Tag Archives: #blockchain

Hemp Grows Faster Than Bitcoin

CBD Backed Token in Private Sale,
With 750,000 Reasons to Participate

CBDoken, a Vienna-based company, plans to shock the traditional CBD market by creating an open, distributed alternative marketplace through their asset-backed cryptocurrency.

  • Tokenizing CBD products creates an open marketplace where pricing is determined by the public trading the token on the exchanges.
  • Learn how this company can help remove up to 80% of unnecessary costs associated with CBD distribution.
  • Utilizing “proof of burn” will enable clear and transparent communication through the blockchain, making information about supply readily available to the public.
  • Worldwide distribution of publicly priced CBD is the goal of CBDoken. By leveraging the best of blockchain technology and great business practice, the team behind CBDoken has created a plan that will tokenize CBD Full Spectrum Extract.

Why is this important?

Because of the controversy associated with cannabis, even completely legitimate CBD extracts are not traded on the open market due to the potential for supply chain abuse. Some countries even consider CBD to be an illegal product, regardless of the fact that it contains 0-0.02% THC.

This type of attitude from regulators is what prevents the traditional economy from bringing this commodity to the open markets. Utilizing a decentralized token to facilitate trade is perfect because the traders never come into physical contact with the product. On the other hand, white-label brands sell CBD products at outrageous prices, 300-800% more than what they pay to the producers in the US and the EU.

CBDoken shows incredibly high potential to mitigate two of the largest contributors to high CBD prices. The “CBD Full Spectrum Extract” that CBDoken will provide is of the highest quality extracts, with a minimum of 55% CBD concentration. This is a highly competitive product on the quality-based marketplace, for which people are currently prepared to pay up to 8x from production prices. With the help of their proprietary ERC20 token, they will be able to effectively price and position their partner’s CBD product to the open marketplace. No other CBD company in the world has done this before, so there are a lot of curious minds looking to see what the results will be.

How does the token work?

Once the platform is launched, the company will utilize the tokens as a representation of 1g CBD Full Spectrum Extract in stock. The ratio between tokens and the stocked product will remain the same, as part of their smart contact will burn the tokens when an order has been made.

Burning the tokens means that they are getting destroyed at the point of sale, and the product is already on its way to the consumer. The smart contract connects their CBD manufacturer to the end users, providing a clear path of distribution without inflating the price along the way.

CBDoken’s partners own warehouses and extractions facilities in both US and EU markets, and the deliveries will be made through these establishments. The profits made by sales of the first tokenized CBD product “CBD Full Spectrum Extract” will be reinvested into restoring the warehouses’ stockpiles.

In addition to this, a CBDoken Webshop will be opened which will sell the CBD product in exchange for fiat prices based on average token exchange prices. To facilitate the sale, CBDoken will purchase a token from the exchanges and will execute the burning process.

Private Sale Details

There is a limited amount of tokens available for the private sale which will end at the beginning of August. The company is looking to raise about $200k in this period, through the sale of 15000 tokens, i.e. grams of CBD Full Spectrum Extract.

This CBD product is the asset that is backing up the cryptocurrency, and once their solution becomes operational, the smart contract in place will burn the tokens, informing the market about the purchase, and keeping the 1:1 ratio in place.

Original article, video and additional information from:
​https://dailyhodl.com/2018/07/04/pr-hemp-grows-faster-than-bitcoin-cbd-backed-token-in-private-sale-with-750000-reasons-to-participate/

The original content is sponsored by CRYPTO LIVEWIRE dated July 4, 2018 Press Release and should be regarded as promotional material. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.​

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Blockchain Smart Contracts

Blockchain Smart Contracts:
More Trouble Than They Are Worth?

We’ve all heard about the benefits of smart contract technology – a trustless tool to boot out the middleman when exchanging money, assets, or anything of value. As revolutionary as blockchain’s latest buzzword may be, smart contract bugs are causing untold chaos.


