likely to be targeted and victimized by scammers than other segments of society and fraud targeting older Americans is pervasive. Financial abuse of seniors is a problem among personal and professional relationships but seems to be less of a problem when the service provider knows that a trusted friend or family member is keeping an eye out and taking an interest in the senior's affairs. Also, as older Americans become more comfortable with evolving technologies, such as social media, scammers have moved in to take advantage. Phishing scams linked to Covid-19, for example, have been a major threat this filing season. Seniors need to be alert for a continuing surge of fake emails, text messages, websites, and social media attempts to steal personal information. 7. Scams Targeting Non-English Speakers IRS impersonators and other scammers also target groups with limited English proficiency. These scams target those potentially receiving an Economic Impact Payment and request personal or financial information from the taxpayer. Phone scams are often threatening in nature and pose a major threat to people with limited access to information, including individuals not entirely comfortable with the English language. These calls frequently take the form of a "robocall" (a text-to-speech recorded message with instructions for returning the call), but in some cases may be made by a real person. These con artists may have some of the taxpayer's information, including their address, the last four digits of their Social Security number or other personal details, which make the phone calls, seem more legitimate. One of the most common scams is the IRS impersonation scam where a taxpayer receives a telephone call threatening jail time, deportation or revocation of a driver's license from someone claiming to be with the IRS. Taxpayers who are recent immigrants often are the most vulnerable and should ignore these threats and not engage the scammers. 8. "Ghost" Tax Return Preparers Selecting the right return preparer is important because they are entrusted with a taxpayer's sensitive personal data. Most tax professionals provide honest, high-quality service, but dishonest preparers pop up every filing season committing fraud, harming innocent taxpayers or talking taxpayers into doing illegal things they regret later. Taxpayers should always avoid so-called "ghost" preparers who expose their clients to potentially serious filing mistakes as well as possible tax fraud and risk of losing their refunds. With many tax professionals impacted by COVID-19 and their offices potentially closed, taxpayers should take particular care in selecting a credible tax preparer. Ghost preparers don't sign the tax returns they prepare. They may print the tax return and tell the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost preparer will prepare but not digitally sign as the paid preparer. By law, anyone who is paid to prepare or assists in preparing federal tax returns must have a Preparer Tax Identification Number (PTIN). Paid preparers must sign and include their PTIN on returns. Unscrupulous preparers may also target those without a filing requirement and may or may not be due to a refund. They promise inflated refunds by claiming fake tax credits, including education credits, the Earned Income Tax Credit (EITC), and others. Taxpayers should avoid preparers who ask them to sign a blank return, promise a big refund before looking at the taxpayer's records or charge fees based on a percentage of the refund. Taxpayers are ultimately responsible for the accuracy of their tax return, regardless of who prepares it. 9. Offer in Compromise (OIC) Mills Taxpayers need to be wary of misleading tax debt resolution companies that can exaggerate chances to settle tax debts for "pennies on the dollar" through an Offer in Compromise (OIC). These offers are available for taxpayers who meet very specific criteria under the law to qualify for reducing their tax bill. But unscrupulous companies oversell the program to unqualified candidates so they can collect a hefty fee from taxpayers already struggling with debt. These scams are commonly called OIC "mills," which cast a wide net for taxpayers, charge them pricey fees and churn out applications for a program they're unlikely to qualify for. Although the OIC program helps thousands of taxpayers each year reduce their tax debt, not everyone qualifies for an OIC. In Fiscal Year 2019, there were 54,000 OICs submitted to the IRS. The agency accepted 18,000 of them. 10. Fake Payments with Repayment Demands Criminals are always finding new ways to trick taxpayers into believing their scam including putting a bogus refund into the taxpayer's actual bank account. Here's how the scam works: A con artist steals or obtains a taxpayer's data including Social Security number or Individual Taxpayer Identification Number (ITIN) and bank account information. The scammer files a bogus tax return and has the refund deposited into the taxpayer's checking or savings account. Once the direct deposit hits the taxpayer's bank account, the fraudster places a call to them, posing as an IRS employee. The taxpayer is told that there's been an error and that the IRS needs the money returned immediately or penalties and interest will result. The taxpayer is told to buy specific gift cards for the amount of the refund. The IRS will never demand payment by a specific method. There are many payment options available to taxpayers and there's also a process through which taxpayers have the right to question the amount of tax we say they owe. Anytime a taxpayer receives an unexpected refund and a call from us out of the blue demanding a refund repayment, they should reach out to their banking institution and the IRS. 11. Payroll and HR Scams Tax professionals, employers, and taxpayers need to be on guard against phishing designed to steal Form W-2s and other tax information. These are Business Email Compromise (BEC) or Business Email Spoofing (BES). This is particularly true with many businesses closed and their employees working from home due to COVID-19. Currently, two of the most common types of these scams are the gift card scam and the direct deposit scam. Gift card scam. In the gift card scam, a compromised email account is often used to send a request to purchase gift cards in various denominations. Direct deposit scam. In the direct deposit scheme, the fraudster may have access to the victim's email account (also known as an email account compromise or "EAC"). They may also impersonate the potential victim to have the organization change the employee's direct deposit information to reroute their deposit to an account the fraudster controls. BEC/BES scams have used a variety of ploys to include requests for wire transfers, payment of fake invoices as well as others. In recent years, the IRS has observed variations of these scams where fake IRS documents are used to lend legitimacy to the bogus request. For example, a fraudster may attempt a fake invoice scheme and use what appears to be a legitimate IRS document to help convince the victim. The Direct Deposit and other BEC/BES variations should be forwarded to the Federal Bureau of Investigation Internet Crime Complaint Center (IC3) where a complaint can be filed. The IRS requests that Form W-2 scams be reported to [email protected] (Subject: W-2 Scam). 12. Ransomware Ransomware is malware targeting human and technical weaknesses to infect a potential victim's computer, network, or server and is a rapidly growing cybercrime. It doesn't just affect individuals either. Recently, Garmin Ltd., a GPS, and fitness-tracker company was the victim of a ransomware attack and asked to pay $10 million in "ransom" to restore its systems. Malware is a form of invasive software that is often frequently inadvertently downloaded by the user. Once downloaded, it tracks keystrokes and other computer activity. Once infected, ransomware looks for and locks critical or sensitive data with its encryption. In some cases, entire computer networks can be adversely impacted. Victims generally aren't aware of the attack until they try to access their data, or they receive a ransom request in the form of a pop-up window. These criminals don't want to be traced so they frequently use anonymous messaging platforms and demand payment in virtual currency such as Bitcoin. Cybercriminals might use a phishing email to trick a potential victim into opening a link or attachment containing the ransomware. These may include email solicitations to support a fake COVID-19 charity. Cybercriminals also look for system vulnerabilities where human error is not needed to deliver their malware. If you think you've been a victim of a tax scam, please contact the office immediately. For More Information Visit: http://www.avyantax.com/
07-07 21:45 - 'Mass adoption: blockchain as a norm of modern life' (self.Bitcoin) by /u/CoinjoyAssistant removed from /r/Bitcoin within 381-391min
''' It took a whole decade for the economy and business to understand blockchain technology, its strengths, and weaknesses. Several years ago, the first mature options for its practical application began to appear on the market. [According to]1 Joseph Lubin, the founder and CEO of the blockchain company ConsenSys, the economic crisis caused by the coronavirus infection pandemic could be a watershed for blockchain technology. Joseph Lubin and Mike Novogratz, the CEO of Galaxy Digital cryptocurrency bank, discussed the development prospects of the industry and the impact of the pandemic on the cryptocurrency business. Both entrepreneurs believe that the socio-economic crisis is driving industry growth.
Blockchain for Voting
Participation in online voting makes it possible not to visit polling stations, thereby not only to save time but also to minimize contacts during the pandemic. Blockchain e-voting system undoubtedly fights against intruders and excludes the possibility of voting several times, since it stores unchangeable records of all votes and all identification data. The blockchain e-voting results [are transparent]2 , cannot be changed, and can be accessed instantly. Blockchain for voting is not only more reliable, but also faster, eliminates the human factor, and allows you to instantly receive election results.
Blockchain in Logistics
Blockchain technology in logistics will greatly simplify business. Now, to send one typical sea cargo, it is required to have 240 copies of 36 original documents. [Komgo]3 , the consortium of traders, banks, and inspection firms, uses the DLT platform in order to get rid of this paper swamp, optimizing the process of cargo registration on the principle of “Know Your Customer”. Parties can immediately receive confirmation that they have exact copies of the same data at their disposal, which speeds up the process and avoids legal disputes and conflicts.
The World Wide Fund for Nature (WWF) in Australia, Fiji and New Zealand has [launched]4 a pilot project in the Pacific Islands that will use blockchain technology to track tuna paths from “bait to plate”. The project aims to stop illegal and unregulated fishing, as well as to stop human rights violations in the industry, including corruption schemes, illegal trade, and the use of slave labor in the fishery.