A visual representation of the digital Cryptocurrency, Bitcoin, on June 11, 2018
in Hong Kong, Hong Kong. (Photo by S3studio/Getty Images
)

Looking at the numbers, one might take Ethereum’s 3% smart contract failure rate as a tolerable loss, a proverbial drop in the ocean. Yet, when a safeguard fails to protect billions of dollars worth of currency, bad things can happen.

Take ICON’s June 2018 bug, which allowed any user—apart from the smart contract creator—to freely enable and disable transactions. The notion of immobilizing an $800+ million blockchain would worry most, but let’s not forget this blunder pales in comparison to past failures.

There have been countless colossal botches, but the king of them very well may be the Distributed Autonomous Organization (DAO) smart contract bug back in 2016. Seeing 3.6 million Ether drained via smart contract hacks, the DAO forced Ethereum’s founders to take radical measures and create a hard fork – the only possibility of salvaging the lost funds (15% of all Ether in circulation at the time).

It takes time to iron out the kinks in any brand-new technology, and smart contracts are no exception.

Can Smart Contracts Be Fixed?

Given that such flaws are compromising funds, sensitive data, and digitized assets of all description, one wouldn’t be wrong to ask if the technology was simply more trouble than it’s worth.

A fair question, but the fact remains that smart contract bugs are not unfixable. A number of projects have emerged to tackle the problem, and any one of them may well be the breath of fresh air needed to restore faith in the technology.

Solutions

Solidified and Security have surfaced alongside a number of companies offering smart contract verification and auditing. Such labor-powered efforts currently dominate the market, costing thousands, even tens of thousands of dollars per audit. These solutions may be impactful on a case-by-case basis, but it’s obvious that a more cost and time-effective solution will be needed to meet the world’s growing appetite for blockchain. It would seem then, that decentralization may have the keys to the kingdom.

For one, Quantstamp—worth nearly half a billion dollars by market capitalization in January 2018—has devised a security-auditing protocol for smart contracts written in Solidity, the programming language championed by Ethereum. Through Quantstamp, clients have their smart contracts scrutinized by peer-submitted verification software and "Bug Finders." While an effective solution, Quantstamp’s process is still overly labor-intensive – source code must be reviewed, and specifications written manually by humans.

Many of these projects have leapt towards solving the smart contract crisis, yet they all face the issue of scalability, not mentioning their inability to address the issues plaguing blockchain ecosystems as a whole – let’s not forget that decentralized applications (DApps) and blockchain code are equally vulnerable to bugs.


How CertiK automatically finds issues in smart-contract code.CERTIK

One company proposing an engineered solution is CertiK – an upcoming verification platform for all the components of a blockchain ecosystem, including smart contracts and DApps. Where its competitors rely on manual verification and the classic testing-based approach, CertiK would point to the fact that testing can only identify when bugs are present, and never certify their absence. Instead, CertiK’s platform will mathematically prove that any items are free of bugs and hacker-resistant.

According to CertiK, the answer to truly scalable verification is a layer-based system. Instead of testing—what the team describes as a “prohibitive” task reliant on human labor—CertiK uses modular verification to break tasks down into smaller ones, allowing them to be solved in a decentralized fashion. This style of work incentives and rewards the community to construct and validate proofs, improve solving algorithms, and maintain a resilient, cost-effective solution – all music to the ears to advocates of decentralization.

Having previously built one of the world’s first hacker-resistant operating systems, the CertiK team is a blend of academic and corporate verification experience – led by Yale and Columbia University professors, and backed by software engineers from Facebook, Google, and FreeWheel.

Blockchain itself may be trustless, immutable and incorruptible, but if we ignore the bugs present in them, they are as good as multi-billion dollar safes with faulty locks. As the technology pushes the globe towards new economic models, we will only demand more from smart contracts, DApps, and the verification solutions that uphold their integrity.

ccording to CertiK, the answer to truly scalable verification is a layer-based system. Instead of testing—what the team describes as a “prohibitive” task reliant on human labor—CertiK uses modular verification to break tasks down into smaller ones, allowing them to be solved in a decentralized fashion. This style of work incentives and rewards the community to construct and validate proofs, improve solving algorithms, and maintain a resilient, cost-effective solution – all music to the ears to advocates of decentralization.

Having previously built one of the world’s first hacker-resistant operating systems, the CertiK team is a blend of academic and corporate verification experience – led by Yale and Columbia University professors, and backed by software engineers from Facebook, Google, and FreeWheel.

Blockchain itself may be trustless, immutable and incorruptible, but if we ignore the bugs present in them, they are as good as multi-billion dollar safes with faulty locks. As the technology pushes the globe towards new economic models, we will only demand more from smart contracts, DApps, and the verification solutions that uphold their integrity.

From article by: Sherman Lee Contributor, Forbes
Dated: Jul 10, 2018, 11:38pm

Sherman Lee is a Partner at Zeroth.AI where he focuses on funding AI and blockchain companies, as well as a founder at Raven Protocol. Previously, he founded Rocco.AI and Good Audience.

 

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Jack Ma amp Ant Financial Implementing Blockchain Technology

Jack Ma-led Chinese e-commerce giant Alibaba’s fintech conglomerate Ant Financial considers blockchain technology as one of the five key technologies that will dominate every industry in the long-term.

Ant Financial Hopes to Use Blockchain in its Core Businesses

At the TechCrunch International City Event held in Hangzhou this week, Zhang Hui, the director of Blockchain Department at Ant Financial, stated that alongside AI, Security, IoT, and computing, blockchain is a key technology the company is actively developing and testing to implement it at a large commercial scale.

Zhang noted that in terms of immutability and decentralization, blockchain technology in its current form is impeccable. Using blockchain enables the ability to process sensitive data and personal information in a peer-to-peer manner without the involvement of intermediaries. However, Zhang emphasized that scalability is a major issue of blockchain technology that needs to be addressed to bring in conglomerates and industry leaders into the blockchain sector.

In the long-term, Zhang and the rest of his team at Ant Financial believe the company will implement blockchain technology onto its core businesses and platforms, as Alibaba founder and chairman Jack Ma suggested in 2017. However, for the technology to have significant impact on existing financial infrastructures, its capacity will need to be improved exponentially to handle tens of thousands of transactions per second.

TechCrunch partner Technode, a technology publication in China, reported:

“Looking forward, Zhang hopes that blockchain will create new business models for the company and not just provide value-added services. Zhang also hopes to expand their blockchain-based cross-border payment services globally and explore more B2C use cases.”

Influence of Ant Financial in the Asian Market

In Asia, even outside of China, Ant Financial’s core platform Alipay is widely utilized as an alternative payment method to cash. By mainstream adoption, Alipay is ahead of Samsung Pay, Android Pay, and Apple Pay in most Asian countries including Japan, China, Thailand, and Taiwan.

In May, due to the rapid growth of Alipay, Ant Financial raised a staggering $10 billion from a group of global and local investors, valuing the company at $150 billion. One of the investors in Ant Financial is Khazanah Nasional, a sovereign wealth fund of the Government of Malaysia, which holds commercial assets of the government.

The interest towards digital assets and their underlying technology by Ant Financial may lead to the adoption of the technology by Alipay, which remains as the biggest fintech platform in the world as of July 2018, without major competitors.

Earlier in June, Alibaba chairman Jack Ma described the meteoric rise of digital assets and their exponential increase in value since 2017 a “bubble,” but noted that the blockchain is a revolutionary technology.

“It is…not right to become rich overnight by betting on blockchain. Technology itself isn’t the bubble, but bitcoin likely is,” Ma said.

As a controlling shareholder of Ant Financial, Ma also said that the technology should be used to solve data privacy, security, and sustainability issues, and not finance tools and concepts for making money, referring to ICOs and newly emerging tokens.