Lamborghini decided to digitize its collection postage stamps and [issued]5 the first blockchain-based stamp. This technology should guarantee the uniqueness and authenticity of each stamp. In 2019 Austrian Post Office [launched]6 a line of [blockchain]7 authenticated stamps with 5 images of a unicorn. On those stamps, one could find credentials for the authentication on the Ethereum blockchain. In 2020, they kept on with last-year success and [announced]8 a new line with animal designs. As every crypto stamp has a private key, being also an Ethereum wallet, one can use them both a real stamp or as an alternative paper wallet with a nice visual style.
Recently, many medical blockchain projects have been created. One of them is [My Clinic]9 . It’s a platform for instant communication with a personal doctor. It is based on a blockchain for exchanging client data, which allows patients to contact a new doctor without the need for a personal visit for an initial examination and transfer of medical documents. Consulting a doctor becomes easier when traveling, taking tests, and undergoing large-scale diagnostics.
The Future of Technology
Blockchain is likely to transform entire industries and, possibly, the entire economy through integration with other technologies. The distributed nature of blockchain provides a valuable opportunity to conduct transactions cheaper and faster. Instead of “transferring” copies of documents between lawyers and banks and waiting for each stage of registration to be processed, blockchain gives all parties a complete overview of the procedure for the simultaneous implementation of several stages of the process. For example, a consortium of law firms has teamed up with blockchain service providers [Proxeus]10 and [IBM]11 to reduce the time for setting up a commercial company from a few weeks to a few days. The first company to have made it [Drakkensberg]12 , was generally founded within two hours.
Thus, we see that blockchain technology has a wide range of implementations in the near future. And, perhaps, the one who starts it first will be ahead of competitors. ''' Mass adoption: blockchain as a norm of modern life Go1dfish undelete link unreddit undelete link Author: CoinjoyAssistant 1: **w*y*u*u*e.com/watch?v=5jj*biX1u** 2: d*gi*a**hambe*.org**he-fu*u**-o*-voting-is-bl*ckcha**/ 3: komgo.*o* 4: ww*.wwf**rg.nz/what_w*_*o***rin*/blockc*ain**una*proje*t/ 5: www.**mborg*****com*r*-e**%D0*BD%D*%B*%D0%B2%D0%B**D1%81%D**82%D0%B8/*amborg**ni-*u**can-evo-rwd-spy*er-s**mp-s*ze 6: en.cr*ptonomi*t.ch/20**/*6**2/*u*tria****s*-launc*es-s*amp*-on-the**lockc*ain/ 7: *rypt*nomist.c*/en*cat*g**ia/*loc**hain-e*/ 8: en.crypt*n*mis*.ch/2*20/0*/25/*ryp*o*s***ps-**-austria* 9: myc*in*c.c*m/ 10: ww**proxeu*.c*m/ 11: *ww*ibm*co*/ch-de 12: www*dra*ke*sberg.*h* Unknown links are censored to prevent spreading illicit content.
South Korean NGO Announces Blockchain-Based Healthcare Platform
You can find the original article here:https://cointelegraph.com/news/south-korean-ngo-announces-blockchain-based-healthcare-platform The Commons Foundation unveiled plans to build a blockchain platform to track COVID-19 cases in South Korea. The Commons Foundation, a South Korean non-governmental organization, revealed its plans to develop a blockchain-based platform that aims to handle health epidemics in the wake of the COVID-19 crisis. According to Digital Today, the NGO will rely on blockchain public services to create an epidemiological research system to suit the coming post-coronavirus era. The article quotes a statement from Choi Yong-gwan, chairman of the Commons Foundation, who expressed concerns regarding the ongoing violation of personal information due to the pandemic emergency. Such a situation motivated the NGO to develop a solution.
Guaranteeing privacy through the platform
Choi says that the platform will help to prevent future viruses from having such a strong impact in South Korea. The NGO explained that a public blockchain network, called “MicroBitcoin”, will be the one that the Common Foundation relies on to develop the platform. They have chosen it for its solidity and security, and state the technology is robust enough to prevent the compromisation of hackers. The platform will encrypt all personal records on a public blockchain network to “increase reliability and make data forgery impossible.” As the Common Foundation explains, the application will issue a personal encryption key through personal authentication of the mobile phone and records the user’s movement in the city on the blockchain.
Tracking confirmed COVID-19 cases with Blockchain
If person A is found to be a COVID-19 confirmed case, they can directly enter the encryption key value and provide data that cannot be forged to an epidemiologist. Researchers can schedule a visit with person A, and determine the best was to ensure that a quick investigation can be conducted. The Commons Foundation’s chairman said:
“It is important to quickly overcome the pandemic, but it will become more important in the post-corona era to protect the individual’s freedom and human rights while wisely overcoming the pandemic.”
Recently, Busan, the second-largest city in South Korea, launched an identification app that uses a public blockchain to verify citizen information. On May 23, Cointelegraph reported that South Korea’s Suseong University reached a deal with the Korea Artificial Intelligence Association, or KORAIA, to create a blockchain and AI campus in Daegu.
On our website, you can find the original article:https://block.co/webcastqa-blockchain-in-healthcare/ Block.co third webcast ” Blockchain in Healthcare: Bridging Trust in response to COVID-19“ received amazing feedback! We gathered some of the best experts in the field, Georgina Kyriakoudes, Ahmed Abdulla, Dimitri Neocleous,Dr. Alice Loveys to share their experience in the industry and discuss with us the latest updates in the sphere of Healthcare! In its third series of webcasts, Block.co gathered 253 people watching the event from 59 different countries, for a 90-minute webcast where guests answered participants’ questions. Below is a list of the questions that were made and were not answered due to time constraints during the Blockchain in Healthcare webcast. Please note that the below information is only for educational purposes! Question 1: I like what Dimitrios was saying regarding ownership and transfer. Health and social care have invested much in Information Management systems and processes. Transfer between NHS and social care is a typical block. Can you elaborate on how the blockchain sits across that – leapfrogs yet goes with the grain of what is already there in terms of shared records protocols, the exponentially growing types of professionals, pharmacists, careers, etc. that need early access to these records for better decision making. Block.co Team Answer: Blockchain technology has the potential to improve healthcare, placing the patient at the center of the health care ecosystem, while providing security, privacy, and interoperability of health data. Blockchain could provide a new model for health information exchanges and transform electronic medical records to be more efficient, disintermediated, and secure. While it is not a cure, this new, Blockchain in Healthcare rapidly evolving field provides a sandbox for experimentation, investment, and proof-of-concept testing. Healthcare systems around the world are preparing road maps that define critical policy and technical components needed for nationwide interoperability, including:
Ubiquitous, secure network infrastructure
Verifiable identity and authentication of all participants
Consistent illustration of authorization to access electronic health data, and several other requirements.
However, current technologies don’t totally address these necessities, and as a result, they face limitations associated with security, privacy, and full ecosystem interoperability. Blockchain technology creates distinctive opportunities to scale back complexity, improve trustless collaboration, and create secure and immutable data. National Healthcare Systems need to track this rapidly evolving field to identify trends and sense the areas where government support may be needed for the technology to realize its full potential in health care. To form blockchain’s future, they ought to take into account mapping and gathering the blockchain ecosystem, establishing a blockchain framework to coordinate early-adopters, and supporting a pool for dialogue and discovery. https://preview.redd.it/p17us55i6f851.png?width=800&format=png&auto=webp&s=80570ea170e78a728d69abb1602effeed1a50116 Question 2: What about the “compatibility” of blockchain solutions in healthcare with GDPR and/or other regulations about personal data protection. Block.co Team Answer: The General Data Protection Regulation (GDPR), Europe’s new framework for data protection laws, has a vital impact on healthcare organizations. During this more and more patient-centric world where global healthcare organizations collect a large set of data on patients to produce improved health outcomes, this increased regulation has an even larger impact. GDPR presents challenges across all industries and includes language that has a special impact on healthcare. The regulation defines “personal” data as “any information relating to an identified or identifiable natural person (data subject); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.” On top of this definition, GDPR contains three extra, important definitions that pertain to health data:
“Data concerning health” is defined by the GDPR as “personal data related to the physical or mental health of a natural person, including the provision of health care services, which reveal information about his or her health status.”
“Genetic data” is outlined by the GDPR as “personal data relating to inherited or acquired genetic characteristics of a natural person which give unique information about the physiology or the health of that natural person and which result, in particular, from an analysis of a biological sample from the natural person in question.”
“Biometric data” is “personal data resulting from specific technical processing relating to the physical, physiological, or behavioral characteristics of a natural person, which allows or confirms the unique identification of that natural person, such as facial images or dactyloscopic data.”
As described in Article 6 of GDPR, processing of personal data is considered lawful if: (1) the data subject has given consent; (2) it is necessary for the performance of a contract to which the data subject is a party; (3) it is necessary for compliance with a legal obligation; (4) it is necessary to protect the vital interest of the data subject or another natural person; (5) it is necessary for the performance of a task carried out in the public interest; (6) it is necessary for the purposes of the legitimate interests pursued by the controller or third party. However, healthcare organizations that usually manage health data, have an added responsibility to take care of “data concerning health,” “genetic data,” and “biometric data” to a higher standard of protection than personal data, in general. GDPR prohibits the processing of these forms of health data unless one of the three conditions below would apply as per Article 9. a. The data subject must have given “explicit consent.” b. “Processing is necessary for the purposes of preventive or occupational medicine, for the assessment of the working capacity of the employee, medical diagnosis, the provision of health or social care or treatment or the management of health or social care systems and services …” c. “Processing is necessary for reasons of public interest in the area of public health, such as protecting against serious cross-border threats to health or ensuring high standards of quality and safety of health care and of medicinal products or medical devices …” Consent VS Explicit Consent – If one pays attention, there’s a difference in the GDPR’s health data use conditions (calls for “explicit consent”) and the general definition (calls for “consent”). Thus, there’s an ongoing debate as to what constitutes the difference between “unambiguous” and “explicit” consent. Despite the debate and the final legal clarifications, there is no doubt that in the purposes of the healthcare the “explicit consent” must have the strongest agreement form listing in detail the use(s) of data and covering the cases of data transfers and storage. Question 3: How can we use blockchain technology by the government in Africanflavored government, say by Ministry of health to have patient autonomy of medical records that can be accessed by any government hospital irrespective of the ailment and record printed by the previous hospital and doctor, such as referral cases without having to open a new file in the referred hospital. Block.co Team Answer: Perhaps that would be an ideal implementation of the Block.co solution issuing a digital certificate of medical examination on an Open Public Blockchain such as the Bitcoin blockchain, that would be decentralized in nature, easy to validate online without any special wallets, and would be provided by the patient on-demand, to refer to treatments received in other hospitals or areas. But this would require that the practitioner is aware and can use the open-source code or use Block.co services to issue these certificates. Alternatively, there could be the use of a wallet to store these medical credentials to be submitted on demand to health practitioners. Moreover, there would need to be an alignment of regulation in the matter as decentralized repositories are not recognized at the moment. Question 4: Is there any data breach threat in the blockchain using a poorly protected private key at communication? Block.co Team Answer: Millions of health care records have already been breached, and in attempts to combat this issue, solutions often result in the inaccessibility of health records. Health providers often send information to other providers, and this often ends up in mishandling of data, losing records, or passing on inaccurate and old data. In some cases, only one copy of an updated health record exists, and this may result in the loss of information. Health records often contain personal information such as names, social security numbers, and home addresses. When it comes to Blockchain in Healthcare, a poorly protected private key is always a factor to consider. A private key allows us to sign a transaction and spend funds residing in an address (public key) by providing ownership with the signature. It is a unique string of information that represents proof of identification inside the blockchain, which includes the right to access and control the participant’s wallet. It must be kept secret, as it is effectively a personal password. In the case that that private key is poorly protected, there is always a data breach threat. Question 5: The medical record of a patient is owned by the patient. What happens if a doctor accesses the record without the consent of the patient? Using the smart contract, could there be a governing body, say a legal system that can call the doctor to order? Block.co Team Answer: Rather than having each physical and electronic copies of records, blockchains may enable the shift to electronic health records (EHR). When looking at Blockchain in Healthcare, medical records on the blockchain would be within the management of the patient rather than a third party, through the patients’ private and public keys. Patients may then control access to their health records, making transferring information less cumbersome. Because blockchain ledgers are immutable, health information may not be deleted or tampered with. Blockchain transactions would be accompanied by a timestamp, permitting those with access to maintain updated information. The doctor would not be able to access the record without the consent of the patient. A patient would need to sign the transaction in a smart contract in order to transfer patient details to the doctor. Question 6: So, how are private data protected when the patient is simply notified that unauthorized access just took place on her medical record? and, how are the negative results of this breach rectified towards the patient? Block.co Team Answer: The patient would be notified to sign a transaction enabling access to the party requesting access to the specific medical record. In other cases, there could be a multi-signature wallet requiring multiple transactions in the cases where the patient may need assistance, for example, when underage or when not in a healthy state of mind, or being non-responsive or in critical condition. The patient needs to be responsible for his own data and be empowered through awareness and know-how of this technology. With great power, comes also great responsibility, although it is yet a challenge to enable computer illiterate people to interact with this technology. Question 7: Can the same record of a patient still be shared with private hospitals and say another government/private hospital abroad on the same blockchain? Block.co Team Answer: Depending on whether the information is on a public blockchain or a private blockchain. When on a private blockchain, they will need to be granted permission to access the blockchain accordingly. Question 8: No one has directly spoken about ownership where a large research institution/ consortium is working with the data – it is not solely the person who has said so… Block.co Team Answer: Indeed, it is solely not the person who has a say so. Technology may be used in both evil and good ways and it is still the obligation and responsibility of people within governments to ensure human liberties and rights are preserved when utilizing such powerful technologies such as blockchain and sometimes the combination of blockchain with AI, IoT, and biometrics. Blockchain in Healthcare, in the same way, that it can empower individuals and increase their standard of living and prosperity, at the same time, it can also empower corrupt governments with alternative agendas and totalitarian states. Block.co believes it is most important for people to be educated around the matter and be able to form a voice and movement to safeguard their human liberties and rights, hence our continuous effort on discussing these matters with our community and providing education, powered by the pioneers in the space, the University of Nicosia. We would like to thank everyone for attending our webcast and hoping to interact with you in future webinars. If you would like to watch the webinar again, then click here! For more info, contactBlock.codirectly or email at [email protected]. Tel +357 70007828 Get the latest from Block.co, like and follow us on social media: ✔️Facebook ✔️LinkedIn ✔️Twitter ✔️YouTube ✔️Medium ✔️Instagram ✔️Telegram ✔️Reddit ✔️GitHub
Brave Browser v1.4.95 with WAYBACK MACHINE DETECTION and AD HISTORY FIXES.
Link dowload: https://brave.com/lmn287 In recent times, Brave browser quickly popularized and considered a unique browser for both laptops and phones, featuring an extremely fast page loading speed.So what is special about Brave and how to install it?Let's find out with BitcoinVN!
What is the Brave browser?
Unlike the Google Chrome browser or any common browser you usually see today, Brave is an open source browser developed by Brave Software Inc. Based on Chromium browser kernel with deep customization to ensure security with blocking data collection, user behavior, blocking annoying ads and increasing browsing speed for users. As of 2019, Brave supports both computers and phones with Windows, macOS, Linux, Android, and iOS operating systems. 📷
How does the Brave browser work?
Brave browser is available on iOS, Android, Mac OS, Windows and Linux platforms.Users on these platforms can browse safely and quickly.Brave does its job well without using much computer memory.Unlike most other popular browsers, Brave uses very little RAM (only about 170MB RAM). One important thing to note: Brave is a Chromium-based browser.Browsers built on this platform are "notorious" for consuming a lot of memory, but Brave is an exception.
What is Brave browser special?
It is not natural that Brave browser when newly launched is such a community response.Some great features of the Brace browser: 📷
Default ad blocker
The biggest problem with mass browsers is that advertising is everywhere and cannot be controlled.Not only does that make users less interested in surfing the web, but advertising links when users visit them can be malware. Understanding that, Brave has quickly launched automatic ad blocking.Users no longer need to search for the perfect ad blocker on the web.The ad blocking feature automatically protects the device from malware and tracking by advertisers.Brave is also working on a plan to replace potentially harmful ads. Brave's ad tracking feature is very accurate.Users are suggested to be relevant ads because Brave performs tracking using local data.If an ad is unrelated to the user, it will be removed.Therefore, users receive appropriate ads based on this model.User data remains in the device because no third party is involved in this process. Although Brave blocks third-party cookies, first-party cookies are not blocked by default.Users have the option to block or enable cookies on a given site.
Improve privacy while browsing the web
In particular, the feature of blocking malicious ads automatically allows users to surf the web safely.And Brave does not have access to user identification data.Data related to anonymous aggregated advertising campaigns is used, but cannot be retrieved back to user devices. Brave also comes with extra features to enhance privacy while browsing the web.Combining HTTPS everywhere allows you to use web encryption whenever possible. The Fingerprinting feature prevents third parties from tracking user activity.This feature can be enabled in the Settings tab. Brave browser loading speed is also very fast.Brave's fast browsing is due to its lack of third-party advertising support.Therefore, there is very little content to download before visiting a favorite website.However, Brave's rendering speed is a bit lower than that of Google Chrome and Mozilla.
You will be paid to browse the web if desired
In the past, getting paid to browse the web was a distant dream.However, Brave browser has made that dream come true.All you have to do is activate Brave ads.Watch ads and get 15% of revenue.Content creators will be supported by users who love the content. All payments are in BAT token format.This is a very great feature of Brave and BitcoinVN browser will help people learn more about this section "How to make money from Brave browser".