CREDITS: The post $150 Billion-Valued Ant Financial Makes a Bit Bet on Blockchain Technology appeared first on CCN:
https://www.ccn.com/150-billion-valued-ant-financial-makes-a-bit-bet-on-blockchain-technology

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Another Creative Blockchain Rewards Concept

Demistifying Blockchain with Free Coffee App

Kudos for thinking outside the box! The possibilities for blockchain = ENDLESS! Another example of rewarding people to learn.

Gowling WLG has launched a new incentives scheme designed to introduce staff to the basics of blockchain technology while also offering them tokens for free drinks. The 'Gowling WLG Reward Token Scheme' scheme, which launched this week, enables employees to exchange tokens on a blockchain platform, which can be cashed in for hot drinks at the firm’s onsite restaurants in London and Birmingham. 

All UK-based Gowling WLG employees have been invited to download an app onto their mobile phones, register with the firm’s blockchain platform, and set up a digital ‘wallet’ in which the tokens are held. Before employees can start trading tokens, they are required to watch a two-minute introductory video on blockchain technology, after which they will earn two tokens, which they can exchange for a drink or anonymously gift to colleagues. The firm believes blockchain technology will play a key role in the UK's professional and commercial future and wants to ensure staff are up to speed with the basics of a subject that has attracted much attention but remains a mystery to many. The scheme has been led by corporate partner David Brennan, the co-chair of Gowling WLG's tech group. Gowling WLG architecture and innovation head Jody Jansen added the scheme was about showing staff that, while the tech might seem difficult and inaccessible, "using it isn't". Take-up of the scheme has been strong, with 200 employees across both the City and Midlands bases already registered – a trend which Jansen expects to continue. "In addition to our existing reward schemes, we wanted an instant reward scheme, where rewards can be made not just up-to-down, but upwards too – a 360-degree reward scheme. "On Monday, we held a lunch-learn session, and it's been a hit topic. People have been asking questions, and now it is all much more visual to them." 

For further information: https://finance.yahoo.com/news/gowling-wlg-aims-demistify-blockchain-113056780.html

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Problem: Crypto Heists Net 761 Million

… just in first half of 2018.

About $761 million worth of cryptocurrency was stolen from exchanges in just the first half of 2018, Reuters reports, citing blockchain security firm CipherTrace. Unlike traditional banks, money stored at cryptocurrency exchanges often isn’t insured, and even investors who don’t do business with hacked exchanges can still be impacted, since reports of such heists often bring down cryptocurrency prices at least temporarily. The attackers behind such hacks can be sophisticated: North Korea has been accused of hacking exchanges to get funds in the face of sanctions limiting its role in the global economy. Digital theft isn’t limited to cryptocurrency: In May, Banco de Chile, among the South American country’s largest banks, reportedly saw $10 million siphoned off by hackers who initiated bogus transactions through the international funds transfer system SWIFT amid a malware attack.

For further details: BY STEVEN MELENDEZ
https://www.fastcompany.com/90179857/crypto-exchange-heists-net-761-million-in-first-half-of-2018

Solution:

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Problem: Creator of Web Realizes It’s Gone Way Wrong

Solution: Decentralization of data, giving individual users unprecedented power over their data and how it's used. 

The need for radical change is evident as it pertains to privacy and security, which will result in true data ownership as well as improved privacy.

Enter the New Sheriff in town: Markethive, whose mission is clear. Creation of a decentralized, autonomous social market network ecosystem that is controlled by its entrepreneurial members worldwide. The days of social media platforms using your data, tracking your activites, content and conversations for what turns out to be their financial gain and the loss of your privacy is OVER!

It's also important to note, that with this entirely new approach is the ability for subscribers/members to "earn while learning" and to generate a truly universal income, thereby placing the power, privacy, security and revenues back into the hands of individuals.