Mechanism of reward payment in Brave browser
Brave will pay rewards to viewers who see ads through the BAT (Basic Attention Token) coin - Tokens based onEthereumtechnologycan also be used as an account unit between advertisers, publishers and users. in Blockchain-based digital advertising and services platform. 📷 For example: When you use the Brave browser to access the content on the websitehttps://news.bitcoinvn.io/exam we will receive regular money from Brave.In contrast, you will also receive regular money from Brave when accepting to view the web without enabling Brave's ad blocking function. This means that you accept viewing ads from other units running on the Brave browser and Brave will pay this fee to you.Of course, not only do you see ads but banner ads on websites instead of being turned off will appear as usual when viewed with Chrome. Existing digital ad delivery depends on tracking browsing history, search query cookies and third parties.Brave does not support these.Integrating BAT into the browser involves the implementation of the BAT Ads system.The system displays ads to users based on information stored locally with this data.Targeting ads is much easier than regular web browsers. This Brave browser model promotes privacy protection.The web browser history is kept private because all the data needed to deliver appropriate ads never leaves your system.The use of inappropriate ads is the reason people do not want to continue using the browser but Brave has completely removed that to increase the user experience.Therefore.It can be said that the BAT represents a fundamental revision of the way digital advertising is delivered.The time users see ads should not be wasted but users have to be paid for that.
Brave's reward system for content creators and users
Content creators depend on ads to stay active.However, ads are not displayed on the Brave browser so how does the Brave browser support online advertisers? To solve that, the Brave browser takes a unique approach when it comes to compensating creators.The awards are made through the Brave Ads network and user contributions.Content creators will be required to register with the network before being eligible for revenue.By then, the registered content creator will earn 55% of the alternative advertising revenue. Brave comes with awalletBAT available, for this allows users to support your favorite sites.Users can download the wallet and distribute a specified amount of BAT to favorite websites, the wallet can be loaded viaBitcoin, Litecoin, Ethereum and BAT tokens.Credit cardholders use the Uphold payment processor.You can set a monthly BAT budget to be automatically distributed to frequently visited websites.You also have the right to set a percentage to be contributed.You will not have to see any ads but still support your favorite website. Users can earn BAT by browsing Brave enabled sites.If the user agrees to replace the regular ads with anonymous ads from Brave ho will be paid in Basic Attention Token (BAT).Users will receive 15% of revenue.Revenue depends on the time spent on the Brave browser. However, you must enable Brave ads because the browser blocks all ads by default.Before receiving any payment, you need to activate the wallet BAT token.For users who do not want to support any website, they will not earn money nor contribute to any favorite websites.But in return can browse the web very quickly.
Instructions to download Brave to your device
Step 1: First, click and download the software according to the corresponding link below:
After downloading, you choose to agree to install like other software.Brave interface similar to Firefox, you can get acquainted and use very easily.However, you should note that transferring the data you are using from another browser Select Edit menu in the upper right corner> Settings> click Import Now button, then select the browser you are using.Brave will automatically import old data such as bookmarks, History, Cookies from the old browser. 📷 This is the interface when you have successfully downloaded the Brave browser 📷
Step 2: Then you open a Brave account, set up the Brave Payment wallet (Brave electronic wallet), which appears as shown below:
📷 After this step, you will be able to receive 25 BAT (corresponding to 8 $).With this money you can donate to other content creators.
Step 3: Register Content Publisher on Brave browser
Step 4: The next thing you have to do is select the channel to create your own Content such as Website, Youtube by entering + Add Channel.
📷 When you finish the steps will appear as shown below 📷
The article has introduced you useful information about Brave browser and how to make money with Brave Token (BAT). Further reference:What is DApp? Join the community of BitcoinVN to become the fastest market bearer:https://t.me/bitcoinvn_community
How Ransomware Encryption Happens & 4 Methods for Recovery
We know how overwhelming it can feel to be the victim of a ransomware attack and how your business cannot operate due encrypted or locked files. This page delivers insight on why your files were encrypted or locked, and the options you have to decrypt ransomware. As a ransomware recovery service provider, we have helped thousands of clients successfully recover their data and decrypt their data. Evaluating all options will include analyzing the encrypted files, and the least desirable option to pay the ransom demand if necessary. Our process helps provide critical insight into decrypting ransomware and the available options that clients have. By the end of this piece, it is our goal to show you what is involved to successfully recover your files. This guide outlines what steps and research are necessary to decrypt or unlock your files from a ransomware attack.
You’re the victim of a ransomware attack
You arrive to work and start noticing suspicious alerts coming from your servers, and none of the databases are functional. Your co-workers are frantic and cannot access any of their data. You investigate further and find all of the files on your network are renamed and discover ransom notes, and a screen asking you to email someone if you want your data back. You finally realize that you are a victim of a ransomware attack, and all of your files are locked or encrypted.
3 Common Ways Your Files Were Encrypted or Locked
Ransomware succeeds when businesses have poor security hygiene. Organizations that lack policies & procedures around data security will have a higher risk of ransomware attacks. Here are some of the most common ways to fall victim to a ransomware attack:
Open Remote Desktop Protocol Ports (RDP)
Businesses that have improperly configured network security may leave their Remote Desktop Protocol (RDP) ports open. Unknowingly, this is the equivalent of leaving the front door unlocked when you leave your home: it provides an opportunity for cyber attacks to come through with little deterrence. Once a hacker is connected to your network, they can install ransomware and additional back doors to access your network at a later date. A large percentage of ransomware attacks still use this method of attack because so many organizations are not even aware of this security vulnerability.
Ransomware can infiltrate your network by a malicious email campaign known as a phishing attack. Ransomware operators use massive networks of internet-connected devices (botnets) to send phishing emails to unsuspecting victims. These emails intend to trick the receiver into clicking on a malicious attachment or link, which can secretly install the ransomware virus or other malware. Phishing emails are becoming increasingly difficult to detect as cybercriminals find clever ways to make a malicious email look legitimate. This underscores the importance of security awareness training for everyone in the organization, not just the I.T. department.
The ransomware operators may have used previously compromised passwords from employees at your organization to gain unauthorized access to the networks. This derives from the poor security practices of reusing the same passwords for multiple accounts and authentication processes. If your employees have been using old & weak passwords to access your business data, a cyber criminal can use a previously compromised password to initiate the attack. Remember to always to follow good password hygiene. The variety of attack vectors highlights the importance of a digital forensics investigation that can help victims understand how the ransomware came onto your computer and what steps you can take to remediate the vulnerability.
4 Options for Ransomware Recovery
In this section, we cover the options to restore files encrypted or locked by ransomware.
1. Recover files with a backup
If your files become encrypted in a ransomware attack, check to see if you have backups to restore and recover (in order).
Off-site or offline backup. Having your backup stored in the cloud or offline would protect the data from the virus since it is not accessible at the time of the attack.
Check your Windows Shadow Copies. Even though most ransomware will delete Windows Shadow Copies, you might get lucky and find them intact.
Check your on-site backups. We observe that most on-site data is either manually deleted by the attacker, or encrypted by the ransomware virus.
2. Recreate the data
Even though your files are encrypted by ransomware, you might be able to recreate the data from a variety of sources as outlined below:
Recreate the data from paper copies. When you have clean systems and physical copies of your data, you can re-enter the data manually from paper copies into your computers and servers.
Piece together data from email. Email exchanges are a great way to salvage some of your data from email attachments.
Database mining. Some ransomware variants only encrypt a small part of a database or backup files so you can pull out good, usable data.
3. Breaking the ransomware encryption
The harsh truth is that the majority of ransomware encryption is unbreakable. This impossibility is a tough concept for many of us to accept, given the technological advances of our society. Does this mean you should skip looking into whether the ransomware encryption can be broken? This option should always be explored if presented by a ransomware recovery firm, although the final choice is yours to make. We will lay out a real life example at Proven Data below to outline why this was a great decision for a company that was infected with ransomware. While it tends to be rare, there are poorly constructed ransomware encryptions that have been broken by security researchers. If you can avoid paying a ransom, you should at all costs. There can be flaws in the malware or weaknesses in the encryption. Businesses can look at these options, especially if time is on your side. There are also free ransomware decryption resources that provide tools for previously decrypted ransomware variants. A client of ours had hired a ransomware recovery company to recover their files until we discovered at the very last moment through our analysis that the encryption was breakable. With less than 20 minutes to spare, we saved the client out of paying a $450,000 ransom.
Why can’t most ransomware encryption be broken?
Ransomware is a cryptovirus, which means it uses cryptography in combination with malware to lock your files. Modern cryptography uses sophisticated mathematical equations (algorithms) and secret keys to encrypt and decrypt data. If strong encryption is used, it can take thousands, if not millions of years to break the encryption given the strength of today’s computers. Encryption is a security tool created with the intent of data protection. It is a defensive tool to provide security, privacy, and authentication. Sadly, ransomware attackers are using it as a weapon against innocent victims.
How do I know if the encryption can be broken?
You can start off with this free ransomware identification resource to determine the feasibility of decryption. You will need to upload the ransom note and a sample file into the ID-Ransomware website, and it will tell you if there is a free decrypter or if it is an unknown ransomware variant. Please note that the tool is not always 100% accurate. If the variant is still under analysis, you will need a malware or encryption analyst to determine whether or not there is a possibility for decryption. Encryption is designed to be unbreakable, which is why security researchers can’t simply make a tool for ransomware decryption. These unbreakable encryptions protect our bank accounts, trade secrets, government data, and mobile communications, among other things. It would be a significant security concern if there were a master decryption tool that could break encryption algorithms.
4. Paying the ransom to decrypt ransomware files
If the encryption is too strong, the only way to obtain the decryption key for your files is to pay the ransom. Many ransomware victims don’t have time on their side because they are facing significant business disruption. Each minute that passes could be a lost client, or worse for a medical organization. Here is a list of the most prevalent ransomware variants that are known to be “cryptographically secure,” which means that Proven Data or the security community has confirmed the encryption is unbreakable:
I don’t want to pay the hackers ransom.
Businesses and individuals have the option of choosing not to pay the ransom in a ransomware attack to regain access to their files. For personal, political, or moral reasons, there has been resentment of the ransomware economy, and victims do not have to engage in extortion. If paying the ransom is the only option, you should know what to expect before considering moving forward.
How a ransomware recovery specialist can help
If you do decide to use a ransomware recovery company and if there is one thing you get out of this article, it is this: You should always question how a ransomware recovery company is recovering your data. If you are unsure, asking the right questions will ensure a transparent experience:
How are you recovering my locked / encrypted data?
How much will ransomware recovery cost?
Do you have experience with this variant?
A ransomware recovery specialist can analyze your current situation and determine what options are available to you at the time of the inquiry. A competent and experienced ransomware recovery company should be able to provide the following:
Understanding the ransomware variant and what to expect
Malware analysis to determine if the encryption can be broken
Consultation on the attack vector which caused the attack and preventative methods
Digital currency readily available to facilitate the ransom payment expeditiously
Modification of non-functioning or poorly-functioning decryption programs that are causing delays in decrypting your files
Repairing damaged databases or files
Understanding how your files were affected by ransomware in the first place will provide you with the insight needed to prevent another attack. Whether you choose Proven Data or another company to decrypt your ransomware files, it’s important to know what unknowns there may be out there. Our threat intelligence that we’ve gathered from the thousands of previous cases enable you to make informed decisions in helping restore your data after a ransomware attack. If you require a company with such experience, we’re standing by to assist 24/7.
This one is really interesting! It is a survey website. The surveys are made normally throught webcam interaction but the payout is huge. I can find studies offering 150$ for about 60 min of interview.
Prolific is really great! Their surveys are actually well thought out, pay an appropriate amount, and are downright interesting. If you want to maximize your earnings you must install the extension that alert you when new studies are available Prolific Extension
Dscout is a mobile app where you apply to do research studies (usually just questionnaires and short selfie style videos) to get money. The trick with Dscout is that you have to apply to the studies (and may not be accepted), but the payoff is much more than many other apps I've used. Passive Income
If you want to make passive money you should also take a look at FluidStack. FluidStack is a cloud platform that serves website content from a network of consumer devices (instead of large data centres). We save websites money, and put unused hardware to good use.
It’s real passive income - effortlessly! Honeygain is the first-ever app that helps its users make money online by sharing their internet connection. People can now reach their unused data plans full potential and not leave any unused data behind! On-store Tasks (useful when the whole COVID-19 situation ends) Do small missions in local shops and earn money. Be a mystery shopper aka. “person hired by a market research firm or a manufacturer to visit retail stores, posing as a casual shopper to collect information about the stores' display, prices, and quality of their sales staff.”
They offer long term projects with really good pay. In the past may, I participate in a project where you were supposed to take pictures to book covers, business cards, invoices etc...with 2 weeks of work I manage to get paid 1700 euros!
The website gives you free cryptocurrencies to tip anyone you want that wrote an article. The creator and you will share the tip according to a percentage you decide. You can also create articles and earn even more!
Do micro-tasks for whatever cryptocurrency you want. You can earn bitcoin, ethereum, etc..by watching videos, answering survey… -------------------------------------------------------------------------------------------------------------------------------------------- Opportunity to EEA and Swiss residents (15 euros with no required deposit!) Bitwala offers a free German bank account (DE IBAN) with a crypto wallet integrated. Now they're offering €15 free for new sign-ups. No deposit needed! Sign up using my link: https://app.bitwala.com/kFGSZ-T5 Steps:
Verify your ID through video identification with their service provider IDnow (They only accept passports for some countries)
Wealth Matrix is a United Kingdom based organization that vows to remove all the problem from purchasing and selling bitcoins. Peruse our Wealth Matrix audit to discover how it functions. What is Wealth Matrix? Wealth Matrix, discovered online at Wealth Matrix.co.nz, is a bitcoin installment stage that vows to finish your exchanges in a quick, secure, and helpful way. The stage is provided food towards occupants of New Zealand and cases to be the nation's "head digital currency trade." The stage is New Zealand claimed and worked. Like other bitcoin trades, Wealth Matrix allows you to purchase and sell cryptographic forms of money over their web based exchanging stage. The primary bit of leeway of Wealth Matrix is that you can exchange the New Zealand Dollar (NZD) for bitcoin and different digital currencies. Wealth Matrix propelled three months prior. An ongoing public statement indicated that the stage has encountered "fast development". In a quarter of a year since dispatch, Wealth Matrix has handled over $600,000 worth of exchanges. Personality and Verification Requirements You can start exchanging on Wealth Matrix by joining through the official site at Wealth Matrix.co.nz. You'll have to confirm your personality with the stage just in case you're storing cash through bank move. You can buy bitcoin with money store without submitting personality archives. On the off chance that you're storing cash by means of bank move, at that point you'll have to present a significant number of recognizing reports, including: A photograph of your New Zealand driver's permit or identification A photograph holding your ID close to your face A photograph of you holding a bit of paper with the date and time and "Wealth Matrix" composed on it A service bill or letter from the most recent three months with your name and address on it When you've presented each one of those archives, you can move cash to Wealth Matrix by bank store. Then again, you can store cash through money stores without the requirement for personality confirmation. You can likewise store by means of an in-person exchange in Christchurch. Which Currencies Can You Trade? Wealth Matrix is one of the most famous cryptographic money exchanging stages New Zealand. It permits clients to legitimately trade bitcoin and different digital currencies for fiat money. The most mainstream exchanging sets incorporate bitcoin, Ethereum, and Ripple over the New Zealand dollar. The trade intends to present different digital forms of money as they keep on developing. Wealth Matrix Features The center publicizes highlights of Wealth Matrix include: Quick: Transactions can be finished in as meager as 5 minutes, or no longer than an hour probably. Secure: "We utilize an outsider escrow administration for your true serenity" (Wealth Matrix utilizes Local Bitcoins as its escrow accomplice) NZ Owned: Wealth Matrix is 100% Kiwi claimed and worked. About Wealth Matrix Wealth Matrix was established by Geoffrey Palmer. The organization propelled in mid 2017. You can contact the organization by email at [email protected] Matrix.co.nz. There's restricted data about the organization or the trade accessible on the web. Be that as it may, the main notices of Wealth Matrix happened on March 28, when the organization gave an official statement reporting the dispatch. In that official statement, Founder and Owner Geoffrey Palmer depicted the organization as "A cryptographic money exchanging stage, focused on purchasing and selling bitcoin at the most serious rates avialable today." The official statement proceeds to clarify that the objective of the trade is to make bitcoin "an open type of speculation for regular New Zealanders." Wealth Matrix gives off an impression of being situated in Christchurch. End Wealth Matrix is a digital money trade that is 100% New Zealand claimed and worked. It's one of only a handful hardly any trades where you can exchange the Kiwi dollar for famous digital forms of money like bitcoin, Ethereum, and Ripple. https://www.cryptoerapro.com/wealth-matrix/
Monaco (MCO) Raised $26 Million in ICO and Promised to Deliver Crypto Visa Cards, Rebrands Itself to Crypto.com and Then Crypto.com Chain (CRO) After Failing to Deliver Cards