From the moment he decided to share the web with the world, Tim Berners-Lee knew his invention could be dangerous.

That became especially obvious when Facebook's Cambridge Analytica scandal broke — a moment that "devastated" the father of the world wide web, he recently told Vanity Fair in an interview. 

People have been Berners-Lee's top priority since he envisioned the web nearly 30 years ago. That's why he released the internet as an open-source platform and never profited off its invention. And he knew it would reshape the world, both for better and worse.

The worse came when Facebook revealed it had improperly shared as many as 87 million users' data with Cambridge Analytica, a consulting firm tied to President Trump's campaign. "We demonstrated that the web had failed instead of served humanity," Berners-Lee tells Vanity Fair. But Berners-Lee knew the web was faulty long before that, and he's been examining ways to fix it since the 2016 election. Since this initial discovery, it would seem this is just the tip of a very large iceberg lurking beneath the surface and is now being revealed.

Repairing the internet means ensuring billionaires like Elon Musk don't have better web access than, say, everyone in Ethiopia, Berners-Lee says. His first step is a platform called Solid, which gives individual users unprecedented power over their data and how it's used. Anyone can log in to help build Solid, but Berners-Lee suggests those without coding skills "go out on the streets" and advocate to change what the internet has become.

Read more at Vanity FairKathryn Krawczyk

 

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Malta Determined To Become The Blockchain Island’

Regulations, Adoption, Binance Headquarters

Excerpts from an article from Cointelegraph, by Hector Sanchez dated April 9, 2018
Complete article here: http://hive.pe/yJ

Malta has made it obvious that it wants to become the “Blockchain island” and it seems determined to achieve its goal.

A notable confirmation that Malta is moving in the right direction regarding Distributed Ledger Technology (DLT) regulation was the recent announcement by Binance. The largest cryptocurrency exchange in the world by volume chose Malta for their new headquarters after the warnings received from Japan, China and Hong Kong.

Binance CEO Changpeng Zhao, known as “CZ”, welcomed other projects to Malta such as Tron:

Silvio Schembri, Junior Minister for Financial Services, Digital Economy & Innovation within the Office of the Prime Minister of Malta, commented to Cointelegraph on the news:

“Binance’s decision is a vote of confidence in what we’re offering as a country and as a Government in this sector, that is legal certainty in this space. During the meeting with CZ I explained our long-term vision reflected in the policy document that was launched in February, ‘Malta – A leader in DLT Regulation.’ We are not shying away but instead want to unleash the opportunities that holds by regulating the sector without stifling innovation. Ultimately our vision is to make Malta ‘The Blockchain Island’.”

 

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Here’s How to Calculate What’s Working When You’re Marketing on Lots of Channels

Here's How to Calculate What's Working When You're Marketing on Lots of Channels

Determining which channel moved the customer to purchase is tricky when your marketing runs the gamut from Facebook ads to direct mail.


Long gone are the days of blindly spending marketing dollars

without a data first mindset to clearly calculate and prove you are driving a return on your marketing investment (your “ROMI”). This previously linked post demonstrates how to track your ROMI at the 30,000 foot view, based on your overall business revenues vs. costs, or at the unit level of an average transaction. But, if you want to really fine tune your efforts to maximize your ROMI, the best marketers turn to marketing attribution tools to help optimize marketing within every sub-channel of their business. Let me explain.

What is marketing attribution?

Your customers are interacting with your business in many ways. Let’s say you are a retailer, and one customer may be visiting your store, your website, your mobile app, your direct mail catalog, etc. Marketing attribution helps assign value to which of those channels (if not all) should get credit for the sale. So, when you go to calculate your ROMI for that business unit, you are fairly matching revenues with marketing costs.

Calculating attribution is hard.

The above makes it sound like marketing attribution is a relatively straight forward thing to calculate. It could be if the customer only visited one channel, but what happens when they concurrently visit multiple channels? The calculation becomes much harder.  Let’s say a customer receives a catalog in the mail, goes to the website to learn more, then purchases the product in the store. Which gets the credit? The answer: they all should get partial credit, and that is where marketing attribution tools come in to help you calculate that.