https://cryptoiq.co/monaco-mco-that-raised-26-million-in-ico-and-promised-to-deliver-crypto-visa-cards-rebrands-itself-to-crypto-com-and-then-crypto-com-chain-cro-after-failing-to-deliver-cards/ The War On Shitcoins Episode 14: Crypto.com aka Monaco (MCO) & Crypto.com Chain (CRO). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it. Monaco (MCO) launched during the height of the ICO boom in May 2017 and raised 71,392 Ethereum (ETH) worth $26 million at the time. Monaco (MCO) promised to deliver cryptocurrency debit cards, which is essentially a debit card connected to a cryptocurrency wallet. The Founder of Monaco, Kris Marszalek, claimed that there were members on the Monaco (MCO) advisory board from Visa and Amazon Web Services. If Monaco (MCO) delivered on its promises, it would have been a major step for global cryptocurrency adoption. Typically, cryptocurrency users have to exchange their cryptocurrency for fiat on an exchange and then wait several days for the fiat to be deposited into their bank account. Another option is using a Bitcoin (BTC) ATM which instantly converts cryptocurrency to cash, but there are high fees. Users would have to go to the bank and deposit the cash before using it on a debit card. A cryptocurrency debit card would have streamlined this process, saving users time and money. It would have also made cryptocurrency easy to use at any store. Monaco (MCO) even offered 1-5% cashback, meaning users would profit from converting their cryptocurrency into fiat versus the typical case of losing money from exchange fees. However, the Monaco (MCO) cryptocurrency debit cards turned out to be too good to be true. Apparently the Monaco (MCO) Visa card is only available in Singapore beginning November 2017. Despite this, Monaco (MCO) has been offering the Visa card to United States residents, with the enticing details that the card gives users free Netflix and Spotify, as well as discounts on AirBNB and Expedia. Further, referral codes were given out, which give users $100 of free money if and when they receive the card. Users who sign up to receive the Monaco (MCO) Visa card in the United States must submit their full identity and address information, including pictures of their passport or driver’s license, only to be told at the end of the process that the card is not yet available, that it will be shipped when available. The fact that Monaco (MCO) is doing everything it can to entice users to sign up in order to get their full identification information without delivering any product looks a like a shady business practice and leaves users at risk of identity theft. Despite no time table for when the cards will become available, Monaco (MCO) continues to accept deposits of 50 MCO ($3.50) to 50,000 MCO ($3,500) to reserve premium cards that offer increasing cash back and benefits as more money is deposited. With the Visa card project failing, Monaco (MCO) decided to buy the Crypto.com domain name for $12 million, the most expensive cryptocurrency-related domain name purchase in history. Monaco then changed the name of its cryptocurrency to Crypto.com under the same symbol MCO in July 2018, while assuring users the move would not delay the rollout of the Visa cards. By November 2018, the team at Crypto.com launched a new cryptocurrency called Crypto.com Chain (CRO), which apparently is a blockchain that facilitates payments between users and merchants and accepts any cryptocurrency. This creates the confusing situation where there are two different cryptocurrencies with almost the same name, Crypto.com (MCO) and Crypto.com Chain (CRO). However, the blockchain system for Crypto.com Chain (CRO) is scheduled to launch in phase 3, and phase 1 and phase 2 involve getting merchants to accept crypto payments and onboarding customers and different crypto apps. It is unknown what phase the project is in, and it is unknown if any blockchain has actually been developed since it is not live at this time. At this point, Crypto.com Chain (CRO) is a simple ERC-20 token. Further, Crypto.com says in the whitepaper that it will manage all funds and transactions, so users of this network must trust Crypto.com, which is perhaps not the best idea following the failure of the Monaco (MCO) Visa card. In order to incentivize users to join the Crypto.com Chain (CRO) and to continue holding Crypto.com aka Monaco (MCO), an airdrop is being done where holders of Crypto.com (MCO) receive Crypto.com Chain (CRO). The major caveat is users must hold Crypto.com (MCO) from December 2018 through December 2019 in order to receive the airdrop, and the airdrop is quite slow with 60 payments over the course of 5 years. Since the Crypto.com aka Monaco (MCO) team holds about 50% of the total coin supply, the team clearly benefits from offering this incentive for users to buy and hold the coins. Despite Crypto.com (MCO) failing to deliver the Visa cards and Crypto.com Chain (CRO) not launching the promised blockchain system yet, these cryptocurrencies have market caps of $68 million and $372 million respectively. This shows how the market cap of a cryptocurrency is not a good measure of a cryptocurrency’s reputation, utility, or value. In the case of Crypto.com Chain (CRO), 95 billion out of a total supply of 100 billion coins are held by the team, making it easy for the team to dump for profits at the expense of investors and traders. In December 2018, the 459-page Bitcointalk thread for Crypto.com aka Monaco (MCO) — full of customer and investor complaints — was locked. A new, self-moderated thread was simultaneously launched, and in the past 5 months, there have only been three pages of discussion. Presumably, any negative posts are being deleted. We’ve since learned that the Founder of Monaco, Kris Marszalek, was the CEO of Ensogo when it collapsed in June 2016. The shutdown of Ensogo was so abrupt that employees went to work and found their offices shuttered. Merchants were not paid for products they sold through Ensongo. Customers did not receive products. Investors who held Ensongo stock lost their entire investment, and Ensongo coupons instantly became worthless. Marszalek resigned from Enzongo the same day, and less than a year later, he founded Monaco (MCO). To sum up this long tale, Monaco (MCO) raised tens of millions of dollars to launch a cryptocurrency Visa card that never materialized. Vast amounts of user identification information were collected in the process — is still being collected to this day despite no time table for the launch of the Visa cards. The company rebranded itself by buying the $12 million Crypto.com website and renamed Monaco (MCO) to Crypto.com, likely due to numerous users calling Monaco (MCO) a scam. Despite not finishing the cryptocurrency Visa card project, the company launched a different cryptocurrency called Crypto.com Chain (CRO), promising to bring about global cryptocurrency adoption, but has not actually launched the promised blockchain technology behind it. The nail in the coffin is the founder of these projects, Kris Marszalek, was at the helm of Ensogo when the company collapsed and defrauded numerous users, investors, and merchants. Then Marszalek launched Monaco (MCO) less than a year later.
Everything You Need to Know About the Brave Web Browser
The Philosophy Behind Brave
The Two Modes of Brave
In ad replacement mode, Brave will block most ads and all tracking embedding in website content. It replaces that with ads within the private Brave network, served up anonymously. In-network advertisers still pay for impressions, but the websites earn only 55 percent of the profits. The other 45 percent is split three ways and paid out in bitcoin. Fifteen percent goes to Brave, 15 percent to the undisclosed ad-matching company Brave uses and 15 percent share to the users. The one catch is that you have to identify yourself to claim the bitcoin, according to federal law on money laundering. For both users and publishers, Brave deposits the money into individual bitcoin wallets, and both parties must verify their identity to claim the funds. This requires an email and phone number for users and more stringent identification steps for publishers. Users who do not verify will automatically donate their share of the funds back to the sites they visit most. In total ad removal mode, the user pays a fee to Brave directly to retain their privacy. You can pay for this service out of pocket by hooking up a credit card to your Brave wallet or you can pay those fees can be paid with the bitcoin earned by using the ad replacement mode. Some people would rather pay for this ad-free mode to be assured that the users, not the advertisers, are the priority.
Okay, this Ripple shit is ridiculous. We need to educate people before we have PayPal 2.0 at the top of all the *actual* cryptocurrencies.
I have to admit, I did not see this coming. But it makes kind of sense, splinter the Bitcoin community into BTC vs. BCH while you work on your banker coin and in the most opportune moment when the winner is not clear and both are weakened, swoosh into first place and declare yourself the best "cryptocurrency". We seriously need to educate people of what this "coin" is as I notice even people in here (myself included) do not have the complete picture, let alone an average Joe and Jane looking at CMC. So from what I can gather, these are the problems with Ripple:
no blockchain, therefore it's not even a cryptocurrency. It's a network of trusted nodes (?) (who selects those trusted nodes and how?) exchanging IOU notes (Edit: yup, it's essentially a network of trusted servers, not a cryptocurrency!)
huge premine of 70% of XRP tokens which are slowly unlocked (what is the schedule and when does it end?)
the actual Ripple product not using XRP tokens (is this so? I've seen conflicting information on this) Edit: It uses XRP as "anti-spam" and as a native "in-between" value token.
centralized (to what degree? Can Ripple confiscate/print tokens, revoke your "account", censor transactions? What can they actually do?)
what is the security and risks of Ripple?
more? Please add more information in the comments, with verifiable sources if possible
Please link people capable of making an article/video about Ripple here, using the resources that we pool together. Edit: Ripple implemented this nifty feature called "Balance Freeze" which allows gateways (nodes essentially) to freeze your funds (enough said?) they already even used this "feature" to freeze ~$million dollars Edit2: So, so much for "settled in seconds" and immutability, they can also "simply ask the gateways to freeze or even reverse the funds". Also:
Ripple introduced two different methods for the “freeze protocol extension.” The first method is known as the “global freeze” and allows gateways to freeze all of their issued funds. The second allows the gateways to freeze funds of a particular user, while the frozen funds are sent back to the gateway.
Edit3: It also requires verified user identification in order to use the network
Introduction: Greetings, fellow ethtraders! Happy New Year! In the next few months, taxpayers across the US will be filing their 2017 tax returns. As an Enrolled Agent and a ETH/cryptocurrency investor and enthusiast, I wanted to write up a brief guide on how your investments in ETH and other cryptocurrencies are taxed in the US.
1. Are ETH/cryptocurrency realized gains taxable? Yes. The IRS treats virtual currency (such as cryptocurrency) as property. That means if you sell ETH, BTC, or any other cryptocurrency that has appreciated in value, you have realized a capital gain and must pay taxes on this income. If you held the position for one year or less, it is a short-term capital gain which is taxed at your ordinary income tax rate. If you held the position for more than one year, it is a long-term capital gain which is taxed at your long-term capital gains tax rate. In most cases, this is 15%, but could also be 0% or 20% depending on your specific ordinary income tax bracket.
2. If I sell my ETH for USD on Coinbase but do not transfer the USD from Coinbase to my bank account, am I still taxed? Yes. The only thing that matters is that you sold the ETH, which creates a taxable transaction. Whether you transfer the USD to your bank account or not does not matter.
3. If I use my ETH to buy OMG or another cryptocurrency, is this a taxable transaction? Most likely yes. See #4 below for a more detailed explanation. If assuming crypto to crypto trades are not able to be like-kind exchanged, then continue on to the next paragraph here. This is actually two different transactions. The first transaction is selling your ETH for USD. The second transaction is buying the OMG with your USD. You must manually calculate these amounts. For example, I buy 1 ETH for $600 on Coinbase. Later on, the price of 1 ETH rises to $700. I transfer that 1 ETH to Bittrex and use it to buy 37 OMG. I have to report a capital gain of $100 because of this transaction. My total cost basis for the 37 OMG I purchased is $700.
5. How do I calculate the realized capital gain or loss on the sale of my cryptocurrency? The realized gain or loss is your total proceeds from the sale minus what you purchased those positions for (your cost basis). For example, you bought 1 ETH for $300 in June of 2017. In December of 2017, you sold that 1 ETH for $800. Your realized gain would be $800 - $300 = $500. Since you held it for one year or less, the $500 would be a short-term capital gain taxed at your ordinary income tax rate.
6. Which ETH's cost basis do I use if I have multiple purchases? The cost basis reporting method is up to you. For example, I buy my first ETH at $300, a second ETH at $530, and a third ETH at $400. Later on, I sell one ETH for $800. I can use: FIFO (first in first out) - cost basis would the first ETH, $300, which would result in a gain of $500. LIFO (last in first out) - cost basis would be the third ETH, $400, which would result in a gain of $400. Average cost - cost basis would be the average of the three ETH, $410, which would result in a gain of $390. Specific identification - I can just choose which coin's cost basis to use. For example, I can choose the second ETH's cost basis, $530, which would result in the lowest capital gains possible of $270.
7. If I end up with a net capital loss, can I claim this on my tax return? Capital gains and capital losses are netted on your tax return. If the net result of this is a capital loss, you may offset it against ordinary income on your tax return, but only at a maximum of $3,000 per year. The remaining losses are carried forward until you use them up.
9. If I mine ETH or any other cryptocurrency, is this taxable? Yes. IRS Notice 2014-21 states that mining cryptocurrency is taxable. For example, if you mined $7,000 worth of ETH in 2017, you must report $7,000 of income on your 2017 tax return. For many taxpayers, this will be reported on your Schedule C, and you will most likely owe self-employment taxes on this income as well. The $7,000 becomes the cost basis in your ETH position.
10. How do I calculate income for the cryptocurrency I mined? This is the approach I would take. Say I mined 1 ETH on December 31, 2017. I would look up the daily historical prices for ETH and average the high and low prices for ETH on December 31, 2017, which is ($760.35 + $710.12) / 2 = $735.24. I would report $735.24 of income on my tax return. This would also be the cost basis of the 1 ETH I mined.
11. Can I deduct mining expenses on my tax return? If you are reporting the income from mining on Schedule C, then you can deduct expenses on Schedule C as well. You can deduct the portion of your electricity costs allocated to mining, and then you depreciate the cost of your mining rig over time (probably over five years). Section 179 also allows for the full deduction of the cost of certain equipment in year 1, so you could choose to do that if you wanted to instead.
12. If I receive ETH or other cryptocurrency as a payment for my business, is this taxable? Yes. Similar to mining, your income would be what the value of the coins you received was. This would also be your cost basis in the coins.
13. If I received Bitcoin Cash as a result of the hard fork on August 1, 2017, is this taxable? Most likely yes. For example, if you owned 1 Bitcoin and received 1 Bitcoin Cash on August 1, 2017 as a result of the hard fork, your income would be the value of 1 Bitcoin Cash on that date. Bitcoin.tax uses a value of $277. This value would also be your cost basis in the position. Any other hard forks would probably be treated similarly. Airdrops may be treated similarly as well, in the IRS' view. Here are a couple more good articles about reporting the Bitcoin Cash fork as taxable ordinary income. The second one goes into depth and cites a US Supreme Court decision as precedent: one, two
14. If I use ETH, BTC, or other cryptocurrency to purchase goods or services, is this a taxable transaction? Yes. It would be treated as selling your cryptocurrency for USD, and then using that USD to purchase those goods or services. This is because the IRS treats cryptocurrency as property and not currency.
15. Are cryptocurrencies subject to the wash sale rule? Probably not. Section 1091 only applies to stock or securities. Cryptocurrencies are not classified as stocks or securities. Therefore, you could sell your ETH at a loss, repurchase it immediately, and still realize this loss on your tax return, whereas you cannot do the same with a stock. Please see this link for more information.
16. What if I hold cryptocurrency on an exchange based outside of the US? There are two separate foreign account reporting requirements: FBAR and FATCA. A FBAR must be filed if you held more than $10,000 on an exchange based outside of the US at any point during the tax year. A Form 8938 (FATCA) must be filed if you held more than $75,000 on an exchange based outside of the US at any point during the tax year, or more than $50,000 on the last day of the tax year. The penalties are severe for not filing these two forms if you are required to. Please see the second half of this post for more information on foreign account reporting.
17. What are the tax implications of gifting cryptocurrency? Small gifts of cryptocurrency do not have a tax implication for the gift giver or for the recipient. The recipient would retain the gift giver's old cost basis, so it could be a good idea for the gift giver to provide records of the original cost basis to the recipient as well (or else the recipient would have to assume a cost basis of $0 if the recipient ever sells the cryptocurrency). Large gifts of cryptocurrency could start having gift and estate tax implications on the giver if the value exceeds more than $14,000 (in 2017) or $15,000 (in 2018) per year per recipient. Here's a good article on Investopedia on this issue. An important exception applies if the gift giver gives cryptocurrency that has a cost basis that is higher than the market value at the time of the gift. Please see the middle of this post for more information on that.
19. Are there any websites that you recommend in helping me with all of this? Yes - I have used bitcoin.tax and highly recommend it. You can import directly from an exchange to the website using API, and/or export a .csv/excel file from the exchange and import it into the website. The exchanges I successfully imported from were Coinbase, GDAX, Bittrex, and Binance. The result is a .csv or other file that you can import into your tax software. I have also heard good things about cointracking.info but have not personally used it myself.
20. Taxation is theft! I can't help you there.
That is the summary I have for now. There have been a lot of excellent cryptocurrency tax guides on reddit, such as this one, this one, and this one, but I wanted to post my short summary guide on ethtrader which hopefully answers some of the questions you all may have about US taxation of ETH and other cryptocurrencies. Please let me know if you have any more questions, and I’d be happy to answer them to the best of my ability. Thank you! Regarding edits: I have made many edits to my post since I originally posted it. Please refresh to see the latest edits to my guide. Thank you.
Disclaimer: The information contained within this post is provided for informational purposes only and is not intended to substitute for obtaining tax, accounting, or financial advice from a professional. Any U.S. federal tax advice contained in this post is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an advisor-client relationship. Internet users are advised not to act upon this information without seeking the service of a tax professional.