Which should get the most credit?

Determining who gets the most credit for a sale is the big debate. Should the first touch point get the most credit, since the transaction most likely started there? Or, should the last touch point get the most credit, as that is where the customer actually pulled out their credit card and purchased the product?

The arguments can clearly be made both ways (especially by the marketing managers in each of those respective departments). I tend to bias toward the first touch point (e.g., the catalog that arrived in the mail), to help me assess if I should keep spending on that specific tactic. But, oftentimes, I simply split the credit evenly between each channel that touched the customer during that sale cycle.

Marketing attribution tools

Many companies turn to sophisticated software packages to help them. Some of the more sophisticated tools are found in expensive enterprise grade solutions from Adobe and others. But, there are others that serve the SMB market, as well, including Bizable, Bright Funnel, LeadsRx, Looker, Track Maven, Active Demand, Tealium, ABM Analytics and Attribution, to name a few. You can learn more about those products from their websites, or the marketing attribution sections of software user review sites, like G2 Crowd or Capterra.

You can calculate it own your own.

Let’s say you spend $10,000 on a direct mail piece, and you get 100 of those people — 1 percent —  to buy a $200 product from you. Fifty purchase through your call center and 50 through your website. You know the website orders were tied to the direct mail piece, because the user needed to enter a unique promotion code to redeem the offer in the mailer. 

I would attribute 50 percent of the 50 web orders to the catalog and 50 percent of those web orders to the website, as they both equally played a role in the sale. So, the catalog gets credit for 75 orders ($15,000 in revenues) and the website gets credit for 25 orders ($5,000 in revenues) from this one campaign.

Then, you need to carry that logic through to expenses. You need to allocate 75 percent of the mailer costs ($7,500) to the catalog division and 25 percent ($2,500) to the website division. And, in reverse, if the website has costs to operate, let’s say $10 per transaction (or $250 in total web orders from the mailer), you need to add those costs to the catalog division’s total campaign costs. The call center costs of $25 per order (or $1,875 in total catalog orders) will be incurred entirely by the catalog division, as the call center was not used by the website orders.

So, totaling it all up from this campaign, the catalog had: $15,000 in revenue less $7,500 in mailer costs, less $1,875 in call center costs, less $250 in website costs. For a total profit of $5875 and a total ROMI of 2x (ignoring product costs). And, the website had:  $5,000 in revenue less $2,500 in mailer costs, less $750 in website costs, for a total profit of $1,750 and ROMI of 1.54x. Voila! Both divisions that participated in the sale, sharing in the sale credit in a fair and equitable way.

620{P}tential pitfalls in your calculations.

There are many instances that create calculation challenges. For example, which gets credit for a repeat sale, the channel that began the customer relationship or the channel that got the repeat order? I bias the most recent channel, but give credit for the lifetime value calculations of the first channel.

What happens when the tracking data is incomplete and you are not sure who should get credit for the sale? In that case, allocate the untracked orders pro rata in the same percentages as the tracked orders. For example, if your website accounted for 50 percent of your clearly tracked orders, there is a good chance it represented 50 percent of your untracked orders, as well. So, add those untracked orders to each respective tracked channel. This is as much an art as it is a science, so it will take time to set your rules and optimize them over time.

CONCLUDING THOUGHTS

Hopefully, you now better understand what marketing attribution is, and why it is so important to track:  it helps you to fine tune your ROMI calculations by marketing channel to make sure you are optimizing your marketing spend by channel. The better you understand your customer behaviors (e.g., touchpoints) with a customer-centric omni-channel mindset, the better you will be able to truly take your marketing efforts to the next level.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to learn more about Marketing.
Interested or have Questions, Call Me, 559-474-4614

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This startup is creating the cultural cryptocurrency for museums and institutions

This startup is creating the cultural cryptocurrency for museums and institutions

Cultural tourism is a big segment of the wider travel and tourism industry.

While large online players like TripAdvisor provide a huge amount of information for travellers about museums, landmarks, and historical sites, there is still a need for innovation in the space. For example, the EU has a working group for digitally capturing, preserving, and exploring cultural heritage through new technologies. Austrian startup Cultural Places believes it has an answer by bringing cultural heritage and blockchain technology together. It wants to reinvent every aspect of the cultural industry, from ticketing to fundraising.

At its core, Cultural Places is a social network for artists, curators, and patrons, built by Oroundo, whose founders developed the concept over the last three years, which is creating a cultural ecosystem connecting customers and suppliers. The first version of the app has already been deployed with more than 30 institutions and landmarks including the Stephansdom cathedral in Vienna and the Borobudur Buddhist temple in Indonesia. But now it is moving on to its next phase – the Cultural Coin. The token is the platform’s dedicated cryptocurrency for purchasing tickets to museums and theatres or supporting galleries and exhibitions. Cultural Places will be running an ICO to raise financing for further development and deployment of the platform. Long term, the founders envision Cultural Places as the go-to platform for discovering and booking trips.

Streamlining ticketing

Traditional ticket booking is dogged by high fees, sometimes up to 30 percent, not to mention the high levels of fraud and ticket touting on the secondary market. On Cultural Places, tickets are handled via smart contracts on Ethereum, which removes the need for intermediaries. Smart contracts also allow for sharing and reselling of tickets to avoid anyone being ripped off. Customers get reasonably priced tickets and artists know that their tickets are being sold to actual fans rather than ticket touts.

This has been a massive pain point for ticketing across numerous industries and several startups are trying to solve it with the blockchain but Cultural Places is one of the first to design a blockchain solution specifically for this industry.

Social network & crowdfunding

Cultural Places aims to be all-encompassing. It will be a social network for travellers and culture buffs where users can build connections with others that have similar interests and shop on marketplaces for physical and digital goods. The platform helps institutions to collect and analyse user data to refine and hone the content they share to users. Furthermore, this data will inform more precise advertising compared with other social networks. Cultural institutions, like museums, will be able to build offerings using Cultural Places’ API and receive payments using the Cultural Coin cryptocurrency. Beyond that, the platform allows institutions and bodies to digitally represent and spread awareness around their work.

All content in the app is created by the institutions themselves so it’s always up to date and accurate. Museums for example are already able to integrate beacon and NFC technology in their buildings with the app to act as a walking tour guide when you’re actually at the location. Furthermore, the crowdfunding feature will help cultural businesses and artists to raise funds in a transparent way amid an environment where cultural investments are under strain. Much like ticketing, the startup claims that the crowdfunding process will be more transparent for all parties. This may be contributing to the costs of running an exhibition or helping to fund an archaeological dig.

Lower costs for the user

Cultural Places promotes its model of transparency and lower fees compared to incumbents in the marketplace but its chief business model is still revenue from transactions like ticket booking. All purchases made on Cultural Places will incur a six percent fee. Of this, three percent goes to Cultural Places and other three percent is distributed across the community: One percent will be returned to the user in Cultural Coins as a sort of loyalty program. Another one percent of the transaction will be distributed to all Cultural Coin token holders as a reward for being part of the ecosystem. And a final one percent will be distributed to all institutions to encourage further participation.

The Cultural Coin

The company is holding an ICO for the Cultural Coin, which is supported by the digital marketing agency Digitalsunray. The  Cultural Coin is a utility token that will be operational across the platform, though payments will also be available in fiat.  In the sale, 1.5 billion coins will be generated, with 900 million (60 percent) of these coins being made public in the sale, concluding on April 5 with all unsold tokens being destroyed. 150 million coins (10 percent) will go into a stability pool; 30 million (two percent) will be reserved for a bug bounty program; 75 million (five percent) will be distributed among existing Oroundo shareholders; and 345 million (23 percent) will be held for other early stakeholders, team members, and advisors in the project.