WaykiChain CSO, Wayki Sun: Vaulting Ambitions Carried Boundless Energy
“Here we must run as fast as we can just to stay in place.”. — — — Alice in Wonderland Once, this was just a fairy tale, but now, in the blockchain industry, it has become the reality. The fairy tale came true in the blockchain industry. Looking back on 2019, the world’s various uncertainty still while blockchain takes the real lead Having the whole world in view, the stablecoin project Libra has become a subject of the U.S. Congress, starting off the tremendous craze in blockchain worldwide, by storm; while Chinese government introduces a new policy that lists blockchain as an important breakthrough for its innovation focus. It is in this historical turning point that Waykichain has successfully completed its own transformation. Coping with the times, the reflection of the trend At WaykiChain’ inception, WaykiChain entered the industry via the most appropriate entry point prediction, which its full enthusiasm has been frustrated by the policy of cognitive. Since then, Waykichain has retreated to ecosystem co-building. By providing one-stop help for the outstanding developers from all over the world, Waykichain has launched dozens of DApps in order to build its own public chain ecosystem. There are full of obstacles and difficulties. Waykichain team has paid great attention and affection to the whole process. From technology, operation, promotion to marketing, all of which have caught up to the front of the industry in such experience and exploration. As Wayki Sun, the “godfather” said, said: “The old conscious classicalists are always afraid of the arrival of new things, however, the efficient and advanced new system is so unstoppable.” The changes in the industry have made some people like falling into ice caves but crying without tears, while others have ushered in more possibilities. The key lies in whether the pulse of the development of the industry has been observed and the opportunities given by the times have been seized. In this way, even the detours will eventually become a rainbow to success. All previous attempts and explorations let us deeply understand that innovation is not to take shortcuts, but to take root in the deepest reality, solve the problems of specific business scenarios, and match the rigid demand that lies deep inside of our users. Taking the ecosystem as a breakthrough, Waykichain finally set its target in the financial direction. Huatong Securities is the first case of Waykichain successfully landing in a business application scenario. As a successful precedent for cryptocurrency cross-border finance, Huatong Securities has brought significant returns to investors in a series of new digital currency businesses. Data shows that some investors who participated in the subscription of new shares through Huatong Securities have achieved a return of over 30% in recent months. Through WUSD as the access channel, investors who have not been able to get involved in this field can also participate in it without obstacles. Waykichain’s long-term: based on core values Facing the rapid changes in the market, WaykiChain innovated from time to time, constantly iterating new ways of business paths. In the face of the uncertainty of the world, Waykichain has always adhered to its long-term, and through its internal cultivation, it used its own certainty to deal with the uncertainty of the world. Such long-term is exactly the core value of Waykichain: Firstly, WaykiChain will continue to maintain as a global leader in public chain technology and mechanisms. The four-letter codes “Long”, “Teng”, “Tiger”, and “Yue” signify the roadmap of the future evolution of the Waykichain public chain. In the current “Teng” stage of the public chain, Waykichain not only achieved a global leader in a number of hardcore technical indicators such as TPS (average stable at 3300, peak 7800), transfer speed but also reached the industry in terms of the underlying logic and technical architecture. Leading positions, such as the construction of stablecoin systems and DEX at the bottom of the public chain, have surpassed the general contract-based construction in terms of security, stability, scalability, the convenience of paying fees, etc. The decentralized cross-chain technology completed at the end of the quarter will bring cross-chain assets such as Bitcoin and Ethereum to Waykichain, which will stimulate tens of billions of value liquidity; and the upcoming integration of the WASM virtual machine will also allow Waykichain acquires dual virtual machine engines for higher compatibility and performance. “Publicchain is still in the era of clash of Titans. When all goes to all, technology will win out.” As Wayki's assertion of the public chain’s technical status, these explorations of public chain technology and mechanism have not only given WaykiChain the greater commercial application potential of public chain, also allows the public chain facilities built on it to have a stronger industry competitive advantage. Secondly, vigorously expand the supporting construction of the commercial scene around Waykichain. Regardless of whether it was cut through my prediction at the beginning, or then focused on the application ecosystem, or currently grasping the financial direction, although the rudder is constantly adjusting, the voyage of exploring the business model has never stopped. At present, a complete set of decentralized financial system surrounding the stable coin WUSD of Waykichain has taken shape, and the profit model and commercial development path built on this financial system have become increasingly clear, including cross-border finance, cross-border payment, decentralization currency, denominated currencies, financial derivative transactions, etc. will all be important business application scenarios for Waykichain. On the last day of 2019, the WICC’s total network mortgage volume has exceeded 16 million, and the main destination of the WUSD loan is Huatong Securities’ cross-border financial investment. Breaking Technology Silos: High Global Consensus Owning, without connecting, will eventually become a technology island. What Waykichain does is to link realistic business scenarios and huge users outside the circle, and finally form a high degree of global consensus. The so-called consensus is people’s identification of the same thing and a community of unanimous beliefs. The extent to which this matter can reach consensus also determines its commercial value. It can be said that consensus is the root of the development of public chain and the entire commercial building. The global high consensus is the development direction of all blockchain projects. And such a high degree of consensus involves many aspects, including not only the global leader in the technology and mechanism of Waykichain mentioned above, the supporting construction of business scenarios, etc., but also other important parts: Internationalization of the Waykichain Team. At present, Waykichain has gathered a group of elite troops with great dedication, a sense of mission and a sense of belonging. This is the result of Waykichain’s long-term implementation of the introduction, cultivation and elite precipitation of outstanding personnel. In the future, the Waykichain team will be further internationalized. Through the international team, a global communication circle will be built to help the global strategic layout; Introducing strategic investments such as top global venture capital. No matter whether the previous contact with Softbank or being invited to attend the Global Blockchain High-end Private Conference in Dubai, we are preparing for the introduction of the world’s top venture capital and this will strengthen the brand endorsement and help Waykichain’s extension Breakthrough development. Strengthen technical cooperation with governments and large institutions. Earlier, WaykiChain had conducted returning visits with the Montenegrin government and had an in-depth exchange of views on the blockchain technology reform in the field of Montenegro International Trade and Finance. Through such high-standard technical cooperation, it can not only improve the operating efficiency of related fields but also accumulate rich experience and capital market reference for more national-level cooperation of Waykichain; Launch more world first- and second-tier exchanges. Last year, Waykichain successfully launched Gate.io and Bithumb and other international first-tier exchanges, and other first-tier and second-tier exchanges are also actively contacting. Through the creation of a high degree of global consensus, Waykichain will ultimately be given more business value and promote the landing of a business application ecosystem. The magic weapon to win the future: Massive community expansion The magic weapon to win the future is not how much resources you have, but how many resources you can mobilize. For this reason, in addition to having a high degree of consensus on a global scale, we also need a huge community as a vehicle that can be scheduled. At present, through the global partner and ambassador system of various countries, Waykichain has formed a number of international communities around the world with Waykichain ambassadors as its core. Among them, 41 community managers (including global ambassadors) from 15 countries including U.S, the United Kingdom, France, Germany, Japan, Indonesia, Brazil, Vietnam, South Korea, Turkey, the Philippines, Russia, Spain, Ukraine, Bangladesh and Nigeria, including Nearly 30 international communities; and has held several offline events in Russia, Singapore, Turkey, Vietnam and South Korea. On the basis of the achievements of single-point breakthroughs in some key countries and regions, we will continue to penetrate overseas markets and increase the frequency of offline meet-ups and overseas marketing activities. In the coming year, we plan to hold another 30 overseas offline meet-ups through official channels, and encourage and assist global volunteers to organize about 60 offline meet-ups on their own initiative. Through the implementation of point-to-surface breakthroughs, we will continue to attract incremental users, and continue to expand the number of users in overseas communities while maintaining the steady growth of domestic communities, and truly form a situation of massive community expansion and a global chess market. 2020: Writing our own heroism “Having a dream that doesn’t make you exhausted in this life, I think, is the best gift that life gives you.” At that time, when the godfather wrote this sentence in the circle of friends, Waykichain was not born yet. But what happened in the next two years, we all know: once the seeds of dreams land, under the watering of ambition, not only take root, they are already germinating, they will grow wildly. “To set a big goal, you must focus crazily and continue to work towards it.” This is not only the creed of Wayki but also his exhortation to the team. From top to bottom, with this “crazy energy” that constantly surpasses itself and pursues excellence, Waykichain is able to open its doors and build bridges on the road of technological evolution and in the cold winter of the industry. On the high-speed track of the global public chains, WaykiChain built around the three dimensions of “core value as the foundation”, “global high consensus” and “mass community expansion”, the next goal will be to strive for the top five and even the top 3 positions of the global public chain. Let’s wait and see how this heroic epic belongs to us.
Paypal drängt in die Welt von Bitcoin & Co 21.10.2020, 16:18 Uhr Reuters London (Reuters) - Der Zahlungsanbieter Paypal steigt in das Geschäft mit Kryptowährungen ein. Should you need to stay anonymous when buying bitcoin, this is possible but expect to pay a higher cost per bitcoin. Most sites are charging premiums of 20% to 40% for customers without identification. Another thing to remember is that not each method will be the same. There are means for buying cryptocurrency with no ID that may require you to meet up in person. Others may require wait ... We are a group of Fintech and Blockchain enthusiasts at heart from a diverse background of Bitcoin mining, cryptocurrency trading and software development, bringing together over 20 years of collective experience in the space. The Hundred X Company is building a brand of knowledgeable, trustworthy and delivery-focused solutions to equip customers with the necessary tools to navigate the waters ... Der Bitcoin nimmt nach der Korrektur auf unter 9. 23.07.2020 A SIN ("Secure Identity Number" or "System Identification Number") is the unique record identifier by which this identity will be known. Attributes: Ownership may be digitally proven ; Attach sequence of key-value pairs (public proof) and hashes (private proof) to your SIN record. A merkle root exists in each record, for even more private proofs. Start as anonymous; opt out of anonymity by ...
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