The sale is taking place in five phases: a pre-ICO and four separate sale phases with the value of the coin going up at each phase. In the pre-ICO, the coins are valued at €0.015 and will then increase to €0.018, €0.021, and €0.024 before finishing at €0.030 on the final phase. Unlike many ICOs, the company has already launched a working product with iOS and Android versions of the app. The funds raised by the ICO will help further development of its blockchain features and growing its partner networks. It is working with startup Flashboys for the blockchain implementations. Flashboys is the creator of Wizzle and will list the Cultural Coin on its exchange. Cultural Places is also working with customer satisfaction rating company RateMyTate.  The startup will first integrate the blockchain ticketing system this year with a view to building out the payments and crowdfunding features in 2019.

Chuck Reynolds

Marketing Dept
Contributor

Please click either Link to learn more about Bitcoin.
Interested or have Questions, Call Me, 559-474-4614

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Payment Provider Fleetcor to Pilot Ripple’s XRP Cryptocurrency

Payment Provider Fleetcor to Pilot Ripple's XRP Cryptocurrency

Workforce and fleet payments provider Fleetcor Technologies

has become the latest to trial Ripple's xRapid product, which utilizes its custom cryptocurrency XRP. New York-based financial consultants Cambridge Global Payments, which Fleetcor acquired last year, will also be part of the partnership, a Ripple spokesperson said. Cambridge has been a Ripple client since 2017, though it has largely used the startup's xCurrent product.

Stepping back, the news comes over a month after telecom provider IDT and payments provider Mercury signed on to pilot xRapid. Similarly, MoneyGram soon after revealed it was piloting the same product to test its speed and efficiency for international payments, as previously reported. At present, the companies must use pre-funded bank accounts in various countries in order to facilitate transactions. Cuallix, a Mexican financial services company, has been using XRP as an alternative since last year, and noted in a recent blog post that the liquidity provided by xRapid helps it process direct payments between the U.S. and its southern neighbor both quickly and cheaply.

Various other companies have also signed on with Ripple in recent months, using its blockchain technology stacks, but not XRP, to ease cross-border transactions. Over the past few months, Abu Dhabi-based UAE Exchange, China-based LianLian and the UK arm of Santander Bank have all signed on to use xCurrent. At the time, the companies largely announced they were looking to lower the cost and time required to send funds across borders.

Chuck Reynolds

Marketing Dept
Contributor

Please click either Link to learn more about Bitcoin.
Interested or have Questions, Call Me, 559-474-4614

Mexican Lawmakers Pass Cryptocurrency Regulation Bill

Lawmakers in Mexico have reportedly advanced a bill

that was drafted to regulate fintech, including cryptocurrencies, in the country. According to Reuters, the bill was passed by Mexico's Chamber of Deputies, the lower house of its legislature, on Thursday and currently is pending signature from Mexico's President Enrique Pena Nieto before it goes into effect as law. The latest legislative move follows a previous green light from the country's Senate in December 2017 that cleared the way for the bill, which is aimed to bring certainty on the status of cryptocurrency, as well as to prevent use of the tech in illicit activities such as money-laundering.

As reported by CoinDesk, the framework aims to set out that cryptocurrencies are not legal tender in Mexico, a stance in line with comments from the country's central bank in early 2017. In a local report, Agustin Carstens, the then-governor of Banco de Mexico said bitcoin should be considered a commodity, not a currency. In addition, the bill also seeks to put the operation of cryptocurrency exchanges under oversight of the country's central bank.

The Reuters report, though, indicates that the bill, drafted in general terms, will also see further development of a secondary law by other financial regulators such as Mexico's securities commission, the central bank and the finance ministry in the coming months. The changes are expected to bring rules on activities such as fund-raising by cryptocurrency firms.

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